Atirox.com - Daily Analysis

[andy.atx]

AUD/USD: TECHNICAL ANALYSIS 04.03.20

Current trend

AUD/USD is in the stage of a downward correction after growing to the level of 0.66447, but the general upward trend is still maintained. If the sellers manage to decline the rate below the level of 0.65918, the correction can continue to the area of 0.65764-0.65613. Judging by the downward reversal of the Stochastic, this case scenario is possible soon.

Alternative scenario

The upward rebound from 0.65918 support could lead the price back to 0.66223 resistance. The area of 0.66223-0.66447 seems a strong resistance area, which can activate a downward reverse of the price. Meanwhile, the decisive breakout of 0.66447 could trigger a pair’s fresh run-up to a new local high surrounding 0.66528-0.66833.

Technical indicators

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.65918, 0.656313, 0.65308.
Resistance levels: 0.66223, 0.66528, 0.66833.

Trading recommendations

Short positions can be opened below the level of 0.65918 with the target at around 0.65613 and stop-loss at 0.66019.
Long positions can be opened above the level of 0.66223 with the target at around 0.66528 and stop-loss at 0.66121.

 

[andy.atx]

XAU/USD: TECHNICAL ANALYSIS 05.03.20

Current trend

Today XAU/USD quotes continue to consolidate in the narrow side channel with the borders 1634.91-1640.71. Meanwhile, the potential of the upward movement is maintained. The breakout of the upper border of the channel will give a prospect of growth to the area of 1649.24-1656.25.

Alternative scenario

However, the downward reversal of the Stochastic indicates a downward correction formation. The breakdown of 1634.91 and a sustained move below it will be a signal of the downward dynamic resumption and let the price decline to 1625.00 support. The area of 1625.00-1620.25 ( the middle line of Bollinger Bands) is the key target of the downward correction movement, which can activate an upward reverse of the price. However, the breakdown of this level will be a signal of downward trend resumption. In this case, the sellers will aim for a 1609.38 support zone.

Technical indicators

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.

Bollinger Bands are pointed upwards.

MACD is growing in a positive zone.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 1634.91, 1625.00, 1620.25.
Resistance levels: 1640.71, 1649.24, 1656.25.

Trading recommendations

Short positions can be opened below the level of 1634.91 with the target at around 1625.00 and stop-loss at 1637.90.
Long positions can be opened above the level of 1640.71 with the target at around 1646.00 and stop-loss at 1639.70.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 10.03.20

Current trend

On the 4-hour chart, the instrument shows a positive dynamic. The price went up above the level of 118.750 and can grow further to level 119.531. Assuming the pair’s ability to cross this level, the mark of 119.878 can be targeted if holding long positions. This level can activate a downward rebound of the price. However, the decisive breakout of 119.878 will be a signal of the upward trend resumption and give a prospect of growth to the area of 120.313 resistance.

Alternative scenario

The downward rebound from 119.531 could lead the price back to 118.750 support. The breakdown and pair’s sustained trading below it will be a sign of the downward correction formation and let the price fall to the area of 118.240-117.969 support. One may speak about downward movement continuation after the price consolidates below the support level of 117.900. In this case, the next targets of sellers will be the level of 117.188.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are diverging on the background of bullish momentum.

MACD volumes are decreasing in the negative zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 118.750, 118.400, 118.240, 117.969.
Resistance levels: 119.224, 119.531, 119.878, 120.313.

Trading recommendations

Short positions can be opened below the level of 118.750 with the target at around 118.400 and stop-loss at 118.866.
Long positions can be opened above the level of 119.224 with the target at around 119.531 and stop-loss at 119.130.

 

[andy.atx]

USD/JPY: TECHNICAL ANALYSIS 17.03.20

Current trend

The USD/JPY pair begins today’s trading with a slight bullish bias. The price has tested the resistance level of 107.185 and was slightly corrected downwards, but the upward trend maintains. The breakout of the 107.185 level could accelerate the quotes towards 107.560-107.813 resistance-zone. This area can prevent the instrument from growing, as the possibility of the reverse of the price is high there.

