With the
start of the New Year, Trading Peck 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
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
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 leader's
period
The
direction of the directional movement indicates that the strength of the buyer
is increasing relative 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:
The GBPUSD
ended last year positive as the pair rose from 1.1998 to 1.3656, its highest
level in 9 months, while the pair ended at 1.3346.
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.
Analysis
of the graph on the same period 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.
Outlook for 2018:
The electronic currency 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 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.
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
see a one-day candlestick pattern and with the analysis of yellow circle top
candles, you will find a three inside candle 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 if the currency continues to maintain its
importance and its 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 Outlook for 2018
Time Frame User - 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
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