2018-12-19
Recently, the EUR/USD pair has been trading upwards. As I expected, the price tested the level of 1.1408. According to the M30 time – frame, I found that EUR/USD is trading above the daily pivot (1.1366) and above the Ichimoku cloud, which is a sign that buyers are in control. I also found a broken double top formation and rising lows on the point and figure chart, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1430 and at the price of 1.1460.
Technical analysis of GBP/USD for December 19, 2018
2018-12-19
Overview:
The GBP/USD pair broke resistance at 1.2604 which turned into strong support yesterday. This level coincides with 38.2% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.2644) in the coming hours. The GBP/USD pair will demonstrate strength following a breakout of the high at 1.2682. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2644 with the first target at 1.2682. Then, the pair is likely to begin an ascending movement to 1.2682 mark and further to 1.2739 levels. The level of 1.2739 will act as strong resistance, and the double top is already set at 1.2811. On the other hand, the daily strong support is seen at 1.2604. If the GBP/USD pair is able to break out the level of 1.2604, the market will decline further to 1.2557 (daily support 2).
Technical analysis of NZD/USD for December 19, 2018
2018-12-19
Overview:
The NZD/USD pair broke resistance which turned into strong support at the level of 0.6705 this week. The level of 0.6705 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 70. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). Besides, note that the pivot point is seen at the point of 0.6882. This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6800 with the first target at the level of 0.6882. From this point, the pair is likely to begin an ascending movement to the point of 0.6882 and further to the level of 0.6984. The level of 0.6984 will act as strong resistance. On the other hand, if a breakout happens at the support level of 0.6705, then this scenario may become invalidated.
GBP/USD analysis for December 19, 2018
2018-12-19
Recently, the GBP/USD pair has been trading sideways at the price of 1.2630. According to the H4 time frame, I found the breakout of the upward channel, which is a sign that sellers are in control. I also found the false breakout of the resistance at the price of 1.2684, which is a sign that buyers have got trapped. Monitor selling opportunities. The downward target is set at the price of 1.2530.
Intraday technical levels and trading recommendations for EUR/USD for December 19, 2018
2018-12-19
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 the Daily chart, the pair has been moving sideways with slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted daily movement channel since June 2018.
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.
The EUR/USD pair remains trapped between the price levels of 1.1420 and 1.1270 until breakout occurs in either direction.
If an early bearish breakout below 1.1270 is achieved on lower timeframes, a quick decline should be expected towards 1.1150-1.1100.
On the other hand, bullish fixation above 1.1420 enhances a further bullish advance towards 1.1520 and 1.1610.
Intraday technical levels and trading recommendations for GBP/USD for December 19, 2018
2018-12-19
Since Mid-November, Successive Lower Highs were demonstrated below the depicted H4 downtrend line around the price levels of 1.2870 and 1.2780.
Shortly after, a quick bearish decline was demonstrated towards the price level of 1.2500 before bullish recovery could take place on December 12.
A bullish Head & Shoulders pattern is being demonstrated on the H4 chart with neckline located around 1.2660-1.2680. Pattern confirmation projects a bullish target towards 1.2880 again.
On the other hand, the current scenario could pursue as a bearish flag continuation pattern provided that bearish persistence below 1.2660 (corresponding to a prominent daily low) is maintained on a daily basis.
The current bullish pullback towards the price zone of 1.2660-1.2700 can be watched for a valid SELL entry as this price zone corresponds to the backside of the broken consolidation range as well as the depicted downtrend on H4 chart.
Projected target for the bearish flag continuation pattern is located around 1.2300. Initial bearish destination is located around 1.2580 while S/L should be set as daily closure above 1.2800.
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