2018-12-11
Overview:
The pivot point is seen at the point of 0.6882. 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 AUD/USD for December 11, 2018
2018-12-11
The pivot point is seen at the point of 0.6882. 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 AUD/USD for December 11, 2018
2018-12-11
Overview:
The AUD/USD pair continue to trade upwards from the level of 0.7185. The pair rose from the level of 0.7185 to a top around 0.7299 but it rebounded to set around the spot of 0.7212 and 0.7249 . Today, the first resistance level is seen at 0.7299 followed by 0.7352, while daily support 1 is seen at 0.7185 (50% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7250 and 0.7352; so we expect a range of 102 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.7299, we should see the pair climbing towards the double top (0.7299) to test it. Therefore, buy above the level of 0.7299 with the first target at 0.7352 in order to test the daily resistance 1 and further to 0.7394. Also, it might be noted that the level of 0.7394 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 AUD/USD pair breaks through the support level of 0.7185, a further decline to 0.7069 can occur which would indicate a bearish market.
EUR/USD analysis for December 11, 2018
2018-12-11
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1350. Anyway, according to the M15 time – frame, I found that EUR/USD is trading above the Ichimoku cloud and above the daily pivot (1.1382), which is a sign that buyers are today in control. After the yesterday's sell off, I found the stable recovery. There is also a double top (bullish pattern) on the point and figure chart, which is another sign of the strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1413 and at the price of 1.1430.
Analysis of Gold for December 11, 2018
2018-12-11
Recently, Gold has been trading upwards. The price tested the level of $1,249.00 but it found sellers at that point. According to the M15 time – frame, I have found a broken intraday upward channel in the background, which is a sign that sellers took control from buyers and that buying looks risky. Watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. Downward targets are set at the price of $1,243.40, $1,240.00 and at the price of $1,234.50.
Fundamental Analysis of GBP/USD for December 11, 2018
2018-12-11
GBP/USD has been quite impulsive under the bearish pressure recently which pushed the price below 1.2600 area with a daily close. As the UK is facing headwinds due to the BREXIT deal, GBP has lost momentum, plummeting to a 20-month low against USD.
British Prime Minister Theresa May has postponed a parliamentary vote on her Brexit deal to look for more concession, but the European Union refused to renegotiate. British PM Theresa May is still trying quite hard right now, asking for support to fine-tune her Brexit deal in a last ditch bid to save it. The Brexit deal is getting more and more puzzled as the countdown is going on until the deadline of March 29, 2019. Today UK Average Earning Index report was published with an increase to 3.3% from the previous value of 3.1% which was expected to decrease to 3.0%, Unemployment Rate remained unchanged as expected at 4.1%, and Claimant Count Change disappointed with increasing to 21.9k from the previous figure of 20.2k which was expected to decrease to 13.2k.
On the other hand, USD has been struggling with the worse-than-expected economic reports and FED's softer rhetoric on monetary tightening. The Federal Reserve's plans to continue raising interest rates next year were met with more skepticism on Wall Street on Monday. Though FED unveiled its plan to raise the funds rate at least 3 times in 2019, the regulator is currently turning to a pause and indecision due to sharp tightening of financial conditions. In light of the recent downbeat nonfarm payrolls, the economic situation in the US is currently quite uncertain. Ahead of probable rate hike decision this month, the pair is set to trade with higher volatility. Today US PPI report is going to be published which is expected to decrease to 0.0% from the previous value of 0.6% and Core PPI is also expected to decrease to 0.1% from the previous value of 0.5%. Moreover, tomorrow CPI report is expected to reveal a decrease to 0.0% from the previous value of 0.3% and Core CPI is expected to be unchanged at 0.2%.
Meanwhile, future of GBP is currently quite uncertain amid sound economic data but poor fundamentals due to the BREXIT jitters which might lead to severe downward momentum against USD. Traders are cautious to express sentiment on USD amid Fed indecision about a pace of monetary tightening. Nevertheless, traders have optimistic expectations for the nearest economic reports and events that might lead to stable gains in the future.
Now let us look at the technical view. The price has pushed quite impulsively higher today. This led the price to retest 1.2600 area from where it is expected to push lower towards 1.2500-50 support area in the coming days. As the price remains below 1.2700 area with a daily close, further bearish pressure is expected in this pair.
