Technical analysis of AUD/USD for January 07, 2019
2019-01-07
Overview:
The AUD/USD pair set above strong support at the level of 0.7046, which coincides with the 23.6% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 0.7046 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 0.7046 and 0.7168. The AUD/USD pair is trading in a bullish trend from the last support line of 0.7112 towards the first resistance level at 0.7168 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 0.7168 and further to the level of 0.7219.
The level of 0.7389 will act as major resistance and the double top is already set at the point of 0.7389. At the same time, if a breakout happens at the support levels of 0.7112 and 0.7046, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
Technical analysis of EUR/USD for January 07, 2019
2019-01-07
Overview:
Pivot: 1.1421.
The EUR/USD pair continues to move upwards from the level of 1.1342. Today, the first support level is currently seen at 1.1342, and the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1342, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the uptrend. According to the previous events, we expect the EUR/USD pair to trade between 1.1342 and 1.1550. So, the support stands at 1.1342, while daily resistance is found at 1.1550. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1342. In other words, buy orders are recommended to be placed above the spot of 1.1342 with the first target at the level of 1.1550; and then towards 1.1603. However, if the EUR/USD pair fails to break through the resistance level of 1.1550 today, the market will decline further to 1.1257.
Author's today's articles:
Mourad El Keddani
 Was born in Oujda, Morocco. Currently lives in Belgium. In 2003 obtained B.S. in Experimental Sciences. In 2007 obtained a graduate diploma at Institut Marocain Specialise en Informatique Applique (IMSIA), specialty – Software Engineering Analyst. In 2007–2009 worked as teacher of computer services and trainer in a professional school specializing in computer technologies and accounting. In 2005 started Forex trading. Authored articles and analytical reviews on Forex market on Forex websites and forums. Since 2008 performs Forex market research, and develops and implements his own trading strategies of Forex analysis (especially in Forex Research & Analysis, Currency Forecast, and Recommendations and Analysis) that lies in: Numerical analysis: Probabilities, equations and techniques of applying Fibonacci levels. Classical analysis: Breakout strategy and trend indicators. Uses obtained skills to manage traders' accounts since 2009. In April 2009 was certified Financial Technician by the International Federation of Technical Analysts. Winner of several social work awards: Education Literacy and Non-Formal Education (in Literacy and Adult Education in The National Initiative for Human Development). Languages: Arabic, English, French and Dutch. Interests: Algorithm, Graphics, Social work, Psychology and Philosophy.
Subscription's options management Theme's:
Fundamental analysis, Fractal analysis, Wave analysis, Technical analysis, Stock Markets
Author's :
Alexandros Yfantis, Arief Makmur, Dean Leo, Michael Becker, Mohamed Samy, Mourad El Keddani, Petar Jacimovic, Rocky Yaman, Sebastian Seliga, Torben Melsted
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