2018-11-01
Overview:
The USD/CAD pair continues to move upwards from the level of 1.3053. This week, the pair rose from the level of 1.3053 (the level of 1.3053 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3140. Today, the first support level is seen at 1.3053 followed by 1.3003, while daily resistance 1 is seen at 1.3140. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3053 and 1.3140; for that we expect a range of 87 pips (1.3140 - 1.3053). On the four-hour chart, immediate resistance is seen at 1.3140, which coincides with last bearish wave. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 1.3140, we should see the pair climbing towards the daily resistance at 1.3224 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3003.
Technical analysis of GBP/USD for November 01, 2018
2018-11-01
The USD/CAD pair continues to move upwards from the level of 1.3053. This week, the pair rose from the level of 1.3053 (the level of 1.3053 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3140. Today, the first support level is seen at 1.3053 followed by 1.3003, while daily resistance 1 is seen at 1.3140. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3053 and 1.3140; for that we expect a range of 87 pips (1.3140 - 1.3053). On the four-hour chart, immediate resistance is seen at 1.3140, which coincides with last bearish wave. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 1.3140, we should see the pair climbing towards the daily resistance at 1.3224 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3003.
Technical analysis of GBP/USD for November 01, 2018
2018-11-01
Overview:
The GBP/USD pair fell from the level of 1.2979 towards 1.2902 then it set around 1.2829. Right now, the price is set at 1.2913. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2979 and 1.2902 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2979 and 1.3029, which coincides with the 23.6% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2979. Thereupon, the price spot of 1.2979 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2979, sell below 1.2979 with the first targets at 1.2829 1.2759 and 1.2695. However, the stop loss should be located above the level of 1.2979.
Analysis of Gold for November 01, 2018
2018-11-01
Recently, Gold has been trading sideways at the price of $1,224.20. Anyway, according to the H4 time – frame, I have found that price made a successful breakout of the well-defined resistance trendline (diagonal), which is a sign that buyers took control from the sellers. I also found the end of the downward correction (abc flat) in the background, which is another sign that buyers are in control. My advice is to watch for buying opportunities with the take profit level at $1,243.10.
GBP/USD analysis for November 01, 2018
2018-11-01
Recently, the GBP/USD pair has been upwards. As I expected, the price tested the level of 1.2919. According to the H1 time – frame, I have found a breakout of the 5-day downward channel, which is a sign that buyers are in control and that selling looks risky. I have also found a rising trendline active and higher highs and higher lows, which is another sign of strength. My advice is to watch for buying opportunities on the pullbacks. The upward targeti is set at the price of 1.3025.
Intraday technical levels and trading recommendations for EUR/USD for November 1, 2018
2018-11-01
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 October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
However, temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until a bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
The current bearish breakout has initial targets around 1.1275 and probably 1.1100 if sufficient bearish pressure is demonstrated.
On the other hand, any bullish breakout above 1.1400 should be considered as an early exit signal for sellers.
Intraday technical levels and trading recommendations for GBP/USD for November 1, 2018
2018-11-01
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
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.
Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced a further decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level was located.
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 (1.2690).
As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) are mandatory to maintain sufficient bullish momentum towards 1.3200.
On the other hand, bearish persistence below 1.2790 allows a further decline towards 1.2695 and 1.2660. That's why, price action should be watched around the price zone of 1.2790-1.2840 (recent demand zone) for further trading decisions.
The GBP/USD pair fell from the level of 1.2979 towards 1.2902 then it set around 1.2829. Right now, the price is set at 1.2913. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2979 and 1.2902 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2979 and 1.3029, which coincides with the 23.6% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2979. Thereupon, the price spot of 1.2979 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2979, sell below 1.2979 with the first targets at 1.2829 1.2759 and 1.2695. However, the stop loss should be located above the level of 1.2979.
Analysis of Gold for November 01, 2018
2018-11-01
Recently, Gold has been trading sideways at the price of $1,224.20. Anyway, according to the H4 time – frame, I have found that price made a successful breakout of the well-defined resistance trendline (diagonal), which is a sign that buyers took control from the sellers. I also found the end of the downward correction (abc flat) in the background, which is another sign that buyers are in control. My advice is to watch for buying opportunities with the take profit level at $1,243.10.
GBP/USD analysis for November 01, 2018
2018-11-01
Recently, the GBP/USD pair has been upwards. As I expected, the price tested the level of 1.2919. According to the H1 time – frame, I have found a breakout of the 5-day downward channel, which is a sign that buyers are in control and that selling looks risky. I have also found a rising trendline active and higher highs and higher lows, which is another sign of strength. My advice is to watch for buying opportunities on the pullbacks. The upward targeti is set at the price of 1.3025.
Intraday technical levels and trading recommendations for EUR/USD for November 1, 2018
2018-11-01
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 October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
However, temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until a bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.
The current bearish breakout has initial targets around 1.1275 and probably 1.1100 if sufficient bearish pressure is demonstrated.
On the other hand, any bullish breakout above 1.1400 should be considered as an early exit signal for sellers.
Intraday technical levels and trading recommendations for GBP/USD for November 1, 2018
2018-11-01
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
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.
Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced a further decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level was located.
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 (1.2690).
As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) are mandatory to maintain sufficient bullish momentum towards 1.3200.
On the other hand, bearish persistence below 1.2790 allows a further decline towards 1.2695 and 1.2660. That's why, price action should be watched around the price zone of 1.2790-1.2840 (recent demand zone) for further trading decisions.
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