Tag: HHL

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Forex Market Analysis

Forex and Indices – Daily Update 02.08.18

Fundamental Overview

In today’s session, market sentiment is led by the preference of risk protection assets facing the expectation for the US employment data, which will be announced on the Friday 03rd session. The US Dollar and Japanese Yen, which advanced 0.30% and 0.30% respectively. Within the commodity currencies group, the oceanic currencies are the hardest hit; the New Zealand Dollar is the worst performer which falls 0.49%, followed by the Australian dollar that drops 0.45% in the trading session.

Source: Forex Academy Collection

 

 

Technical Analysis

EURUSD

EURUSD in the 1-hour chart is moving bearish, below the weekly pivot level. For short positions, the price should break under the 1.1657 level with a profit target in the confluence zone between the first weekly support and the Lower HHL at 1.16061 level. For long positions (reversal case), the price should break above the breakdown candle at 1.1691, with a profit target between the confluence zone between the first weekly resistance and the Upper HHL at 1.1729.



GBPUSD

The pair GBPUSD is moving slightly bearish below the weekly pivot consolidating between 1.3090 and 1.3140. A breakdown below 1.309 could drive to the pound to the first weekly support at 1.3050. The bullish case, if the price breaks above 1.3140, the potential target is the first weekly resistance located at 1.3189.




USDCHF

USDCHF in the hourly chart is consolidating as a triangle pattern; this chart pattern suggests more upsides. For long positions, is essential that the price breaks above the weekly pivot level at 0.9937, with a profit target at the third daily resistance at 0.9974. Short positions should be valued if the price breaks under 0.9917, the potential target is the HHL at 0.9880.



EURGBP

The EURGBP cross is running bearish and is consolidating as a flag pattern. For bearish continuation, the price could drop to the confluence zone between the second daily support and the first weekly support at 0.8860. For long positions, the price should break above the weekly pivot level at 0.8897 with a potential move to the HHL at 0.8928.


GBPNZD

The GBPNZD cross is running sideways with a bullish bias in the last sequence which started from the first weekly support at 1.76318. For long positions, the price should break above the first daily resistance with a mid-term target placed on the confluence between the second weekly resistance and the third daily resistance at 1.7864. Short positions should be valued if the price closes below the daily pivot level at 1.77059, and the potential target is at the first weekly support at 1.76318.


DAX 30

DAX 30 is moving slightly neutral in the weekly pivot level at 12,746 pts. For short positions, the price should break below 12,707 with a potential target in the first weekly support at 12,604 pts. Long positions should be regarded if the German index closes above 12,800 pts, with a potential profit target at 12,920 pts.



FTSE 100

The FTSE 100 index shows bearish signals closing below the weekly pivot level at 7,687.9 pts. Continuation of the previous bearish move should be valued if the price breaks under the first weekly pivot at 7,635.2 pts., with a profit target in the confluence zone between the HHL and the third weekly support at 7,521 pts. Long positions could be valued if the price breaks above the weekly pivot level, with a potential target in the first weekly resistance at 7,754 pts. Additionally, note that if the price plunges to the third weekly support, it could be an interesting reversal level.


Categories
Forex Market Analysis

Forex and Indices – Daily Update 26.07.18

Fundamental Overview

Forex News: The market sentiment of the session was led by the US Dollar (DXY), which advanced against the main currencies group climbing 0.68 per cent. The Dollar boost was aided on the one hand, by the labour market data, in the Thursday session the Initial Jobless Claims data rose 217,000, which despite the increase of 9,000 from the previous week’s revised level, continue showing optimistic levels for the American economy. On the other hand, the ECB interest rate decision continues without changes for the common currency, contributing to the strength in the USD appreciation. The worst performer currency of the session was in the “commodities currencies group”; the Aussie (AUD) fell 1.04 per cent dragged by the dive in Copper price which retraced 1.59 per cent.

Forex News – Daily Performance

Forex News - Daily PerformanceSource: Forex.Academy Collection.

Technical Analysis

EURUSD

EURUSD made a false breakout which could not reach the first daily resistance, turning to the daily pivot and even falling below the weekly pivot point changing the market sentiment from bullish to bearish. For long positions, we need to see the breakout above the bearish breakdown candle at 1.1710, with a first potential profit target placed at the first daily resistance at 1.1756, the second potential target is the confluence level between the second daily resistance and the first weekly resistance at 1.1785. Short positions should be valued as a continuation of the breakdown, with a profit potential target at 1.1615. Pay attention to this area because the confluence with the third daily resistance at 1.16077 could be a potential buy zone.



GBPUSD

The GBPUSD pair in the 30-minutes chart tested the first daily resistance of the intraday trading session at 1.3214, After this, the price made a re-test, from where the pound started to fall and found support in the weekly pivot point at 1.31257. For long positions, the price should break over the daily pivot level at 1.31739 with a potential profit target at 1.3215 (first intraday resistance). Short positions should be valued as the continuation of the previous movement when the price breaks under the weekly pivot level (1.31257) with a potential target in second daily support at 1.31065.



USDCHF

The Swiss currency in the 30-minutes chart continues moving sideways between the first daily support (0.99007) and below the first daily resistance (0.9942). For long positions, the USDCHF should break above the first daily resistance at 0.9942 level with a short-term target at 0.9960 (weekly pivot level); for bearish positions, we need to see that the price to close below the intraday range at 0.9910 with a potential profit target in 0.9877 (first weekly support.)