Alternative scenario

The pullback below 106.250 support will let the price re-test the 105.875 support. The area of 105.875-105.575 is coincided with the middle line of Bollinger Bands and can activate un upward reverse of the price. However, the decisive breakdown of the lower border is needed to indicate the downward trend resumption. In this case, the next targets of sellers will be the level of 105.000.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are pointed upwards.

MACD is growing in a positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 106.250, 106.000, 105.875, 105.575.
Resistance levels: 107.185, 107.560, 107.813.

Trading recommendations

Short positions can be opened below the level of 106.250 with the target at around 105.875 and stop-loss at 106.375.
Long positions can be opened above the level of 107.185 with the target at around 107.560 and stop-loss at 107.060.

 

[andy.atx]

XAU/USD: TECHNICAL ANALYSIS 18.03.20

Current trend

Yesterday the XAU/USD tested the resistance level of 1553.79 and was slightly corrected downwards to the area 1531.25-1525.08 support. Today we watch the consolidation of the price around this area. The breakdown of the 1525.08 mark and sustained trading below it will be a signal of the downward trend resumption. In this case, the decline can accelerate towards the 1517.00-1500.00 support area.

Alternative scenario

If the "bulls" manage to raise the rate above the level of 1546.25, the correction can continue to the area of 1553.79. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the decisive breakout of 1553.79 is needed to indicate the uptrend resumption. In this case, the next targets of buyers will be the level of 1562.50.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed sideways.

MACD is decreasing in the negative zone.

Stochastic is pointed downwards, forming a sell signal.

Support and resistance

Support levels: 1528.08, 1517.00, 1510.00, 1500.00.
Resistance levels: 1546.25, 1553.75, 1562.50, 1575.25.

Trading recommendations

Short positions can be opened below the level of 1528.08 with the target at around 1517.00 and stop-loss at 1531.00.
Long positions can be opened above the level of 1546.25 with the target at around 1553.75 and stop-loss at 1544.00.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 23.03.20

Current trend

On 4-hour chart, EUR/JPY is trading below the middle line of Bollinger Bands suggesting bearish momentum. The instrument is now testing the level of 117.969-119.847 support zone. The breakdown of the lower border can accelerate the plunge towards 117.560-117.389 levels.

Alternative scenario

The upward rebound from 117.969 and pullback above 118.268 ( middle line of Bollinger Bands) will be a sign of the upward trend resumption and give a prospect of growth to the area of 118.564-118.750 resistance zone. The upper border can activate a downward reverse of the price. Meanwhile, the breakout of this level can accelerate the pair towards 119.283 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are diverging on the background of bearish momentum.

MACD histogram is ready to enter the negative zone and form a sell signal.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 117.969, 117.560, 117.389.
Resistance levels: 118.564, 118.750, 119.283.

Trading recommendations

Short positions can be opened below the level of 117.969 with the target at around 117.560 and stop-loss at 118.105.
Long positions can be opened above the level of 118.564 with the target at around 118.750-119.000 and stop-loss at 118.418.

 

[andy.atx]

USD/CHF: TECHNICAL ANALYSIS 24.03.20

Current trend

On 4-hour chart, USD/CHF is trading below the middle line of Bollinger Bands suggesting bearish momentum. The first strong support for the pair will be 0.97656 line. There is a chance of an upward rebound, while its breakdown can accelerate the pair towards 0.97351-0.97000.

Alternative scenario

The upward rebound from 0.97656 and pullback above 0.98060 (the middle line of Bollinger Bands) will be a sign of the upward trend restoring and let the price grow to the area of 0.98447 resistance. The breakout of this level will give a prospect of growth to the area of last week high surrounding 0.98877 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are converging on the background of bearish momentum.

MACD volumes are decreasing in the positive zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 0.97656, 0.97351, 0.97000.
Resistance levels: 0.98060, 0.98447, 0.98877.

Trading recommendations

Short positions can be opened below the level of 0.97656 with the target at around 0.97351 and stop-loss at 0.97750.
Long positions can be opened above the level of 0.98060 with the target at around 0.98447 and stop-loss at 0.97931.

