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Currency and commodity analysis for 2018

2018-01-01 05:14 pm | No Views : 488

With the start of the new year, TradingPeek publishes the Commodity, Currency and New Year's Outlook for the new year to facilitate follow-up decisions by traders. We start these expectations as follows:

EUR/USD Forecast For 2018:

Time Frame User - Weekly

The EUR/USD is floating in a medium-term trend
The EUR/USD moved from early 2015 until April 2017 in a sideways direction so that purchasing power managed to control the price to break the EUR / USD level of 1.1553 to reach the 1.21 level where it faces resistance and selling pressure around this level so that its three-month range moves within a cross- 1.21 - 1.1553 where we note that the EUR / USD is forming a higher bottom than the previous bottom, suggesting that the buyer's strength has increased earlier
In view of the technical indicators
EUR/USD Weekly 2018 TradingPeek
The Relative Strength Index (RSI) indicates that the index continues to move between the overbought area and the middle line, confirming the continuation of the bullish trend
The Stochastic is pointing above the midline
The directional movement indicator indicates the possibility of a trend from a horizontal to a bullish one
From the above, we expect the EUR/USD to target 1.21 again with the beginning of 2018, which we expect to break above to target 1.2637 as this level coincides with the classical target and with Fibonacci targets
Our outlook remains intact as long as EUR/USD is trading at 1.1553.

User Time Frame - Daily

The EUR/USD is floating in a short-term trend
The purchasing power managed to control the EUR / USD move to breach the level of 1.1961 to the upside with the end of the 2017 sessions to target the level of 1.21 and we see the formation of the EUR/USD higher than the previous bottom, indicating the increase in the strength of the buyer during the coming period
In view of the technical indicators
EUR/USD Daily 2018 TradingPeek
The Relative Strength Index (RSI) points to a move between the saturation zone and the midline, indicating that the trend may change upwards during the leaders period
The direction of the directional movement indicates that the strength of the buyer is increasing compared to the strength of the Ba'aya and that there is a trend in the horizon
Accordingly, we expect the EUR / USD to break above 1.21 to target 1.22 and remain intact as long as EUR / USD is trading at 1.1961

GBP/USD Forecast For 2018:

It ended a pair of GBP/USD last year, positively somewhat as the pair rose from 1.2198 levels until 1.3656 levels, the highest price recorded during the year in the month 9 last year, while the pair ended at 1.3346 levels.
On the daily interval, we note that the pair is trading in a minor upside direction. It also broke through the sub-descending trend line during the mid-September trading session and with the retesting the stability of the top of the trend line.
The main trend is still bearish.
GBP/USD Daily 2018 TradingPeek Analysis of the graph on the same time frame without change, we find that the pair is a negative bat model, as follows:
Point xx = 1.5017.
Point A = 1.1986
Point B = 1.3266
Point X = 1.2773
Point D = 1.4659
The pair breached the 1.3266 level with the breach of the bearish trend line and is still trading above these areas so far, which means that the pair is likely to reach 1.4659 as long as it trades above the B point.
Momentum Relative Strength 28 is trading in a bullish main direction while the secondary trend is bearish in formation.
Analysis of the pair on the weekly interval We note that all the positive targets are dependent on the continuation of the pair to the highest areas of 1.3031 and break the levels of 1.3655 areas confirm the continuation of the pair's rise and in this case we may see levels of 1.4659.
GBP/USD Weekly 2018 TradingPeek A break of 1.4812 might target 1.5717, while if the pair breaks to 1.3013, all positive targets will remain with the wind, leaving 1.2771 as the first important support and then 1.1985 areas as the first targets for the pair.

USD/JPY Forecast for 2018:

For the third year in a row, the USD/JPY ended the trading session negatively as it closed at 112.68 in 2017 while opening at 116.90 and 2016 was opening at 120.20 while the closing at 119.99 and finally in 2015 the first trading at 120.48 and was close Also at 119.99.
USD/JPY Weekly 2018 TradingPeek The previous figures lead us to conclude that the main direction of the pair is bearish either daily or weekly, and by analyzing the weekly interval, we notice that the currency is trading in an intra-symmetric triangle while the long term trend is bearish.
Momentum Relative Strength 28 is trading in a major bearish direction while the short term direction is neutral as a result of intraday and intraday trading.
Japanese currency is still at a low price against the US dollar and still trading below its value as with the euro, therefore we expect that, the eyes of large speculators continue to the pair, especially in the case of breaking the ancestral rib of the symmetrical triangle because it could cause the loss of the husband 2673 points.

