TechAnalysis for majors
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Hello!
I decided to do something useful for other traders, especially for newbies.
I'm going to share my technical analysis and forecast on different currency pairs. I don't tell you that my analysis and trading ideas are absolutely right, I just focus on my decisions and write about signals I see on the market.
Hope it will be useful for traders.
If you want to discuss something, feel free to comment here or write a private message to me!
Best regards,
Alex
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Aggressive purchases were observed on USD CAD yesterday. The Canadian dollar weakened against USD by more than 150 points. The Bank of Canada left the key interest rate at the previous level of 1.00%. The regulator said that they won’t rush to raise the interest rates. I don’t exclude a technical correction in the nearest future. USD/CAD is consolidating in the 1.2780-1.2810 range now. I will open the positions from these marks.
I’ll buy the pair, if it fixes above 1.2810. It may move to 1.2850.
There may be a correction, if the price fixes below 1.2780. The target level is 1.2750-1.2715.
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Bulls dominated GBP/USD yesterday. The pound was supported by the positive data on the GDP of Great Britain. There is a corrective movement now. It seems to me that the GBP/USD pair has the potential for a stronger correction. I plan to wait for the retest of the 1.3225 mark. I’ll sell the pair after the price reaches this mark. It may move to 1.3185-1.3160.
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My yesterday's assumptions for GBP/USD were confirmed. There are aggressive sales now. Today’s key event is the publication of the report on US GDP - 12:30 (GMT). I’ll sell the pair, if it fixes below the 1.3075 local support. It may move to 1.3025.
At the same time, I don’t exclude a technical correction. I’ll buy GBP/USD, if it fixes above 1.3115. It can move to 1.3150-1.3160.
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The US dollar has strengthened comparing to majors during the last week. The dollar index grew by more than 1.2%. The support was provided by the positive economic reports, the growth of the government bonds yield and the prospects for the US tax reform implementation. Nevertheless, I don’t exclude a technical correction in the near future.
USD/CHF currency pair is consolidating in the 0.9965-0.9990 range at the moment. I’ll sell the pair, if the price fixes below 0.9965. It may move to 0.9935-0.9915.
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The bearish sentiment prevails on USD/JPY now. The price is testing the 113.55 local support level. I expect a further drop of the quotes. I’ll sell the pair with a trailing stop, if the price fixes below the 113.55 level. It may move to 113.35-113.00.
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My expectations for USD/JPY confirmed. The asset has the potential for the further decline. I’ll wait for the correction to 113.35-113.55. I’ll open short positions (using a trailing stop) if the pair reaches this zone. It may move to 113.00-112.65.
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The Fed meeting is in the center of attention today. Most likely the regulator will leave its interest rates at the same level. The central bank may highlight the time for the next monetary policy tightening. The probability of increasing the interest rate in December exceeds 95% now.
There were aggressive purchases on NZD/USD during the Asian trading session. This happened due to the publication of a positive report on the NZ labor market. Nevertheless, I don’t exclude a technical correction in future. I’ll open positions from key levels.
I’ll sell NZD/USD, if it fixes below the 0.6900 round level. It may move to 0.6875-0.6860.
I’ll open long deals, if the pair fixes above the 0.6925 local resistance. It may move to 0.6950-0.6975.
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The bullish sentiment prevails on USD/JPY. The price tests the 114.00 round level. I expect the further growth of this pair. The support for USD is provided by the growth of the US government bonds yield. I’ll buy USD/JPY, if its quotes fix above the 114.00 level. It may move to 114.30-114.50.
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Bears are dominating on USD/CAD now. The current technical pattern indicates the further correction. I’ll sell the pair after it fixes below the 1.2825 level. Take profit goal is at 1.2780. It may reach 1.2715 in the medium term.
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Aggressive sales were observed on AUD/USD during the Asian trading session. The price is testing the 0.7700 mirror support level now. I’ll open deals in the current trend direction and think that the pair has the potential for the further growth. I’ll buy AUD/USD when it fixes above 0.7710. It may move to 0.7750.
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The report on the US labor market is at the center of attention today. Experts expect the improvement of the key figure. The preliminary statistics from ADP was optimistic. I also recommend paying attention to the index of business activity in the non-manufacturing sector of the US from ISM. I expect high volatility on the market today and I won’t trade but just watch the market. The key levels:
EUR/USD
support: 1.1630, 1.1580
resistance: 1.1675, 1.1740
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USD/JPY
support: 113.75, 113.00
resistance: 114.30, 115.00
I’ll be back to trading next Monday, and wish you all nice profits!
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The US published mixed data on the labor market on Friday. At the same time, the index of business activity in the US non-manufacturing sector was positive. It supported the US dollar.
The bearish sentiment prevailed on EUR/USD and it is consolidating in the 1.1600-1.1620 range tat the moment. I’ll sell the pair, if it fixes below the 1.1600 round level. It may move to 1.1550.
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USD/CHF is in the flat for quite a long time. The price is testing the 1.0035 key local support now. The triangle figure emerged, but it is not so strong. I expect the further growth of this pair and will buy it in case the quotes fix above 1.0035. The asset may move to 1.0050-1.0075.
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The Reserve Bank of Australia left the key interest rate at the previous level of 1.50% today. The central bank is concerned about the situation on the real estate market and the wages level. AUD/USD is dominated by bears now. I plan to open positions in the current trend direction. I’ll sell the pair, if the price fixes below the 0.7650 mark. It may move to 0.7600.
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Aggressive sales are observed on EUR/USD. It overcame the 1.1580 key support level. I expect the further drop. On the daily chart, the currency pair has a good potential for declining. I’ll sell it, if the price fixes below 1.1565. It may move to 1.1525-1.1500.
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Bears prevail on USD/JPY. The price is testing the 113.65 local support. I think it will fall further. I’ll sell the pair with a trailing stop, if it fixes below 113.65. It may move to 113.25-113.00
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The technical pattern on GBP/USD indicates the downward trend. The pair has retained the 1.3170 key resistance level, it triggered aggressive sales. The price is testing the 1.3120 mirror support. I’ll sell the pair of it fixes below 1.3120. It may move to 1.3075-1.3050. This deal will last several days.
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USDJPY has retained the 114.0 round level, it caused a downward trend. It is testing the 113.45 local support at the moment. I expect the further fall of the quotes and will sell the pair, if it fixes below 113.45. it may move to 113.00
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Bulls prevail on EUR/USD. The pair has overcome the 1.1650 mark, it is already the mirror support. I don’t exclude the further growth of the quotes. I’ll wait for the retest of 1.1650 and will buy EUR/USD, if it retains this level. It may move to 1.1700.
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A correction is observed on USD/CHF. It has the potential for the further declining after a strong growth during the past 2 months. The pair is testing the 0.9920 local support now. I’ll open short deals in case the price fixes below this level. The goal for its movement is 0.9875.
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An interesting technical pattern appeared on USD/CAD. It is testing the 1.2695 mirror support level now. I expect a bullish sentiment soon.. I’ll buy the pair, if it fixes above the 1.2710 local resistance. It may move to 1.2735-1.2760.
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An interesting technical pattern has appeared on GBP/USD. I have identified the Bearish engulfing PA pattern. I expect emergence of a downward trend. I’ll sell the pair with a trailing stop, if it fixes at 1.3160-1.3175. it may move to 1.3135-1.3100.