 

[andy.atx]

GBP/USD: TECHNICAL ANALYSIS 25.03.20

Current trend

On the 4-hour chart, GBP/USD shows a moderate positive dynamic. The first resistance for the pair located on the 1.18156 level. Assuming the pair’s ability to cross it, the mark of 1.18400-1.18920 can be targeted if holding long positions. However, slightly overbought conditions of the Stochastic on hourly chart warrant caution before placing buy orders in a short-term period.

Alternative scenario

The downward rebound from 1.18156 could lead the price back to 1.17188 level, which seems a strong support line. The breakdown of this level will give a prospect of decline to the area of 1.16700 (coincided with the middle line of Bollinger Bands). There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.16300-1.16000.

Technical indicators

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.

Bollinger Bands are diverging on the background of bullish momentum.

MACD volumes are decreasing in the negative zone.

Stochastic’s lines are pointed upwards and are reaching the overbought area.

Support and resistance

Support levels: 1.17790, 1.17188, 1.16700, 1.16300.
Resistance levels: 1.18156, 1.18400, 1.18920.

Trading recommendations

Short positions can be opened below the level of 1.17188 with the target at around 1.16700 and stop-loss at 1.17350.
Long positions can be opened above the level of 1.18156 with the target at around 1.18500 and stop-loss at 1.18041.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 31.03.20

Current trend

EUR/JPY quotes attempted to grow, but reaching 119.691 marks moved to a decline. If the sellers manage to decline the rate below the level of 119.141 (coincided with the middle line of Bollinger Bands on H1 chart), the downward movement can continue to the area of 118.750. This mark seems strong support, which can activate an upward rebound. However, the breakdown of this level can dive market to 118.300 and the 118.000 support-points.

Alternative scenario

The upward rebound from 119.141 and pullback above 119.531 will let the price re-test the 119.691 resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 119.800 (middle line of Bollinger Bands on H4 chart). In this case, the next targets of buyers will be the area of 120.000-120.313 resistance.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed downwards.

MACD is growing in the negative zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 119.141, 119.000, 118.750, 118.300.
Resistance levels: 119.531, 119.800, 120.000, 120.313.

Trading recommendations

Short positions can be opened below the level of 119.141 with the target at around 119.000-118.750 and stop-loss at 119.271.
Long positions can be opened above the level of 119.800 with the target at around 120.000-120.100 and stop-loss at 119.700.

 

[andy.atx]

EUR/USD: TECHNICAL ANALYSIS 01.04.20

Current trend

On the 4-hour chart, the instrument is consolidating below the middle line of the Bollinger Bands around the 1.10200 support. The pair has a potential for a decline to the 1.09863 support, which will be the first strong support on the way down. The breakdown and sustained move below it will accelerate EUR/USD towards 1.09500-1.09422 support-zone.

Alternative scenario

The upward rebound from 1.10000 and pullback above 1.10474 ( middle line of the Bollinger Bands) will cancel a downward trend scenario and give a prospect of growth to the area of 1.10700-1.11084 resistance. The upper border seems a strong level which can activate a downward reverse of the price. Meanwhile, the decisive breakout of 1.11084 will accelerate the upward dynamic towards the 1.11300-1.11694 zone.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed sideways.

MACD volumes are decreasing in the positive zone.

Stochastic is preparing to exit the overbought zone and is directed downwards, signaling the development of a downward correction.

Support and resistance

Support levels: 1.09863, 1.09422, 1.09253.
Resistance levels: 1.10474, 1.10700, 1.11084.

Trading recommendations

Short positions can be opened below the level of 1.09863 with the target at around 1.09422 and stop-loss at 1.10010
Long positions can be opened above the level of 1.10474 with the target at around 1.10700-1.10800and stop-loss at 1.10354.

 

[andy.atx]

USD/CAD: TECHNICAL ANALYSIS 06.04.20

Current trend

USD/CAD quotes attempted to grow, but reaching 1.42603 mark moved to a downward correction. The instrument is now testing the support level of 1.41602, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would accelerate the plunge to the area of 1.41245 - 1.40933.