EURCAD

The EURCAD cross in the 30-minutes chart is moving bearish, testing the second weekly support located at 1.52488. For bullish positions, the price should break and consolidate above 1.5278 with a potential target is at the first weekly support at 1.5325. For bearish positions, as a continuation of the trend, the price could drop to the third weekly support at 1.51778.



GBPCAD

The GBPAUD cross is moving bearish nearly above the first weekly support at 1.71211. For long positions, the price should breakdown candle at 1.7185 with a potential target on the daily pivot level at 1.7232. If we are looking bearish continuation, the price could see the bottom at the 1.70067 level (confluence zone between the third daily support and second weekly support.)



FTSE 100

FTSE 100 in the 30-minutes chart is moving in a narrow range below the daily pivot level (7,669.8 pts) and above the weekly pivot level (7,649 pts.) For bullish positions, the price should break above 7,686 pts, with a potential target on the first weekly resistance at 7,735 pts, which is the convergence zone with the second daily resistance. Bearish positions should be considered if FTSE 100 index breaks below the weekly pivot level at 7,649 with a potential profit target at the first weekly support (7,593 pts.), the second profit target is the HHL at 7,521 pts.



DAX 30

The DAX index 30 in the 30-minutes chart soared to the third daily resistance (12,827 pts), from this zone we have two options. Long positions could extend to the second weekly resistance at 12,912 pts, only if the price breaks above the 12,827 pts. The second option is for short trades; it could be considered if the price breaks below 12,715 pts with a profit target located at 12,604 pts.



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Forex Market Analysis

Forex and Indices – Daily Update – 25.07.18

Fundamental Overview

President Trump will meet with Juncker.

US President Donald Trump will meet with the president of the European Commission, Jean-Claude Juncker, in an attempt to overcome the difficulties in bilateral relations between the United States and the European Union, specifically facing the application of additional tariffs to European cars exported to the United States which Trump seeks to increase.

The European Union applies additional 10 per cent tariffs to automobiles imported from the United States, while the United States applies only 2.5 per cent to European cars. Finally, President Trump commented on his Twitter account that both the United States and the European Union should eliminate all tariffs, barriers and subsidies, making trade between them both more just.

 

Technical Analysis

Forex Trading Indicators

EURUSD

Forex Trading Indicators: EURUSD continue moving sideways but with an intraday bullish bias. The price continues bouncing from the daily pivot at 1.1684. For intraday positions, long positions should be considered if the price breaks above 1.1710, with a potential profit target placed at the second resistance at 1.1747 and the second potential target in the area between the third daily resistance (1.1777) and the first weekly resistance (1.1785). Short positions should be valued if the pair breaks down the weekly pivot level at 1.1680 with a profit potential target at 1.1615.

 


 

GBPUSD

Forex Trading Indicators: The GBPUSD pair, as seen on a 30-minutes chart, broke up and consolidated above the first daily resistance on Tuesday 24th’s trading session. In the current session, the price can not strike above the first intraday resistance (1.3178.) For long positions, the price should break over 1.3175 with a potential profit target at 1.3212 (second intraday resistance). Short positions could be valued when the price breaks under 1.3140 with a potential target in first daily support at 1.3090.

 


 

USDCHF

Forex Trading Indicators: The USDCHF pair in the 30-minutes chart is moving sideways between the daily pivot (0.9937) and slightly below the first intraday support (0.9915). For long positions, the Swiss currency should break above the daily pivot level with a short-term target at 0.9960 (weekly pivot level); for bearish continuation, we need to see a price close below the intraday range at 0.9914, the potential profit target is at 0.9887 (third daily support).

 


 

EURAUD

Forex Trading Indicators: The EURAUD cross in the 30-minutes chart is testing the confluence between the daily and weekly pivot point at 1.5778. For bullish positions, the price should break above 1.58, and the potential target is at the first intraday resistance (1.5829). Bearish positions should be considered if the cross breaks under 1.5717 with a profit target in the confluence zone between the first weekly support (1.56735) and the second daily support (1.56612).

 


 

GBPAUD

Forex Trading Indicators: The GBPAUD cross is running sideways between 1.7680 and 1.7794. For long positions, the price should break above 1.7778, and its potential target is slightly above the first weekly resistance at 1.7858. In the case of short positions, the price should break down 1.7680, with a potential target at 1.7589 level.

 


 

FTSE 100

Forex Trading Indicators: The FTSE 100 in the 30-minutes chart turned bearish moving from the daily pivot at 7,699 to the weekly pivot level (7,649.9). For bullish positions, the price should break above 7,700 pts, with a potential target at 7,791 pts, which is the convergence zone between the second weekly resistance level and the second daily resistance. Bearish positions should be valued if the British index breaks under the weekly pivot level at 7,649 with a potential profit at the first weekly support (7,593 pts.), the second profit target is the HHL at 7,521 pts.

 


 

DAX 30

Forex Trading Indicators: DAX 30 in the 30 minutes chart. After failing the test to the first weekly resistance (12,737.1 pts.), the German index moves bearish below the daily and weekly pivot level turning to bearish the market sentiment. For long positions, we need to see the breakout above 12,600 pts with a potential target in the re-test of the first weekly resistance at 12,737 pts. A short position is considered if the price breaks down 12,537, and its potential target is the second weekly support at 12,293 pts with extension in the HHL at 12,143 pts.