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Technical Analysis
XtreamForex Daily Technical Analysis
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[QUOTE="xtreamforex, post: 165399, member: 35633"] [B][SIZE=6][COLOR=#ff0000]Technical Overview of USD/JPY and NZD/CAD Currency Pair[/COLOR][/SIZE][/B] [B][COLOR=#ff0000]USD JPY[/COLOR][/B] The USD traded higher against the JPY and closed at 108.055. [LIST] [*]The pair formed an AB= CD pattern. [*]It’s below Yearly, Quarterly and Monthly pivot. [*]NO Price Action Signal. [*]It broke the Pivot support trend line. [*]But [*]Fundamentally as we know that Safe Heaven is in demand and USD has announced a rate cut so we can assume to sell on the rallies. [*]As we can see the VPOC level 108.22 is a good Value area to go short. [*]This may be a purely fundamental trade if shorts take over the market. [/LIST] According to the Analysis, The pair is expected to find support at 107.809, and a fall through could take it to the next support level of 107.564. The pair is expected to find its first resistance at 108.372, and a rise through could take it to the next resistance level of 108.690. USD JPY Previous Day range was 5630 and Current Day Range is 3320. [B][COLOR=#ff0000]NZD CAD[/COLOR][/B] The NZD traded lower against the CAD and closed at 0.8864. [LIST] [*]The main trend heads towards North. [*]Pivot support trendline formed. [*]Price successfully trading above the current and previous weekly pivot level. [*]Price breached towards north the - 3 week Pivots. [*]A Buy on the dips will be preferable. [*]For now [*]NZD is the strongest and USD and CAD are Weakest. [/LIST] According to the Analysis, The pair is expected to find support at 0.88309, and a fall through could take it to the next support level of 0.87977. The pair is expected to find its first resistance at 0.88876, and a rise through could take it to the next resistance level of 0.89111. NZD CAD Previous Day range was 56.7 and Current Day Range is 30.6. [B][COLOR=#ff0000]Morning Briefing[/COLOR][/B] [LIST] [*]The U.S. dollar fell on Monday after St. Louis Federal Reserve President James Bullard said an interest rate cut "may be warranted soon," given the rising economic risk posed by global trade tensions as well as weak U.S. inflation. [*]Hedge funds stepped up their negative bets on sterling. [*]While sterling edged further off five-month lows on Monday, rising 0.15% to $1.2645, short positions are slowly building up in the background, reflecting growing uncertainty among investors on the outlook for the British economy. [*]Short positions are at their highest level since March 17. [*]The RBA is expected to cut the cash rate on Tuesday to a new record low of 1.25%. We expect a follow-up cut in August, with the risk of additional stimulus by early 2020. [*]ING discusses EUR/USD: We are still expecting a downside breakout below the crucial horizontal support around 1.1115 in the coming weeks. This will trigger a serious Sell signal [*]EUR/USD Bulls May Retreat If ECB Tilts Dovish On Thursday. [*]Squawk: Prefer to sell USD/JPY on rallies, while maintains a long NZD/CAD as its trade of this week targeting a move towards 0.8950[B].[/B] [/LIST] [B][COLOR=#ff0000]Overview of Gold[/COLOR][/B] [LIST] [*]From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future. [*]In this case, the rate has to surpass the 1,309.31 level. [*]If the given support level holds, it is likely, that gold could trade sideways between it and the upper channel line. [*]It is unlikely, that the price for gold could jump higher than 1,333.68 due to the resistance of the Q1 R1. [*]Gold is above the yearly and Quarterly Pivots. [*]Better to wait for the Metal to form a Double Top and Fill the space it made. [*]Technically if we look at the Futures Data then we see that the data is making a formation of Double Top. If we break the neck line then we may have a down movement. [*]On the other hand we can see downwards slope in the USD Futures a crossover may strengthen USD. [/LIST] For Detailed Technical Analysis Visit XtreamForex YouTube Channel. [/QUOTE]
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