Alternative scenario

The upward rebound from 1.41602 and pullback above 1.42120 will let the price re-test today's highs surrounding 1.42603. Further close above this level may push USD/CAD even higher towards the vicinity of 1.42972 resistance, which can activate a downward reverse of the price. Meanwhile, the breakout of 1.42972 could trigger a pair’s fresh run-up to a one-week high surrounding 1.43482.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are converging on the background of bearish momentum.

MACD volumes are actively decreasing in the positive zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 1.41602, 1.41245, 1.40933.
Resistance levels: 1.42120, 1.42603, 1.42972, 1.43482.

Trading recommendations

Short positions can be opened below the level of 1.41602 with the target at around 1.41245 and stop-loss at 1.41720.
Long positions can be opened above the level of 1.42120 with the target at around 1.42500 and stop-loss at 1.41993.

 

[andy.atx]

EUR/USD: TECHNICAL ANALYSIS 13.04.20

Current trend

EUR/USD quotes attempted to decline, but reaching 1.09253 support moved to an upward correction. The pullback above 1.09406 resistance-line will be a sign of the upward trend resumption and give a prospect of growth to the area of 1.09558-1.09863. The upper bound seems a key level for the buyers in the short-term period. There is a chance of an upward rebound, while its breakout would allow the growth to continue to the 1.10000-1.10327 resistance.

Alternative scenario

The breakdown of the 1.09253 and pair’s sustained trading below it will let the price decline to the area of 1.09000, which coincided with the middle line of Bollinger Bands. The decisive breakdown of this level is needed to indicate a downward trend resumption. In this case, the next targets of sellers will be the level of 1.08795-1.08643.

Technical indicators

The technical picture is mixed.

Bollinger Bands are pointed upwards.

MACD volumes are slowly decreasing in the positive zone.

Stochastic’s lines are pointed downwards, keeping a sell signal.

Support and resistance

Support levels: 1.09253, 1.09000, 1.08795, 1.08643.
Resistance levels: 1.09406, 1.09558, 1.09863, 1.10000.

Trading recommendations

Short positions can be opened below the level of 1.09000 with the target at around 1.08795-1.08700 and stop-loss at 1.09100.
Long positions can be opened above the level of 1.09558 with the target at around 1.09863 and stop-loss at 1.09456.

 

[andy.atx]

AUD/USD: TECHNICAL ANALYSIS 14.04.20

Current trend

On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. The price went up above the strong resistance level of 0.64087 and can grow further to the level of 0.64697. This mark seems a strong resistance, which can activate a downward reverse of the price. Meanwhile, its breakout and sustained trading above it will give a prospect of growth to 0.65000-0.65300 resistance.

Alternative scenario

The downward rebound from 0.64300 and pullback below 0.64087 level will be a sign of the downward correction formation. The breakdown of the 0.63952 support will let the price decline to the area of 0.63734-0.63477. The lower border of this channel seems a key support zone for the pair in a short-term period. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 0.63000.

Technical indicators

Technical indicators maintain a buy signal.

Bollinger Bands are diverging on the background of bullish momentum.

MACD is growing in a positive zone.

Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 0.64087, 0.63952, 0.63734, 0.63477.
Resistance levels: 0.64300, 0.64697, 0.65000, 0.65300.

Trading recommendations

Short positions can be opened below the level of 0.63734 with the target at around 0.63477 and stop-loss at 0.63819.
Long positions can be opened above the level of 0.64320 with the target at around 0.64697 and stop-loss at 0.64194.

 

[andy.atx]

AUD/USD: TECHNICAL ANALYSIS 13.05.20

Current trend

On the 4-hour chart, the price has tested the support level of 0.64500 and was slightly corrected upwards, but the general downward trend maintains. The breakdown of the 0.64500 will let the price re-test the 0.64392-0.64313 support area. The lower border of this channel seems strong support, which can activate an upward reverse of the price. Meanwhile, its breakdown could trigger a pair’s active decline to the area of 0.64087 level.

