2018-11-08
Recently, the GBP/USD pair has been trading sideways at the price of 1.3120, which is a sign of indecision. According to the H1 time – frame, I have found the potential changing in the trend from bullish to bearish. I found the breakout of the 8-day upward trendline, head and shoulders pattern in the background and the hidden bearish on the MACD oscillator, which is a sign that seller are taking control from buyers. My advice is to watch for selling opportunities. The downward take profit levels are set at the price of 1.3040 and at the price of 1.3000.
Technical analysis of AUD/USD for November 08, 2018
2018-11-08
Overview:
The AUD/USD pair continues to move upwards from the level of 0.7195. Yesterday, the pair rose from the level of 0.7195 to a top around 0.7302. Today, the first resistance level is seen at 0.7359 followed by 0.7413, while major support is seen at 0.7195 (61.8% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7245 and 0.7413; so we expect a range of 168 pips in coming hours.
Furthermore, if the trend is able to break out through the first resistance level at 0.7302, we should see the pair climbing towards the double top (0.7302) to test it.
Therefore, buy above the level of 0.7302 with the first target at 0.7359 in order to test the daily resistance 1 and further to 0.7413. Also, it might be noted that the level of 0.7413 is a good place to take profit because it will form a new double top on the H1 chart. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7245, a further decline to 0.7195 can occur which would indicate a bearish market.
EUR/USD analysis for November 08, 2018
2018-11-08
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1413. According to the H4 time – frame, I have found the breakout of the upward trendline and the potential end of the upward correction (abc flat), which is a sign that buying looks risky. I also found the rejection from the supply trendline in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 1.1300.
Technical analysis of USD/CHF for November 08, 2018
2018-11-08
The AUD/USD pair continues to move upwards from the level of 0.7195. Yesterday, the pair rose from the level of 0.7195 to a top around 0.7302. Today, the first resistance level is seen at 0.7359 followed by 0.7413, while major support is seen at 0.7195 (61.8% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7245 and 0.7413; so we expect a range of 168 pips in coming hours.
Furthermore, if the trend is able to break out through the first resistance level at 0.7302, we should see the pair climbing towards the double top (0.7302) to test it.
Therefore, buy above the level of 0.7302 with the first target at 0.7359 in order to test the daily resistance 1 and further to 0.7413. Also, it might be noted that the level of 0.7413 is a good place to take profit because it will form a new double top on the H1 chart. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7245, a further decline to 0.7195 can occur which would indicate a bearish market.
EUR/USD analysis for November 08, 2018
2018-11-08
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1413. According to the H4 time – frame, I have found the breakout of the upward trendline and the potential end of the upward correction (abc flat), which is a sign that buying looks risky. I also found the rejection from the supply trendline in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 1.1300.
Technical analysis of USD/CHF for November 08, 2018
2018-11-08
Overview:
The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
Intraday technical levels and trading recommendations for GBP/USD for November 8, 2018
2018-11-08
Since September 13, the GBP/USD pair has been demonstrating a successful bullish breakout above the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700. BUY entries were suggested around the lower limit of the depicted H4 channel (1.2700). Suggested BUY entries are running in profits now.
As for the bullish DAILY breakout scenario to remain valid, quick bullish breakout above 1.3000 (50% Fibo level) was achieved by the end of last week's consolidations.
Bullish persistence above the price zone of 1.2970-1.3000 (50% Fibonacci zone) allows more bullish advancement towards the price level of 1.3170-1.3200 where the depicted downtrend comes to meet the GBP/USD pair.
Earlier Today, early signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend). This initiated the current bearish pullback. Expected bearish target is located around 1.3025.
On the other hand, currently, the price zone of (1.2980-1.3025) now constitutes a prominent demand zone to be watched for bullish positions if any bearish pullback occurs soon.
Trade Recommendations:
Conservative traders should wait for bearish pullback towards the price zone of 1.2980-1.3025 for a low-risk BUY entry.
T/P levels to be located around 1.3130 and 1.3200. S/L should be set as daily candlestick closure below 1.2950.
Intraday technical levels and trading recommendations for EUR/USD for November 8, 2018
2018-11-08
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520. Hence, a descending High was established around 1.1600.
However, By the end of last week's consolidations, recent bullish recovery was demonstrated around 1.1307 leading to Another bullish breakout above 1.1400.
This enhanced the bullish side of the market towards 1.1500 where early signs of bearish rejection were demonstrated.
Currently, as for the bearish side of the market to regain dominance, the EUR/USD pair should continue trading below the price level of 1.1400.
Initial bearish targets are located around 1.1275 and 1.1100 if sufficient bearish pressure is demonstrated.
The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
Intraday technical levels and trading recommendations for GBP/USD for November 8, 2018
2018-11-08
Since September 13, the GBP/USD pair has been demonstrating a successful bullish breakout above the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700. BUY entries were suggested around the lower limit of the depicted H4 channel (1.2700). Suggested BUY entries are running in profits now.
As for the bullish DAILY breakout scenario to remain valid, quick bullish breakout above 1.3000 (50% Fibo level) was achieved by the end of last week's consolidations.
Bullish persistence above the price zone of 1.2970-1.3000 (50% Fibonacci zone) allows more bullish advancement towards the price level of 1.3170-1.3200 where the depicted downtrend comes to meet the GBP/USD pair.
Earlier Today, early signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend). This initiated the current bearish pullback. Expected bearish target is located around 1.3025.
On the other hand, currently, the price zone of (1.2980-1.3025) now constitutes a prominent demand zone to be watched for bullish positions if any bearish pullback occurs soon.
Trade Recommendations:
Conservative traders should wait for bearish pullback towards the price zone of 1.2980-1.3025 for a low-risk BUY entry.
T/P levels to be located around 1.3130 and 1.3200. S/L should be set as daily candlestick closure below 1.2950.
Intraday technical levels and trading recommendations for EUR/USD for November 8, 2018
2018-11-08
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420 where temporary bullish pressure was pushing the EUR/USD pair above 1.1520. Hence, a descending High was established around 1.1600.
However, By the end of last week's consolidations, recent bullish recovery was demonstrated around 1.1307 leading to Another bullish breakout above 1.1400.
This enhanced the bullish side of the market towards 1.1500 where early signs of bearish rejection were demonstrated.
Currently, as for the bearish side of the market to regain dominance, the EUR/USD pair should continue trading below the price level of 1.1400.
Initial bearish targets are located around 1.1275 and 1.1100 if sufficient bearish pressure is demonstrated.
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