Technical analysis of USD/CAD for August 01, 2016

Technical analysis of USD/CAD for August 01, 2016

Overview:

The USD/CAD pair continued its bearish momentum bottomed at 1.3030 since last week. The bias remains bearish in the nearest term testing 1.2971 (61.8% Fibonacci Expansion). Immediate support is seen around 1.2971. A clear break below that area could lead the price to an uptrend in the nearest term testing 1.2876 and 1.2797 (100% Fibonacci Expansion), but any upside pullback now is normal. On the whole, I remain bearish. It is recommended to sell below the price of 1.2971 with the first target within the range between 1.2971 and 1.2797. However, it also should be noticed the resistance will stand at 1.3135, so you have to keep an eye on the spot of 1.3135 because it is going to form a strong area in the coming days. Therefore, we expect the pair to consolidate at the current levels and then start forming a reversal structure for a new ascending wave from the price of 1.3135. Consequently, you have to note that the price of 1.3247 will be a symbol for strong resistance today.

Technical resistance levels: 1.3132 | 1.3247 | 1.3350
Technical support levels: 1.2971 | 1.2876 | 1.2797

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Technical analysis of USD/JPY for August 01, 2016

Technical analysis of USD/JPY for August 01, 2016

Overview:

The USD/JPY pair could form a descending impulse so far. It continues moving downwards from the prices of 103.29 (61.8% Fibonacci Expansion). The market has reached all targets of extensions. According to the main scenario, it may start forming correctional structures. Today, the price may move towards the level of 102.00 and then reach new minimum again. Hence, the price may reach one more minimum below the price of 102.00 and then start new correction towards the level of 102.00 (100% Fibonacci Expansion). Therefore, we expect an eventual continuation of the longer-term bearish trend. Another support can be found at 100.70 and 99.03. Therefore, a fall is still expected from 102.00 (first low) and the second low is set at 100.70 as a counter-trend move within an overall bullish trend. Then, we favour a minor move towards the key support at 99.03. Repeating, the strong resistance will set at 103.29. Subsequently, sell positions are recommended below the 103.29 level with targets at 100.70 and it will resume towards 99.03 to retest the strong support price at 99.03. On the other hand, resistance will set at the price of 103.29. So, the breakdown of 103.29 will allow the pair to go further up to the levels of 134.10 and 105.35 in the next days.

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Technical analysis of GBP/USD for August 01, 2016

Technical analysis of GBP/USD for August 01, 2016

Overview:
The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3156. On the H1 chart. the level of 1.3156 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 1.3056. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. 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 1.3175 and further to the level of 1.3218. Therefore, strong support will be found at the level of 1.3156 providing a clear signal to buy with a target seen at 1.3268. If the trend breaks the minor resistance at 1.3268, the pair will move upwards continuing the bullish trend development to the level 1.3318 in order to test the daily resistance 2. However, it would also be sage to consider where to place a stop loss; this should be set below the second major support of 1.3056.

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Technical analysis of EUR/USD for August 01, 2016

Technical analysis of EUR/USD for August 01, 2016

Overview:

The EUR/USD pair broke resistance which turned to strong support at the level of 1.1105 last week. The level of 1.1105 is expected to act as major support this week.

The first support level is seen at 1.1160 followed by 1.1105, while daily resistance is seen at 1.1261.

Amid the previous events, the pair is still in a uptrend in ths short time, because the EUR/USD pair is trading in a bullish trend from the new support line of 1.1160 towards the first resistance level at 1.1261 in order to test it.

The price spot of 1.1261 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the new double top as long as the level of 1.1261 is not breached.

In other words, sell orders are recommended below the spot of 1.1261 with the first target at the level of 1.1105

If the pair succeeds to pass through the level of 1.1105, the market will indicate a bearish opportunity below the level of 1.1105.

Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1105 with the second target at 1.1015 and further to 1.0949 so as to retest the double bottom in the H1 time frame.
However, if a breakout happens at the resistance level of 1.1261, then this scenario may be invalidated.

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Technical analysis of NZD/USD for July 13, 2016

Overview:

The NZD/USD pair didn’t make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 0.9315 or higher. Immediate resistance seen around 0.9315. A clear break above that area could lead price to the neutral zone in the nearest term. Price will test 0.7415, because in general, we remain bullish market in coming hours.