Alternative scenario

If the "bulls" manage to raise the rate above the level of 0.64789, the correction can continue to the area of 0.65002 resistance, which coincided with the middle line of Bollinger Bands. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, its breakout will let the price re-test the yesterday high surrounding 0.65355 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are diverging on the background of bearish momentum.

MACD volumes are decreasing in the positive zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 0.64697, 0.64500, 0.64392, 0.64087.
Resistance levels: 0.64790, 0.65002, 0.65355, 0.65613.

Trading recommendations

Short positions can be opened below the level of 0.64392 with the target at around 0.64087 and stop-loss at 0.64493.
Long positions can be opened above the level of 0.65000 with the target at around 0.65300 and stop-loss at 0.64900.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 27.05.20

Current trend

On the 4-hour chart, the instrument keeps a negative dynamic. If the current trend maintains, the next target of the sellers will be 117.578 support, which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound. However, its breakdown will be a signal of the downward trend resumption and give a prospect of decline to the 117.188 support.

Alternative scenario

The pullback above 117.969 will be a sign of the upward trend resumption and let the price re-test 118.154-118.326 resistance area. One may speak about upward movement continuation after the price consolidates above the resistance level of 118.400. In this case, the buyers will aim for the 118.750 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are diverging on the background of bearish momentum.

MACD volumes are decreasing in the positive zone.

Stochastic lines are pointed downwards.

Support and resistance

Support levels: 117.578, 117.188, 116.797.
Resistance levels: 117.969, 118.359, 118.750.

Trading recommendations

Short positions can be opened below the level of 117.578 with the target at around 117.200 and stop-loss at 117.704.
Long positions can be opened above the level of 117.969 with the target at around 118.359 and stop-loss at 117.839.

 

[andy.atx]

USD/CHF: TECHNICAL ANALYSIS 02.06.20

Current trend

The USD/CHF pair begins today’s trading with a slight bullish bias. At the moment the price has met the resistance at the level of 0.96165. The breakout and pair’s sustained trading above this level will give a prospect of growth to the area of 0.96300 level, which coincided with the middle line of Bollinger Bands. One may speak about upward movement continuation after the price consolidates above the resistance level of 0.96436. In this case, the buyers will aim for the 0.96741 resistance.

Alternative scenario

If USD/CHF cannot consolidate above the level of 0.96165, the downward trend restoration and retest of the level 0.96001 are possible. The breakdown of this level will let the price decline to the area of 0.95825-0.95782 support zone. This area can prevent the instrument from falling, as the possibility of the reverse of the price is high there. However, the decisive breakdown of 0.95782 can accelerate the plunge towards 0.95520.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are pointed downwards.

MACD volumes are decreasing in the negative zone.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 0.96000, 0.95825, 0.95520.
Resistance levels: 0.96165, 0.96436, 0.96741.

Trading recommendations

Short positions can be opened below the level of 0.96000 with the target at around 0.95700 and stop-loss at 0.96100.
Long positions can be opened above the level of 0.96436 with the target at around 0.96741 and stop-loss at 0.96334.

 

[andy.atx]

AUD/USD: TECHNICAL ANALYSIS 08.06.20

Current trend

AUD/USD is in the stage of a downward correction after growing to the level of 0.70026. The first strong support for the pair is located on 0.69580 level. Assuming the pair’s ability to cross it, the mark of 0.69380 (the middle line of Bollinger bands) can be targeted if holding sell positions. As the key target of the correction movement, this level can activate an upward reverse of the price. Meanwhile, the decisive breakdown of 0.69300 and the pair’s sustained trading below this level will be a sign of the downward trend resumption and give a prospect of decline to the area of 0.69000.

Alternative scenario

If the instrument cannot consolidate below the level of 0.69580, it will begin to grow to the area of 0.69886 resistance. One may speak about upward movement continuation after the price consolidates above the resistance level of 0.70026. In this case, the next targets of buyers will be the area of 0.70300-0.70500 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are pointed downwards.

MACD volumes are decreasing in the positive zone.

Stochastic is pointed downwards.

Support and resistance

Support levels: 0.69580, 0.69380, 0.69000.
Resistance levels: 0.70026, 0.70300, 0.70500.

