Forex Technical Analysis

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Bitcoin (BTC) has been trading upwards. The price tested the level of $10,734. The largest options exchange worldwide, the Chicago Mercantile Exchange Group (CME), has announced its official Bitcoin futures contracts will launch on Monday, December 18, 2017. Technical picture looks bullish but in the overbought zone.

Trading recommendations:

According to the 1H time frame, I found a rising upward channel but the price failed to test the upper diagonal, which is a sign that buyers don’t have enough power. I also found a rejection from Fibonacci expansion 100% at the price of $10,623, which is another sign that buying looks risky. Due to overbought condition and successful testing of FE 100%, my advice is to watch for potential selling opportunities. Downward targets are set at the pirce of $10,136, $9.355 and at the price of $8,990.

Support/Resistance

$10.734 – Intraday resistance (price action)

$10.136 – First objective point

$9.355 – Second objective point

$8.990 – Third objective point

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The material has been provided by InstaForex Company – www.instaforex.com

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Recently, GBP/USD is trading downwards. The price tested the level of 1.3456. Anyway, according to the 15M time – frame, I found a hidden bullish divergence on the stochastic oscillator in creation, which is a sign that selling looks risky. I also found a strong pinbar in the background, which sugests strength. My advice is to watch for potential buying opportunities. Upward targets are set at the price of 1.3510 and at the price of 1.3540.

Resistance levels:

R1: 1.3582

R2: 1.3638

R3: 1.3725

Support levels:

S1: 1.3440

S2: 1.3350

S3: 1.3296

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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EURUSD: 1.1875 (EUR 600m) 1.1900 (765m) 1.1930 (850m) USDJPY: 112.65 (USD 800m) 112.70 (205m) 113.00 (610m) GBPUSD: Ntg of note USDCHF: 0.9800 (USD 750m) EURGBP: 0.8738 (EUR 910m) AUDUSD: Ntg of note USDCAD: 1.2850 (USD 780m)

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