Technical analysis of USD/CHF for June 23, 2014 2014-06-24 1403606785_usdchfh4.png Overview: The resistance has broken at the level of 0.8870. Also, it should be noted that the level of 0.8870 is representing the ratio of 50% Fibonacci retracement levels. Moreover, the level of 0.8870 is going to become support this week. So, according to previous events, the price of USD/CHF pair will move between the price of 0.8870 and the 0.8950 price. Additionally, the psychological level has set at the 0.9030 price because it is representing a strong resistance. Also, the double top will set at the 0.9035 price on June 23, 2014. Therefore, it will be of the wisdom to buy above the price of 0.8870 with the first target at 0.9066 and 0.9000. Equally important, the price of the USD/CHF pair is going to try to break the minor resistance to call for the bullish market above 0.9000. Hence, the price will be continued towards the double top (0.9035). On the other hand, the stop loss should always be taken into account, thus it will be of the foresight to set your stop loss at the 0.8830 price. Technical analysis of NZD/USD for June 23, 2014 2014-06-24 nzdusdh1.png Trading recommendations: The NZD/USD pair in the short term. The NZD/USD pair is in the short term. The price of the NZD/USD pair is going to turn to bearish sentiment from the level of 0.8735. It should be noted that the last top has set at the level of 0.8751. Accordingly, it will be a good sign to sell below 0.8735/0.8751 with the first target of 0.8700 to test minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 0.8670. At the same time, the stop loss should be placed above 0.8750 at the price of 0.8800. Also, the stop loss has set in 50 pips. Hence, the risk of 50 pips should make a profit of 75 pips. Equally important, the support will set at the 0.8636 level. Additionally, it should be noticed that the range today will be about 48 pips because we had a low volatility today. As a rule, the market is lower volatile if the last day had a weak volatility. Intraday technical levels: R3: 0.8792 R2: 0.8772 R1: 0.8743 PP: 0.8723 S1: 0.8694 S2: 0.8674 S3: 0.8645 GBP/USD intraday technical levels and trading recommendations for June 24, 2014 2014-06-24 gbpdaily.jpggbp4h.jpg Bullish breakout above the depicted bearish channel took place thus exposing price levels around 1.6985 as a projection target. Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000. The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which got visited before on May 6 when extensive bearish pressure was applied then. Note the daily candlestick of Thursday when the bulls managed to close above 1.7000. This threatened the bullish sentiment of the market. However, the bulls are not showing enough bullish follow-through at such important levels. A bearish corrective movement is not excluded to occur towards 1.6830-1.6860 provided that the recent high around 1.7000 gets broken-down again by significant bearish pressure. Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards. � USD/CAD intraday technical levels and trading recommendations for June 24, 2014 2014-06-24 caddaily.jpg Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times. The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21. The USD/CAD pair found solid resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum. The pair was trapped within the depicted congestion zone between such two important Fibonacci Levels until bearish breakout occurred to the bearish side. Bearish projection targets are located around 1.0725, then probably 1.0685 is going to be hit (the lower limit of the ongoing bearish channel ). Bullish price action will probably originate at retesting of 1.0685-1.0700 which is the origin of the previous bullish impulse initiated in December 2013. Thats why, price action should be watched for a possible BUY entry at retesting. EUR/AUD intraday technical levels and trading recommendations for June 24, 2014 2014-06-24 eurauddaily.jpg By breaking down price level of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it also confirmed a bigger Head and Shoulders pattern. The bears managed to break down 1.4950, then 1.4750 corresponding to 50% and 61.8% Fibonacci levels, respectively. Previously, a bullish pullback was initiated off 1.4670 ( around 61.8% Fibonacci ). Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) took place. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt. Moreover, Intraday support zone around 1.4750-1.4660 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4500 then 1.4400. Since then, the pair has been moving within the depicted RED channel in an attempt to reach the lower limit located roughly around 1.4320. On the other hand, as expected, price zone around 1.4375-1.4420 showed bullish recovery which took place last week after such a strong bearish move. Note that the failure of the bulls to provide enough buying pressure to pause the ongoing bearish momentum at the current levels will probably expose 1.4300 for retesting.
Posted on: Tue, 24 Jun 2014 14:55:26 +0000
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