Trading recommendations

Short positions can be opened below the level of 0.69580 with the target at around 0.69300 and stop-loss at 0.69673.
Long positions can be opened above the level of 0.70026 with the target at around 0.70300 and stop-loss at 0.69930.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 11.06.20

Current trend

On the 4-hour chart, the instrument keeps a moderate negative dynamic. At the moment the price has met the support at 121.267 level. Assuming the pair’s ability to cross this level, the mark of 121.094 can be targeted if holding short positions. As a strong support-zone the area of 121.094-121.000 can activate an upward reverse of the price. However, the breakdown of the 121.000 will accelerate the plunge towards 120.700-120.400.

Alternative scenario

The upward rebound from 121.267 will let the price re-test 121.875 resistance. The breakout of this level and pair’s sustained trading above 122.277 level will be a signal of the upward trend resumption. In this case, the buyers will aim for the 122.656 resistance.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are pointed downwards.

MACD is growing in the negative zone.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 121.094, 120.700, 120.400.
Resistance levels: 121.875, 122.277, 122.656.

Trading recommendations

Short positions can be opened below the level of 121.094 with the target at around 120.700 and stop-loss at 121.225.
Long positions can be opened above the level of 121.875 with the target at around 122.277 and stop-loss at 121.741.

 

[andy.atx]

EUR/JPY: TECHNICAL ANALYSIS 16.06.20

Current trend

On the 4-hour chart, the instrument keeps a positive dynamic. At the moment the price has met the resistance at 122.106. Assuming the pair’s ability to cross this mark, the level of 122.300-122.656 can be targeted if holding long positions. This area can prevent the instrument from growing, as the possibility of the reverse of the price is high there. On the flip-side, the decisive breakout of 122.700 could trigger a pair’s fresh run-up to an eight-days high surrounding 123.000.

Alternative scenario

The pullback and pair’s sustained trading below 121.500 will be a signal of the downward correction development and let the price decline to the area of 121.200 level, which coincided with the middle line of Bollinger Bands. As the key target of the correction, this level can activate an upward reverse of the price. Meanwhile, the breakdown of 121.094 can accelerate the plunge towards 120.700 support.

Technical indicators

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.

Bollinger Bands are diverging on the background of bullish momentum.

MACD histogram is ready to enter the positive zone and form a buy signal.

Stochastic is in the overbought zone and is pointed sideways.

Support and resistance

Support levels: 121.500, 121.200, 120.900, 120.700.
Resistance levels: 122.106, 122.400, 122.656, 123.000.

Trading recommendations

Short positions can be opened below the level of 121.500 with the target at around 121.200 and stop-loss at 121.600.
Long positions can be opened above the level of 122.106 with the target at around 122.400 and stop-loss at 122.000.

 

[andy.atx]

GBP/USD: TECHNICAL ANALYSIS 23.06.20

Current trend

GBP/USD quotes attempted to grow, but reaching 1.25060 marks moved to a downward correction. At the moment the price has met the support at 1.24352 level, which coincided with the middle line of Bollinger Bands. The breakdown of this mark and pair’s sustained trading below 1.24300 will be a signal of the downward trend resumption and let the price decline to the area of 1.23901 support-line.

Alternative scenario

The upward rebound from the middle line of Bollinger Bands and pullback above 1.24800 will let the price re-test the 1.25060 today's high. One may speak about upward movement continuation after the price consolidates above the resistance level of 1.25122. In this case, the buyers will aim for the 1.25400-1.25732 resistance area.

Technical indicators

The technical picture is mixed.

Bollinger Bands are converging on the background of bullish momentum.

MACD is decreasig in the negative zone.

Stochastic is preparing to exit the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 1.24512, 1.24352, 1.23901.
Resistance levels: 1.25122, 1.25486, 1.25732.

Trading recommendations

Short positions can be opened below the level of 1.24352 with the target at around 1.24000 and stop-loss at 1.24469.
Long positions can be opened above the level of 1.25122 with the target at around 1.25486 and stop-loss at 1.25000.