Technical analysis of GBP/USD for 12/02/2019
2019-02-12
Technical market overview:
The GBP/USD pair has broken down through the technical support zone between the levels of 1.2920 - 1.2828 and moved down towards the next technical support at the level of 1.2853, but even this level has been violated as well. The new local low on its way down has been made at the level of 1.2844 and it looks like it is not the end of the decline. The next target is seen at the level of 1.2832 and 1.2814. The weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.3314
WR2 - 1.3207
WR1 - 1.3066
Weekly Pivot - 1.2955
WS1 - 1.2817
WS2 - 1.2712
WS3 - 1.2570
Trading recommendations:
All the targets for sell orders recommended yesterday has been hit at the level of 1.2853, so congratulations to everyone who took the trade. For today, as the downtrend continues, only sell orders should be opened again, preferabclosecloase at possible to the level of 1.2883 with a target at the levels of 1.2832 and 1.2814.
Technical analysis of EUR/USD for 12/02/2019
2019-02-12
Technical market overview:
The EUR/USD pair had made another lower low at the level of 1.1257 after the technical support at the level of 1.1266 was violated. The market is still decreasing lower and the next target is seen at the level of 1.1239 despite the extremely oversold market conditions.
Due to the bullish divergence building at this time frame, there is s possibility of a horizontal move for some time before the short-term downtrend will continue. The levels to watch for the resistance are 1.1321 - 1.1336.
Weekly Pivot Points:
WR3 - 1.1528
WR2 - 1.1495
WR1 - 1.1390
Weekly Pivot - 1.1351
WS1 - 1.1247
WS2 - 1.1212
WS3 - 1.1101
Trading recommendations:
All the sell orders from yesterday's recommendation have hit the take profit level at 1.1289, so well done for all that took these positions. Currently, due to the downtrend continuation, the traders should open only sell orders as close as possible to the level of 1.1289 with a target at the level of 1.1239.
Technical analysis of AUD/USD for February 12, 2019
2019-02-12
Pivot point: 0.7112.
The AUD/USD pair is set above strong support at the level of 0.7046 which coincides with the 23.6% Fibonacci retracement level and 0.7168. This support has been rejected four times confirming the uptrend. 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 in the area of 0.7046 and 0.7168. The AUD/USD pair is trading in the bullish trend from the last support line of 0.7112 towards the first resistance level of 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 0.7290. 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 there is a breakout at the support levels of 0.7112 and 0.7046, this scenario may be invalidated. Overall, however, we still prefer the bullish scenario.
Technical analysis of USD/CAD for February 12, 2019
2019-02-12
The USD/CAD pair continues to move upwards from the level of 1.3228. Today, the first support level is currently seen at 1.3228, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3228, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the USD/CAD pair to trade between 1.3228 and 1.3328. So, the support stands at 1.3228, while daily resistance is found at 1.3328. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3228. In other words, buy orders are recommended above the spot of 1.3228 with the first target at the level of 1.3328; and continue towards 1.3295. However, if the USD/CAD pair fails to break through the resistance level of 1.3328 today, the market will decline further to 1.3228 or 1.3200.
Analysis of Gold for February 12, 2019
2019-02-12
Gold has been trading sideways at the price of $1.311.00. According to the H1 time frame, I found that Gold did a successful breakout of the bearish flag pattern (ABC correction) which is a sign that selling continues. I also found confirmed the Head and Shoulders pattern in the background which is another sign of weakness. Most recently, there is a rejection from the supply trendline and median Pitchfork trendline, which are sign of the weakness. Key short-term support is set at the price of $1.302.00. The key short-term resistance is set at $1.315.00.
Trading recommendation: We are short on Gold from $1,305.00 and with the targets at $1,286.25-$1,277.80. Protective stop loss order is placed at $1.318.00
EUR/JPY analysis for February 12, 2019
2019-02-12
EUR/JPY has been trading sideways at the price of 124.63. According to the H1 time frame, I found a potential end of the upward correction (ABC), which is a sign that buying looks risky. I found a downward movement in the background, so watch for potential selling opportunities. The breakout of the support at 124.48 will confirm a potential test of 123.77. The key intraday resistance is set at the price of 124.85.
Trading recommendation: We will sell EUR/JPY if we see a breakout of the support 124.48 with a target at 123.77 and protective stop at 124.90.
USD/CAD Approaching Resistance, Prepare For A Reversal
2019-02-12
USD/CAD is approaching its resistance at 1.3366 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.3234 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
USD/CAD is approaching its resistance where we expect to see a reversal.
Sell below 1.3366. Stop loss 1.3446. Take profit at 1.3234.
February 12, 2019: The EUR/USD pair is failing to hold within its daily movement channel.
2019-02-12
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 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 1.1430 was needed to enhance further bullish movement towards 1.1520. However, the market has been demonstrating obvious bearish rejection around 1.1430 few times so far.
The EUR/USD pair has lost its bullish momentum since January 31 when a bearish engulfing candlestick was demonstrated around 1.1514 where another descending high was established then.
On February 5, a bearish daily candlestick closure below 1.1420 terminated the recent bullish recovery.
This allowed the current bearish movement to occur towards 1.1300-1.1270 challenging the lower limit of the depicted DAILY channel comes to meet the pair.
On the other hand, a bearish flag pattern may be confirmed if bearish persistence below 1.1250 is achieved on the daily-chart basis. Pattern target is projected towards 1.1000.
Trade Recommendations:
Intraday traders can look for a counter-trend BUY entry around the current price levels (1.1285) (lower limit of the depicted movement channel).
S/L to be located below 1.1240 while T/P level to be located around 1.1350 and 1.1420.
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