SUPPORT: 1.2500-50
RESISTANCE: 1.2600, 1.2700
BIAS: BEARISH
MOMENTUM: NON-VOLATILE
The AUD/USD pair continue to trade upwards from the level of 0.7185. The pair rose from the level of 0.7185 to a top around 0.7299 but it rebounded to set around the spot of 0.7212 and 0.7249 . Today, the first resistance level is seen at 0.7299 followed by 0.7352, while daily support 1 is seen at 0.7185 (50% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7250 and 0.7352; so we expect a range of 102 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.7299, we should see the pair climbing towards the double top (0.7299) to test it. Therefore, buy above the level of 0.7299 with the first target at 0.7352 in order to test the daily resistance 1 and further to 0.7394. Also, it might be noted that the level of 0.7394 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 AUD/USD pair breaks through the support level of 0.7185, a further decline to 0.7069 can occur which would indicate a bearish market.
EUR/USD analysis for December 11, 2018
2018-12-11
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1350. Anyway, according to the M15 time – frame, I found that EUR/USD is trading above the Ichimoku cloud and above the daily pivot (1.1382), which is a sign that buyers are today in control. After the yesterday's sell off, I found the stable recovery. There is also a double top (bullish pattern) on the point and figure chart, which is another sign of the strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1413 and at the price of 1.1430.
Analysis of Gold for December 11, 2018
2018-12-11
Recently, Gold has been trading upwards. The price tested the level of $1,249.00 but it found sellers at that point. According to the M15 time – frame, I have found a broken intraday upward channel in the background, which is a sign that sellers took control from buyers and that buying looks risky. Watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. Downward targets are set at the price of $1,243.40, $1,240.00 and at the price of $1,234.50.
Fundamental Analysis of GBP/USD for December 11, 2018
2018-12-11
GBP/USD has been quite impulsive under the bearish pressure recently which pushed the price below 1.2600 area with a daily close. As the UK is facing headwinds due to the BREXIT deal, GBP has lost momentum, plummeting to a 20-month low against USD.
British Prime Minister Theresa May has postponed a parliamentary vote on her Brexit deal to look for more concession, but the European Union refused to renegotiate. British PM Theresa May is still trying quite hard right now, asking for support to fine-tune her Brexit deal in a last ditch bid to save it. The Brexit deal is getting more and more puzzled as the countdown is going on until the deadline of March 29, 2019. Today UK Average Earning Index report was published with an increase to 3.3% from the previous value of 3.1% which was expected to decrease to 3.0%, Unemployment Rate remained unchanged as expected at 4.1%, and Claimant Count Change disappointed with increasing to 21.9k from the previous figure of 20.2k which was expected to decrease to 13.2k.
On the other hand, USD has been struggling with the worse-than-expected economic reports and FED's softer rhetoric on monetary tightening. The Federal Reserve's plans to continue raising interest rates next year were met with more skepticism on Wall Street on Monday. Though FED unveiled its plan to raise the funds rate at least 3 times in 2019, the regulator is currently turning to a pause and indecision due to sharp tightening of financial conditions. In light of the recent downbeat nonfarm payrolls, the economic situation in the US is currently quite uncertain. Ahead of probable rate hike decision this month, the pair is set to trade with higher volatility. Today US PPI report is going to be published which is expected to decrease to 0.0% from the previous value of 0.6% and Core PPI is also expected to decrease to 0.1% from the previous value of 0.5%. Moreover, tomorrow CPI report is expected to reveal a decrease to 0.0% from the previous value of 0.3% and Core CPI is expected to be unchanged at 0.2%.
Meanwhile, future of GBP is currently quite uncertain amid sound economic data but poor fundamentals due to the BREXIT jitters which might lead to severe downward momentum against USD. Traders are cautious to express sentiment on USD amid Fed indecision about a pace of monetary tightening. Nevertheless, traders have optimistic expectations for the nearest economic reports and events that might lead to stable gains in the future.
Now let us look at the technical view. The price has pushed quite impulsively higher today. This led the price to retest 1.2600 area from where it is expected to push lower towards 1.2500-50 support area in the coming days. As the price remains below 1.2700 area with a daily close, further bearish pressure is expected in this pair.
SUPPORT: 1.2500-50
RESISTANCE: 1.2600, 1.2700
BIAS: BEARISH
MOMENTUM: NON-VOLATILE
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