2018-10-09
Recently, the USD/JPY pair has been trading downwards. The price tested the level of 112.81. According to the H1 time – frame, I found broken Head and shoulders pattern in the background, which is a sign that sellers are in control. Most recently, I have found the bearish flag pattern in creation, which is another sign of weakness. My advice is to watch for a breakout of the support trendline to confirm further downward continuation. The downward take profit levels are set at the price of 112.82 and at the price of 112.60.
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for October 09, 2018
2018-10-09
Recently, Gold has been trading downwards. The price tested the level of $1.182.50. According to the H4time – frame, I found a broken support trendline, which is a sign of weakness. I also found that price is trading inside of the downward channel, which is another sign of weakness. Watch for selling opportunities. The downward take profit levels are set at the price of $1,180.00 and at the price of $1,175.65.
Technical analysis of NZD/USD for October 09, 2018
2018-10-09
Overview:
The Kiwi (NZD/USD) pair fell from the level of 0.6539 to bottom at 0.6483 this week. 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.
Technical analysis of GBP/USD for October 09, 2018
2018-10-09
Overview:
Pivot: 1.2979
The GBP/USD pair fell from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2810.
The Kiwi (NZD/USD) pair fell from the level of 0.6539 to bottom at 0.6483 this week. 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.
Technical analysis of GBP/USD for October 09, 2018
2018-10-09
Overview:
Pivot: 1.2979
The GBP/USD pair fell from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2810.
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