Analysis of Gold for January 29, 2019
2019-01-29
Gold continues to rally as expected. It respects the Pitchfork upward channel nicely and it is doing good job towards the median line of the larger channel. Since the key resistance is broken at $1,298.00, we don't see any big resistance around and any signs of a reversal.
R1: $1,305.70
R2: $1,308.60
R3: $1,312.75
Pivot: $1,301.00
S1: $1,298.24
S2: $1,293.00
S3: $1,291.40
Trading recommendation: We are still long Gold from $1,285 and $1,300.00 (added position yesterday). We are moving our stop loss on both positions at $1,300.00, thereby securing profit. Our main target is $1,340.00 (median line).
Intraday technical levels and trading recommendations for EUR/USD for January 29, 2019
2019-01-29
Since June 2018, the EUR/USD pair has been moving sideways with a slight bearish tendency within the depicted bearish Channel (In RED).
On November 13, the EUR/USD pair demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term bullish channel (In BLUE) was initiated.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520.
However, the market has demonstraed an obvious bearish rejection around 1.1420 a few times until yesterday when the daily candlestick achieved a bullish closure above 1.1420.
Further bullish advancement should be expected towards the price level of 1.1520 where the upper border of both depicted channels (RED & BLUE) is located.
Around 1.1520, there's a confluence of supply levels (upper border of depicted channels & previous historical bottoms) where bearish rejection as well as a valid SELL entry would be expected.
Trade Recommendations:
Conservative traders should wait for the current bullish pullback to pursue towards the price level of 1.1500 for a valid SELL entry.
T/P levels should be located around 1.1420 and 1.1300. S/L should be located above 1.1570.
Technical analysis of USD/CHF for January 29, 2019
2019-01-29
The USD/CHF pair faced resistance at the level of 1.0031, while minor resistance is seen at 0.9987. Support is found at the levels of 0.9884 and 0.9819. Also, it should be noted that a daily pivot point has already set at the level of 0.9939. Equally important, the USD/CHF pair is still moving around the key level at 0.9939, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9939. The pair rose from the level of 0.9939(this level of 0.9939 coincides with the double bottom) to the top around 0.9987. In consequence, the USD/CHF pair broke resistance, which turned strong support at the level of 0.9884. The level of 0.9884 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9884 towards the target level of 0.9987. If the pair succeeds in passing through the level of 0.9987, the market will indicate the bullish opportunity above the level of 0.9987 in order to reach the second target at 1.0031. However, if a breakout happens at the support level of 0.9819, then this scenario may be invalidated.
Intraday technical levels and trading recommendations for GBP/USD for January 29, 2019
2019-01-29
On December 12, the previously-dominating bearish momentum came to an end when the GBP/USD pair visited the price levels of 1.2500 where the backside of the broken daily uptrend was located.
Since then, the current bullish swing has been taking place until January 17 when significant bearish rejection was demonstrated around 1.2999 (Bearish Engulfing candlestick around the depicted downtrend line in RED).
This paused the bullish scenario for a while, allowing sometime for bearish correction towards 1.2830 where another bullish swing was initiated.
On Friday, the GBP/USD pair was almost approaching the supply level of 1.3240 when the current bearish pullback was initiated around 1.3215.
For the bullish scenario to remain valid, bullish persistence above the price level of 1.3150 (Broken Supply Level) should be maintained on a daily basis. This enhances another bullish visit towards 1.3240.
On the other hand, any decline below 1.3150 will probably bring the GBP/USD pair into a deeper bearish correction that extends down to 1.3000 where bullish recovery should be anticipated.
Trade Recommendations:
Conservative traders should wait for a bearish pullback towards 1.3000 (backside of the broken downtrend in RED) for a valid BUY entry.
T/P levels to be located around 1.3055, 1.3135 and 1.3200. Any bearish H4 closure below 1.2950 invalidates this scenario.
Technical analysis of GBP/USD for January 29, 2019
2019-01-29
The GBP/USD pair will continue rising from the level of 1.3048 today. So, the support is found at the level of 1.3048, which represents the pivot point in the H1 time frame. Since the trend is above the pivoti level, the market is still in an uptrend. Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.3048. The current price is set at the level of 1.3080. Equally important, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.3048 and 1.3139. Therefore, strong support will be formed at the level of 1.3048 providing a clear signal to buy with the targets seen at 1.3139. If the trend breaks the support at 1.3139 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.3222 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.3048 and 1.3222. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2959.
GBP/USD analysis for January 29, 2019
2019-01-29
Recently, GBP/USD has been trading sideways at the price of 1.3160. GBP/USD is still trading inside the upward Pitchfork channel, which is a sign that buyers are in control. There is a potential end of the downward correction (running flat) which will open the way for a new wave up. The overall trend is still bullish and I would advice you to watch for a bullish breakout. The key resistance level is set at the price of 1.3220, while the key support is 1.3050. I have also found a breakout of the supply trendline, which is a sign that we may see an expansion in the price very soon.
Trading recommendations for today: We are long GBP/USD at 1.3140 with the targets at 1.3220-1.3270. Protective stop is placed at the price of 1.3050.
GBP/USD short-term technical levels with Linear Channels and trading recommendations for January 29, 2019
2019-01-29
Blue-channel is based on the price movement of Yesterday.
Violet-channel is based on the previous two-days consolidations.
Yellow-channel is based on the previous three-days consolidations.
Lack of enough bullish momentum was demonstrated on the depicted chart so that Today's recent movement has been going into sideways consolidations.
The pair is currently moving within the depicted Violet channel (Two-Days movement) after bullish breakout of the BLUE channel was demonstrated few hours ago.
This enhances the bullish side of the market on the short-term provided that no bearish decline occurs below the daily low around 1.3128.
Projected bullish target is located around 1.3215 where the mid-range of the depicted Yellow channel is located.
Bullish fixation above 1.3215 expands the bullish potential towards 1.3280 where the upper limit of the Yellow channel is located.
On the other hand, When we Look to the downside, the GBP/USD pair has an Intraday support located around 1.3080 which corresponds to lower limit of the BLUE channel.
This level would be the 1st bearish destination in case a bearish breakdown below the daily low (1.3128) takes place.
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