USD/JPY Daily 2018 TradingPeek
On the daily interval, we note that the pair fails to breach the sub-descending trend line and the bear is usually able to overcome the bulls at these levels, which is indicated by the Stochastic. Therefore, we recommend selling the pair in the case of breaking 112.05 to 108.18, The pair targets levels 118.50 to 1120.60

Bitcoin Forecast for 2018:

The electronic currency "Bitcoin" in the form of crazy gains during 2017 was the talk of media around the world, as the lowest price recorded during the year was $ 770 in the first trading days and before the end of the year currency achieved the highest price in 19887 during the first half of December, General at 12786 zones.
Analysis of the graph on the daily interval Note that, the digital currency has begun to decline since the second half of last month and is expected to continue to decline until mid-January and the beginning of February 2018 during this period of time should be the content of the bottom starting from the start of new.
Currently, the default currency is trading in a secondary bearish direction in formation, as it broke the ascending trend line and finally the main trend remains bullish as it is unchanged.
Bitcoin Daily 2018 TradingPeek
What is happening now is just a correction to gain more determination to appreciate the electronic currency to continue to climb and achieve its higher targets.
Looking at the previous chart, you notice a one day candlestick pattern and with the analysis of yellow circle top candles, you will find a three-sided candlestick pattern which is a negative reversal pattern as known.
Currently, the digital currency is targeting $ 8248 to 5405 levels and these levels will be a great opportunity to create new buying positions provided that the currency continues to maintain its importance and a small number.
Momentum RSI 14 is trading in a minor bearish direction as it breached the minor ascending trend line during the last third of last month while the main trend is still bullish.
We conclude from the above that the electronic currency is suffering from weakness on the short term. It is expected that this situation will end during January to February, as indicated above, while the main trend is still bullish and remains the most important targets we have seen during this year at 23000 $ levels. And targeted $ 40,000.

Gold Forecast for 2018:

Time frame used - weekly

Gold moves in a medium-term trend over the medium term
Gold has been moving sideways since the last quarter of 2015 so far in a range between 1065 and 1378 as the gold formation is higher than the previous bottom within the cross range and gold is still trading above the rising trend line indicating an increase Buyer's power than before
Gold Weekly 2018 TradingPeek
In view of the technical indicators
The Relative Strength Index (RSI) indicates that it continues to move above the midline
The direction of the trend is to increase the strength of the buyer for the strength of the Baya during the coming period and the possibility of turning the cross trend to a bullish trend during the coming period
From the above we expect gold to target 1378, which we expect gold to breach this level over the medium term targeting gold at 1600-1623 in the medium term
Our outlook for gold remains intact as long as gold is trading at the 1250 level

User Time Frame - Daily

Gold is moving in a bullish direction in the short term
Purchasing forces managed to control the movement of gold to reach the resistance level 1307 as it faces selling pressure around this level
Gold Daily 2018 TradingPeek
In view of the technical indicators
The Relative Strength Index (RSI) indicates a continuation of the positive performance of the index
The direction of the directional movement indicates that the strength of the buyer is greater than the strength of the Baiya
Therefore, we expect gold to drop slightly to 1296-1299 then rebound back higher to breake the 1307 level, which breached it will target the 1260 level again and this scenario remains intact as long as gold is trading at 1287 highs

Crude Oil Forecast for 2018:

Time Frame User - Weekly

Crude Oil is moving in an upward direction over the medium term
Crude Oil Weekly 2018 TradingPeek
The purchasing power managed to control the movement of oil against the US currency to penetrate the level of 55 dollars to reach the level of 60 dollars to turn the trend from the upside to the upside
In view of the technical indicators
The Relative Strength Index (RSI) indicates confirmation of the bullish trend
The trend indicator indicates that the strength of the buyer continues to outweigh the strength of the Baiya
Accordingly, we expect oil to target the medium term at the level of 69 and then the level of 80-85
This scenario remains in place as long as oil trades above $ 55

User Time Frame - Daily

Oil is moving in a bullish direction in the short term
Where purchasing power managed to control the movement of oil against the US currency to penetrate the level of 59 dollars up to reach the level of 60.49 dollars, but note the formation of oil for the model of negative candles in the short term
In view of the technical indicators
Crude Oil Daily 2018 TradingPeek
Both the RSI and the Directional Trend are pointing to the continuation of the bullish indicators
Accordingly, we expect the oil to retreat slightly to the level of $ 59 and then resume the rebound back again to target the level of 62.39 - 63.55 dollars in the short term
Our outlook remains as long as oil is trading at 58.
 
 
 


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