2018-12-10
Overview:
Last week, 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). 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.
Technical analysis of GBP/USD for December 10, 2018
2018-12-10
Last week, 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). 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.
Technical analysis of GBP/USD for December 10, 2018
2018-12-10
Overview:
The GBP/USD pair dropped from the level of 1.2890 towards 1.2780. Now, the price is set at 1.2850. On the H4 chart, the resistance is seen at the levels of 1.2890 and 1.3001. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.2829 and 1.2725 in coming hours. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2725 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.2829, while immediate resistance is found at 1.2829. According to the previous events, the pair is likely to move from 1.2725 towards 1.2829 and 1.2890 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2890, the market will indicate a bearish opportunity below the level of 1.2890. So, the market will decline further to 1.2725 in order to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.2640.
EUR/USD analysis for December 10, 2018
2018-12-10
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1442. Anyway, according to the M15 time – frame, I found that there is a fake breakout of Friday's high at the price of 1.1424, which is a sign of weakness. I also found that price made a bearish break of the Ichimoku cloud, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1360 and the price of 1.1322.
GBP/USD analysis for December 10, 2018
2018-12-10
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2690. According to the M15 time – frame, I found that there is trading below the daily pivot (1.2743) and below the Ichimoku cloud, which is a sign that sellers are in control. I also found that there is a double bottom pattern 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 1.2663 and at the price of 1.2620.
The GBP/USD pair dropped from the level of 1.2890 towards 1.2780. Now, the price is set at 1.2850. On the H4 chart, the resistance is seen at the levels of 1.2890 and 1.3001. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.2829 and 1.2725 in coming hours. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2725 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.2829, while immediate resistance is found at 1.2829. According to the previous events, the pair is likely to move from 1.2725 towards 1.2829 and 1.2890 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2890, the market will indicate a bearish opportunity below the level of 1.2890. So, the market will decline further to 1.2725 in order to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 1.2640.
EUR/USD analysis for December 10, 2018
2018-12-10
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1442. Anyway, according to the M15 time – frame, I found that there is a fake breakout of Friday's high at the price of 1.1424, which is a sign of weakness. I also found that price made a bearish break of the Ichimoku cloud, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1360 and the price of 1.1322.
GBP/USD analysis for December 10, 2018
2018-12-10
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2690. According to the M15 time – frame, I found that there is trading below the daily pivot (1.2743) and below the Ichimoku cloud, which is a sign that sellers are in control. I also found that there is a double bottom pattern 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 1.2663 and at the price of 1.2620.
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