2018-10-04
Overview:
The NZD/USD pair fell from the level of 0.6539 to bottom at 0.6483 yesterday. Today, the NZD/USD pair has faced strong support at the level of 0.6483.
So, the strong support has been already faced at the level of 0.6483 and the pair is likely to try to approach it in order to test it again and form a double bottom.
Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.6483; to form a bullish channel. According to the previous events, we expect the pair to move between 0.6483 and 0.6390. Also, it should be noted major resistance is seen at 0.6575, while immediate resistance is found at 0.6539. Then, we may anticipate potential testing of 0.6390 to take place soon.
However, if the pair succeeds in passing through the level of 0.6539, the market will indicate a bullish opportunity above the level of 0.6539. A breakout of that target will move the pair further upwards to 0.6575.
Buy orders are recommended above the area of 0.6539 with the first target at the level of 0.6575; and continue towards 0.6604. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.6575; the market will decline further to the level of 0.6390 (daily support 2).
Technical analysis of EUR/USD for October 04, 2018
2018-10-04
The NZD/USD pair fell from the level of 0.6539 to bottom at 0.6483 yesterday. Today, the NZD/USD pair has faced strong support at the level of 0.6483.
So, the strong support has been already faced at the level of 0.6483 and the pair is likely to try to approach it in order to test it again and form a double bottom.
Hence, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.6483; to form a bullish channel. According to the previous events, we expect the pair to move between 0.6483 and 0.6390. Also, it should be noted major resistance is seen at 0.6575, while immediate resistance is found at 0.6539. Then, we may anticipate potential testing of 0.6390 to take place soon.
However, if the pair succeeds in passing through the level of 0.6539, the market will indicate a bullish opportunity above the level of 0.6539. A breakout of that target will move the pair further upwards to 0.6575.
Buy orders are recommended above the area of 0.6539 with the first target at the level of 0.6575; and continue towards 0.6604. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.6575; the market will decline further to the level of 0.6390 (daily support 2).
Technical analysis of EUR/USD for October 04, 2018
2018-10-04
The EUR/USD pair continues to move downwards from the zone of 1.1620 and 1.1559. Yesterday, the pair dropped from the level of 1.1620 to 1.1500 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 1.1559 and 1.1620. So, we expect the price to set below the strong resistance at the levels of 1.1620 and 1.1559; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1559 with the first target at 1.1422 and further to 1.1360 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 1.1559, the market will decline further to 1.1422 to approach support 2 today. However, the price spot of 1.1620 and 1.1559 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1620 is not breached.
EUR/USD analysis for October 04, 2018
2018-10-04
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1463. According to the M30 time – frame, I found potential end of the downward movement. The price broke the supply trendline in the background, which is a sign that buyers are in control. I also found that price rejected from the monthly support 1 at the price of 1.1480, which is another sign of potential strength. My advice is to watch for buying opportunities. Take profit levels are set at the price of 1.1558 (intraday resistance 1) and at the price of 1.1592 (yesterday's high).
Trading recommendations for today: watch for potential buying opportunities.
GBP/USD analysis for October 04, 2018
2018-10-04
Recently, the GBP/USD pair has been trading sideways at the price of 1.2970. According to the H1 time – frame, I found a fake breakout of the yesterday's low at the price of 1.2940, which is a sign that selling looks risky. I also found the hidden bullish divergence on the MACD oscillator, which is another sign of the strength. Watch for buying opportunities. The take profit levels are set at the price of 1.3020 and at the price of 1.3110.
EUR/USD analysis for October 04, 2018
2018-10-04
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1463. According to the M30 time – frame, I found potential end of the downward movement. The price broke the supply trendline in the background, which is a sign that buyers are in control. I also found that price rejected from the monthly support 1 at the price of 1.1480, which is another sign of potential strength. My advice is to watch for buying opportunities. Take profit levels are set at the price of 1.1558 (intraday resistance 1) and at the price of 1.1592 (yesterday's high).
Trading recommendations for today: watch for potential buying opportunities.
GBP/USD analysis for October 04, 2018
2018-10-04
Recently, the GBP/USD pair has been trading sideways at the price of 1.2970. According to the H1 time – frame, I found a fake breakout of the yesterday's low at the price of 1.2940, which is a sign that selling looks risky. I also found the hidden bullish divergence on the MACD oscillator, which is another sign of the strength. Watch for buying opportunities. The take profit levels are set at the price of 1.3020 and at the price of 1.3110.
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