2018-12-21
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 a slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted daily movement channel since June 2018.
On November 13, the EUR/USD pair 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 demonstrated significant bearish rejection around 1.1420 a few times.
The EUR/USD pair has been trapped between the price levels of 1.1420 and 1.1270 waiting for a breakout since November 5.
This week, based on the recent bullish price action, bullish persistence above 1.1420 enhances further bullish advancement towards 1.1520 and 1.1610.
Technical analysis of GBP/USD for December 21, 2018
2018-12-21
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 to be placed above 1.2644 with the first target at 1.2682. Then, the pair is likely to begin an ascending movement to the 1.2682 mark and further to the 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 through the level of 1.2604, the market will decline further to 1.2557.
Intraday technical levels and trading recommendations for GBP/USD for December 21, 2018
2018-12-21
Since Mid-November, Successive Lower Highs were observed below the depicted H4 downtrend line around the price levels of 1.2870 and 1.2780.
Shortly after, there was a quick bearish decline towards the price level of 1.2500 before bullish recovery took place on December 12.
A bullish Head & Shoulders pattern is being demonstrated on the H4 chart with a neckline located around 1.2660-1.2680. Bullish persistence above 1.2660-1.2680 is mandatory for confirmation. Pattern confirmation projects a bullish target towards 1.2880 again.
Yesterday's price movement demonstrates the recent bullish breakout above the depicted downtrend line. This enhances the bullish side of the market as well.
Please remember that the current bullish movement towards the price zone of 1.2680-1.2700 should be monitored as this price zone corresponds to the backside of the broken consolidation range.
On the other hand, the current scenario may pursue as a bearish flag pattern provided that bearish persistence below 1.2660 (corresponding to a prominent daily low) is maintained on a daily basis. Projected target for the bearish flag pattern would be located around 1.2300.
Technical analysis of USD/CAD for December 21, 2018
2018-12-21
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 to be placed above 1.2644 with the first target at 1.2682. Then, the pair is likely to begin an ascending movement to the 1.2682 mark and further to the 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 through the level of 1.2604, the market will decline further to 1.2557.
Intraday technical levels and trading recommendations for GBP/USD for December 21, 2018
2018-12-21
Since Mid-November, Successive Lower Highs were observed below the depicted H4 downtrend line around the price levels of 1.2870 and 1.2780.
Shortly after, there was a quick bearish decline towards the price level of 1.2500 before bullish recovery took place on December 12.
A bullish Head & Shoulders pattern is being demonstrated on the H4 chart with a neckline located around 1.2660-1.2680. Bullish persistence above 1.2660-1.2680 is mandatory for confirmation. Pattern confirmation projects a bullish target towards 1.2880 again.
Yesterday's price movement demonstrates the recent bullish breakout above the depicted downtrend line. This enhances the bullish side of the market as well.
Please remember that the current bullish movement towards the price zone of 1.2680-1.2700 should be monitored as this price zone corresponds to the backside of the broken consolidation range.
On the other hand, the current scenario may pursue as a bearish flag pattern provided that bearish persistence below 1.2660 (corresponding to a prominent daily low) is maintained on a daily basis. Projected target for the bearish flag pattern would be located around 1.2300.
Technical analysis of USD/CAD for December 21, 2018
2018-12-21
Overview:
The USD/CAD pair continues moving in a bullish trend from the support levels of 1.3427 and 1.3500. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3427, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.3500. So, the market is likely to show signs of a bullish trend around the spot of 1.3427/1.3500. In other words, buy orders are recommended to be placed above the golden ratio (1.3427) with the first target at the level of 1.3618. Furthermore, if the trend breaks through the first resistance level of 1.3618, we will see the pair climbing towards the major resistance of 1.3709. It would also be wise to find a place for a stop loss order; it should be set below the second support of 1.3427.
EUR/USD analysis for December 21, 2018
2018-12-21
Recently, the EUR/USD pair has been trading sideways at the price of 1.1423. According to the M15 time frame, I found that EUR/USD is trading below the Ichimoku cloud and the daily pivot (1.1433), which is a sign that sellers are in control on the intraday prospective. I also found a confirmed triple bottom formation on the point and figure chart, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1383 and at the price of 1.1320.
USD/CAD analysis for December 21, 2018
2018-12-21
The USD/CAD pair has been trading upwards. As I expected, the price tested the level of 1.3540. According to the H4 time frame, I have found that buyers are in control and there is a short-term trend, which is a sign of strength. I have also found a rising LBR oscillator and upward Keltner channel, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of 1.3592.
The USD/CAD pair continues moving in a bullish trend from the support levels of 1.3427 and 1.3500. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3427, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.3500. So, the market is likely to show signs of a bullish trend around the spot of 1.3427/1.3500. In other words, buy orders are recommended to be placed above the golden ratio (1.3427) with the first target at the level of 1.3618. Furthermore, if the trend breaks through the first resistance level of 1.3618, we will see the pair climbing towards the major resistance of 1.3709. It would also be wise to find a place for a stop loss order; it should be set below the second support of 1.3427.
EUR/USD analysis for December 21, 2018
2018-12-21
Recently, the EUR/USD pair has been trading sideways at the price of 1.1423. According to the M15 time frame, I found that EUR/USD is trading below the Ichimoku cloud and the daily pivot (1.1433), which is a sign that sellers are in control on the intraday prospective. I also found a confirmed triple bottom formation on the point and figure chart, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1383 and at the price of 1.1320.
USD/CAD analysis for December 21, 2018
2018-12-21
The USD/CAD pair has been trading upwards. As I expected, the price tested the level of 1.3540. According to the H4 time frame, I have found that buyers are in control and there is a short-term trend, which is a sign of strength. I have also found a rising LBR oscillator and upward Keltner channel, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of 1.3592.
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