2017-08-29
Wave summary:
We continue to look for more upside closer to 137.36 to complete wave D of the huge ongoing triangle consolidation. Short-term, we are looking for support near 129.03 to be able to protect the downside for the next rally higher towards 134.80 on the way higher to 137.36.
R3: 134.80
R2: 132.65
R1: 131.40
Pivot: 131.00
S1: 129.64
S2: 129.03
S3: 128.67
Trading recommendation:
We are long EUR from 128.50 and will move our stop to break-even at 128.50. If you are not long EUR yet, then buy near 129.03 and use the same stop at 128.50
Elliott wave analysis of EUR/NZD for August 29, 2017
2017-08-29
Wave summary:
The rally towards resistance at 1.6636 has worked out just as expected. Once tested this should complete red wave iii and call for a correction in red wave iv towards at least 1.6305 and likely even closer to 1.6175 before turning up again towards 1.6969.
R3: 1.6969
R2: 1.6744
R1: 1.6636
Pivot: 1.6495
S1: 1.6445
S2: 1.6305
S3: 1.6175
Trading recommendation:
We are long EUR from 1.6150 and will move our stop higher to 1.6435. We will take profit at 1.6620. If you are not long EUR yet, then wait for the expected correction to 1.6175 to buy EUR.
Technical analysis of NZD/USD for August 29, 2017
2017-08-29
NZD/USD is expected to trade with a bearish outlook. The pair retreated from 0.7260 and broke below its 20-period and 50-period moving averages. The relative strength index is bearish and calls for a further decline.
To sum up, as long as 0.7260 holds on the upside, a further drop to 0.7200 and even to 0.7185 seems more likely to occur.
The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7280, 0.7300, and 0.7325
Support levels: 0.7200, 0.7185, and 0.7150
Technical analysis of GBP/JPY for August 29, 2017
2017-08-29
GBP/JPY is expected to trade with a bullish outlook. The pair stands firmly above its key support at 0.9230 and is likely to post a new rebound. The 20-period and 50-period moving averages are heading upward, which should confirm a positive outlook. Last but not least, the relative strength index is mixed to bullish. Even though a consolidation cannot be ruled out, its extent should be limited.
As long as 140.40 is not broken, look for further advance to 141.40 and 142 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.40 with the target at 140.10.
Strategy: BUY, Stop Loss: 140.40, Take Profit: 141.40.
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 141.40, 142.00, and 142.50
Support levels: 140.10, 139.80, and 139.10
Technical analysis of USD/CHF for August 29, 2017
2017-08-29
USD/CHF is expected to trade in a lower range as the pair is under pressure. Despite a recent rebound from 0.9575, the pair is trading below its declining 20-period and 50-period moving averages. The upside potential should be limited by the key resistance at 0.9575. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Therefore, as long as 0.9575 is not surpassed, look for a further decline to 0.9495 and even to 0.9455 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9575, Take Profit: 0.9495
Resistance levels: 0.9615, 0.9660, and 0.9700
Support levels: 0.9495, 0.9455, and 0.9415
Technical analysis of USD/JPY for August 29, 2017
2017-08-29
USD/JPY is expected to continue the downside movement and trade with a bearish outlook. Although the pair posted a rebound from 108.35 (the low of August 28), it is still trading below its key resistance at 109.05, which should maintain the selling pressure. Both declining 20-period and 50-period moving averages are playing resistance roles. The relative strength index is below its neutrality level at 50.
Therefore, below 109.35, look for a further drop to 108.30 and even to 108.00 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 109.35 with a target at 109.55.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 109.35, Take Profit: 108.30
Resistance levels: 109.55, 109.80, and 110.25
Support Levels: 108.30, 108.00, 107.60
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