Technical analysis: Intraday level for USD/JPY, Feb 08, 2019
2019-02-08
In Asia, Japan will release the Economy Watchers Sentiment, Average Cash Earnings y/y, Current Account, Bank Lending y/y, and Household Spending y/y, while the US will not publish any economic data today. 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: 110.30. Resistance. 2: 110.08. Resistance. 1: 109.87. Support. 1: 109.61. Support. 2: 109.39. Support. 3: 109.18. (Disclaimer)
Technical analysis: Intraday level for USD/JPY, Feb 08, 2019
2019-02-08
In Asia, Japan will release the Economy Watchers Sentiment, Average Cash Earnings y/y, Current Account, Bank Lending y/y, and Household Spending y/y, while the US will not publish any economic data today. 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: 110.30. Resistance. 2: 110.08. Resistance. 1: 109.87. Support. 1: 109.61. Support. 2: 109.39. Support. 3: 109.18. (Disclaimer)
Technical analysis: Intraday Level For EUR/USD, Feb 08, 2019
2019-02-08
When the European market opens, some economic data will be released such as Italian Industrial Production m/m, French Prelim Private Payrolls q/q, French Prelim Private Payrolls q/q, and French Industrial Production m/m. The US will not publish any economic data today, so amid such conditions, the EUR/USD pair will move with a low to a medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1396. Strong Resistance: 1.1389. Original Resistance: 1.1378. Inner Sell Area: 1.1367. Target Inner Area: 1.1340. Inner Buy Area: 1.1313. Original Support: 1.1302. Strong Support: 1.1291. Breakout SELL Level: 1.1284. (Disclaimer)
Technical analysis of GBP/USD for 08/02/2019
2019-02-08
Technical analysis of GBP/USD for 08/02/2019:
Technical market overview:
The GBP/USD pair has broken the technical support at the level of 1.2924 and made a new local low at the level of 1.2853. Then the pair made a strong bounce, that ended up at the level of 1.2995 with a candlestick pattern called Shooting Star. The reaction up from the level of 1.2853 was very strong and a big Bullish Engulfing candlestick pattern was made. Currently, the pair is consolidating the recent gains just above the support at 1.2924 again. The next target for bulls is seen at the level of 1.3012.
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:
The market is consolidating and we are waiting for another trading setup to occur. The more aggressive traders can open a sell orders form a current market level with protective stops just above the level of 1.3012. Target is open for now, but the first TP is seen at 1.2853.
Technical analysis for Gold for February 8, 2019
2019-02-08
Gold price has reached our short-term pull back target of $1,300 and is now bouncing. This bounce could unfold into another new wave higher that could bring price towards $1,330 first. A bullish signal will be given when and if price breaks above $1,317.
Purple lines -bullish channel
The bullish trend remains intact. Price continues making higher highs and higher lows. So far a higher low at $1,302 was made. Support and previous resistance at $1,300 has been respected as price remains above it. This is a bullish sign. Gold price has pulled back nearly $16 but the trend remains bullish. Resistance is at $1,317. Breaking above it will increase the chances we see a new higher high soon. Our next target is at $1,330 but a longer-term target is at $1,350 as long as we trade above $1,280. In the short-term, I can see price moving sideways for a couple of days and maybe another test of $1,300.
Technical analysis of EUR/USD for 07/02/2019
2019-02-08
Technical analysis of EUR/USD for 07/02/2019:
The key supporting zone was tested, should we wait for a bounce higher?
Technical market overview:
The EUR/USD market had hit the technical support level at 1.1324 and bounced slightly to the level of 1.1360 before the horizontal consolidation has begun. The market conditions are oversold, so there is a chance for more solid upwards correction towards the level of 1.1380. Nevertheless, the momentum remains weak and negative, so the move up will be considered as a local correction in a downtrend.
Weekly Pivot Points:
WR2 - 1.1577
WR1 - 1.1517
Weekly Pivot - 1.1454
WS1 - 1.1390
WS2 - 1.1330
Trading recommendations:
Yet again the sell orders have hit the take profit level at 1.1324 to the pip, so well done for all that took the setup and trade it. Currently, there is no good trading setup expect a potential corrective move up towards the technical resistance at the level of 1.1380, so the aggressive traders might use the current price levels to enter the buy orders with a protective SL just below the level of 1.1324.
Technical analysis for EUR/USD for February 8, 2019
2019-02-08
EUR/USD has reached our downside targets and is challenging the 78.6% Fibonacci retracement support. I continue to expect a bounce towards 1.1380-1.14 where we will see the strength of the bulls if it is enough to overcome bears.
Green rectangles - topping pattern repeating
Black line - bounce target and resistance
Purple line - expected path
EUR/USD is challenging Fibonacci support. The 4 hour RSI is oversold and I expect at least a short-term bounce towards 1.1380-1.14 where we find the 38% Fibonacci retracement resistance of the last leg down. Breaking above 1.14 would be a bullish sign at least for the short-term. Such a break out could push price back towards the red downward sloping resistance trend line. Only a break above 1.15 would put bulls back in control of the trend.
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