The market moved from its bottom at 0.7242 and continued to rise towards the top of 0.9315. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9315 (minor resistance), the market will indicate a bullish opportunity above the level of 0.9315 (the level of 0.9315 coincides with the double top). Since there is nothing new in this market, it is not bearish yet. Buy deals are recommended above the level of 0.9315 with the first target at 0.7415. If the trend breaks the double bottom level of 0.7415, the pair is likely to move upwards continuing the development of a bullish trend to the spot of 0.7425 – 0.7450 so as to form a new double top.


On the contrary, if a breakout takes place at the support level of 0.7181, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7053.

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Technical analysis of USD/CHF for July 13, 2016

Overview:
The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9789 and 0.9738.

Currently, the price is in a bullish channel on the one-hour chart.

As the price is still above the moving average (100), immediate support is seen at 0.9789, which coincides with a golden ratio (61.8% of Fibonacci).

As a result, the first support is set at the price of 0.9789. So, the market is likely to show signs of a bullish trend around the spot of 0.9789 – 0.973 . In other words, buy orders are recommended above the golden ratio (0.9789) with the first target at the level of 0.9904.

Furthermore, if the trend is able to breakout through the first resistance level of 0.9904. It should see the pair climbing towards the double top (0.9955) in order to form a new double top.

On the other hand, if a breakout happens at the support level of 0.9738, then this scenario may be invalidated.

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The NZD/USD pair on 07/07/2016
Overview:

The NZD/USD pair is going to continue to rise from the level of 0.7174 in the long term. It should be noted that the support is established at the level of 0.7174 which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7174. So, buy above the level of 0.7174 with the first target at 0.7228 in order to test the daily resistance 1 and further to 0.7259. Also, it might be noted that the level of 0.7259 is a good place to take profit because it will form a major resistance today. Moreover, it should be noted that the double top is seen at the point of 0.7298. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7174, a further decline to 0.7137 can occur which would indicate a bearish market.

Daily key levels
Major resistance: 0.7298
Minor resistance: 0.7260
Intraday pivot point: 0.7217
Minor support: 0.7174
Major support: 0.7135

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Technical analysis of USD/CHF for July 07, 2016

Technical analysis of USD/CHF for July 07, 2016

Overview:
The USD/CHF pair has faced strong support at the level of 0.9740 because resistance has become support. So, the strong support is already seen at the level of 0.9740 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9740, the market will indicate a bullish opportunity above the new support level of 0.9740 (the level of 0.9740 coincides with a ratio of 50% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 0.9740 so it will be good to buy at 0.9740 with the first target of 0.9791. It will also call for an uptrend in order to continue towards 0.9863. The daily strong support is seen at 0.9689. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9660.

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Technical analysis of GBP/USD for July 04, 2016

Overview:

The GBP/USD pair is not making any significant movements this morning. The bias remains bearish in the nearest term testing 1.3120 or lower. Immediate support is seen around 1.3217. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.3120 or 1.3080, because in general, we remain bearish on July 4th, 2016. Yesterday, the market opened from its bottom at 1.3247 and continued to rise towards the top of 1.3302. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.3327 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.3327 (the level of 1.3327 coincides with tha ratio of 50% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.3307 with the first target at 1.3120 so as to test the double bottom. If the trend breaks the double bottom level of 1.3120, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.3080 in order to test the weekly support 1.

Technical levels
:

R3: 1.3906
R2: 1.3720
R1: 1.3493
PP: 1.3307
S1: 1.3080
S2: 1.2894
S3: 1.2667

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Technical analysis of EUR/USD for July 04, 2016

Overview:
The EUR/USD pair will continue rising from the level of 1.1092 in the short term. It should be noted that the support is established at the level of 1.1092 which represents the ratio of 61.8% Fibonacci Expansion on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1092. So, buy above the level of 1.1092 with the first target at 1.1169. It continues further towards the levels of 1.1215 in order to test the daily resistance 1. The level of 1.1215 is a good place to take profits today. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.1215, then the market will call for a strong bullish market towards the objective of 1.1291. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1092, a further decline to 1.1000 can occur. It would indicate a bearish market.

Comment:
Expecting that the range will be traded between the 1.1000 and 1.1291 levels this week.
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Technical levels:

R3: 1.1414
R2: 1.1291
R1: 1.1215
PP: 1.1092
S1: 1.1016
S2: 1.0893
S3: 1.0817

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