2018-11-07
USD/JPY is approaching its resistance at 113.82 (61.8% Fibonacci extension, 76.4% Fibonacci retracement) where it is expected to reverse down to its support at 113.08 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
USD/JPY is approaching its resistance where we expect to see a reversal.
Sell below 113.82. Stop loss 114.24. Take profit at 113.08.
EUR/JPY Approaching Resistance, Prepare For A Reversal
2018-11-07
EUR/JPY is approaching its resistance at 130.20 (100% & 61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 129.42 (23.6% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
EUR/JPY is approaching its resistance where we expect to see a reversal.
Sell below 130.20. Stop loss 130.76. Take profit at 129.42.
EUR/USD analysis for November 07, 2018
2018-11-07
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1500. According to the H4 time – frame, I found that price made a breakout of the supply trendline in the background, which is a sign that buyers are in control. I have also found that price rejected from the support cluster at 1.1456, which is another sign of the strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1543 and at the price of 1.1615.
Intraday technical levels and trading recommendations for EUR/USD for November 7, 2018
2018-11-07
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.
That's why, 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.
Another bullish breakout above 1.1400 was executed again. This enhances the bullish side of the market.
Next bullish destination would be located around 1.1520 (upper limit of the depicted congestion zone) and 1.1600 if bullish breakout is demonstrated above 1.1500-1.1520.
On the other hand, 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.
Intraday technical levels and trading recommendations for GBP/USD for November 7, 2018
2018-11-07
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 pair 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 further bearish decline towards 1.2790 then 1.2700 where the lower limit of the movement channel and 79.8% Fibonacci Level were 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 (1.2700).
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 1.3200 where the depicted downtrend comes to meet the GBP/USD pair.
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.
Technical analysis of NZD/USD for November 07, 2018
2018-11-07
Overview:
The NZD/USD pair continues to move upwards from the level of 0.6696. Yesterday, the pair rose from the level of 0.6696 to a top around 0.6779. Today, the first resistance level is seen at 0.6823 followed by 0.6867, while daily support 1 is seen at 0.6696 (last bearish wave). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6779 and 0.6867; so we expect a range of 88pips.
Furthermore, if the trend is able to break out through the first resistance level at 0.6779 , we should see the pair climbing towards the resistance of 0.6823 to test it.
Therefore, buy above the level of 0.6779 with the first target at 0.6823 in order to test the daily resistance 1 and further to 0.6867. Also, it might be noted that the level of 0.6867 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6696, a further decline to 0.9789 can occur which would indicate a bearish market.
Technical analysis of USD/CAD for November 07, 2018
2018-11-07
The NZD/USD pair continues to move upwards from the level of 0.6696. Yesterday, the pair rose from the level of 0.6696 to a top around 0.6779. Today, the first resistance level is seen at 0.6823 followed by 0.6867, while daily support 1 is seen at 0.6696 (last bearish wave). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6779 and 0.6867; so we expect a range of 88pips.
Furthermore, if the trend is able to break out through the first resistance level at 0.6779 , we should see the pair climbing towards the resistance of 0.6823 to test it.
Therefore, buy above the level of 0.6779 with the first target at 0.6823 in order to test the daily resistance 1 and further to 0.6867. Also, it might be noted that the level of 0.6867 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6696, a further decline to 0.9789 can occur which would indicate a bearish market.
Technical analysis of USD/CAD for November 07, 2018
2018-11-07
Overview:
The USD/CAD pair continues to trade upwards from the level of 1.3053.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.
The USD/CAD pair continues to trade upwards from the level of 1.3053.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.
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