Technical analysis: Intraday level for USD/JPY, Feb 06, 2019
2019-02-06
In Asia, Japan will not release any economic data today, but the US will publish some economic data such as 10-y Bond Auction, Crude Oil Inventories, Trade Balance, Prelim Unit Labor Costs q/q, and Prelim Nonfarm Productivity q/q. So there is a probability the USD/JPY pair will move with a low to a medium volatility during this day. TODAY'S TECHNICAL LEVEL: Resistance. 3: 110.43. Resistance. 2: 110.21. Resistance. 1: 110.00. Support. 1: 109.74. Support. 2: 109.52. Support. 3: 109.31. (Disclaimer)
Technical analysis: Intraday Level For EUR/USD, Feb 06, 2019
2019-02-06
When the European market opens, some Economic Data will be
When the European market opens, some economic data will be released such as German Factory Orders m/m. The US will also publish the economic data such as 10-y Bond Auction, Crude Oil Inventories, Trade Balance, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, so amid the reports, EUR/USD will move with a low to a medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1464. Strong Resistance: 1.1457. Original Resistance: 1.1446. Inner Sell Area: 1.1435. Target Inner Area: 1.1408. Inner Buy Area: 1.1381. Original Support: 1.1370. Strong Support: 1.1359. Breakout SELL Level: 1.1352. (Disclaimer)
Technical analysis for Gold for February 6, 2019
2019-02-06
Today we take a look at the weekly chart of Gold as yesterday's price movement has not provided any new information regarding the short-term trend. Trend remains bullish but below important Fibonacci and long-term resistance levels. This is a very important resistance area all the way to $1,350. A rejection here could be catastrophic for Gold prices.
Black line - long-term resistance trend line
Gold price has made a strong bounce since August and has reached the 78.6% Fibonacci retracement level of the entire decline from $1,366. This is important Fibonacci level resistance. Price has stopped the rise here but there is no sign of reversal yet. Trend remains bullish as long as price is above $1,300 and we could even see a test of the long-term black trend line resistance around $1,350. However at least a back test towards $1,300 should be seen first before any big move higher.
Technical analysis for EUR/USD for February 6, 2019
2019-02-06
EUR/USD has made some progress to the downside as expected after breaking below 1.1430. EUR/USD remains in a short-term bearish trend as long as price is below 1.1450. EUR/USD is targeting the 1.1355-1.1375 area where we find Fibonacci retracement support.
Green rectangles - topping pattern
Blue rectangles - short-term support levels
Black lines - break down target equal to first leg down
Red line - resistance trend line
EUR/USD is challenging short-term Fibonacci 50% retracement support level at 1.14. Breaking below it will push prices towards 1.1375 and 1.1350. If these two levels are broken as well, then the chances of moving towards 1.13 and lower will increase dramatically. Resistance is found at 1.1435 and at 1.1450. Bulls will need to at least break above these two levels in order to hope for a bigger bounce above 1.15. A break above the red resistance trend line will be an important win for bulls. But until then we remain bearish.
Technical analysis of EUR/USD for 06/02/2019
2019-02-06
Technical analysis of EUR/USD for 06/02/2019:
The trendline is broken, more downside in view
Technical market overview:
The EUR/USD market has broken below the trendline dynamic support around the level of 1.1434, tested the level from the downside (now resistance), and continued to move towards the lower price levels. The technical support at the level of 1.1411 has been violated as well and the price is currently trading just above the next support at 1.1395 in oversold market conditions. The momentum is still weak and negative, so it indicates the down move will last a little bit longer. There is no sign of any short-term trend reversal.
Weekly Pivot Points:
WR2 - 1.1577
WR1 - 1.1517
Weekly Pivot - 1.1454
WS1 - 1.1390
WS2 - 1.1330
Trading recommendations:
The downtrend continues so all the sell orders should be still open with a target at the level of 1.1390 - 1.1380 zone, because then a local pull-back is expected. The key level to the upside is seen at 1.1434 and only when this level is violated clearly, the short-term outlook might flip to more bullish.
Technical analysis of GBP/USD for 0/02/2019
2019-02-06
Technical analysis of GBP/USD for 0/02/2019:
The psychological level of 1.3000 has been violated as the market goes lower
Market technical overview:
The GBP/USD pair has broken below the psychological level of 1.3000 and made a new local low at the level of 1.2923, just below the technical support at the level of 1.2928. At this level, there is the long-term trend line support located as well (marked in orange), so this level will be harder for bears th break.
After the decrease, the market is consolidating in a narrow range and there is a possible pull-back towards the technical resistance at the level of 1.3000 1.3012 to occur shortly. The key technical resistance is now the zone between the levels of 1.3042 - 1.3055.
Weekly Pivot Points:
WR3 - 1.3333
WR2 - 1.3261
WR1 - 1.3158
Weekly Pivot Point - 1.3101
WS1 - 1.2987
WS2 - 1.2928
WS3 - 1.2810
Trading recommendations:
All of the target for sell orders has been hit, so those trades should be closed with profit. Currently, the ma merket is consolidating and we are waiting for antother treding setup to occur.
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