Technical analysis of GBP/USD for February 01, 2019
2019-02-01
Overview:
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.
Technical analysis of NZD/USD for February 01, 2019
2019-02-01
Overview:
The NZD/USD pair breached resistance which had 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 RSI is considered to be 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). Besides, note that the pivot point is seen at the point of 0.6882. This suggests that the pair will probably go up in the coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended to be placed 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. However, if there is a breakout at the support level of 0.6705, this scenario may become invalidated.
Intraday technical levels and trading recommendations for GBP/USD for February 1, 2019
2019-02-01
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 a bearish Engulfing candlestick was demonstrated around 1.2999 (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.
A bearish engulfing daily candlestick was demonstrated by the end of Tuesday's consolidations. Thus, the GBP/USD pair lost its bullish breakout above 1.3155. Thus, an intraday supply level is currently located around 1.3155.
The current 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.
On the other hand, for the bullish scenario to regain its validity, bullish persistence above the price level of 1.3150 (Recent Supply Level) should be re-established on a daily basis. This would enhance another bullish visit towards 1.3240.
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, 1.3155 and 1.3200. Any bearish H4 closure below 1.2950 invalidates this scenario.
Recent bearish rejection being applied over the EUR/USD pair around the upper limit of the daily channels for February 1, 2019
2019-02-01
Since June 2018, the EUR/USD pair has been moving sideways with slight bearish tendency within the depicted bearish Channel (In RED).
On November 13, the EUR/USD 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 a further bullish movement towards 1.1520.
However, the market has been demonstrating obvious bearish rejection around 1.1420 few times until Monday when the daily candlestick achieved a bullish closure above 1.1420.
A further bullish advance should be expected towards the price level of 1.1550 where the upper limit of both depicted channels (RED & BLUE) is located.
Around 1.1550-1.1570, there's a confluence of supply levels (upper limit of channels & previous historical bottoms) where bearish rejection as well as a valid SELL entry would be expected.
On the other hand, any bearish closure below 1.1420 terminates the current bullish movement (initiated on January 25) allowing another bearish visit towards 1.1350 and 1.1300.
Trade Recommendations:
Conservative traders should wait for the current bullish pullback to pursue towards the price level of 1.1550-1.1570 for a valid SELL entry.
T/P levels to be located around 1.1420 and 1.1300. S/L to be located above 1.1600.
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