2017-08-31
Wave summary:We continue to look for more upside pressure towards the ideal target of 137.36 to complete wave D. Short term, we will ideally see minor support at 130.85 and maximum at 129.64 protect the downside for the expected rally higher.
On the way higher to 137.36 minor resistance is seen at 132.65 and 134.80.
R3: 134.68
R2: 132.65
R1: 131.40
Pivot: 131.00
S1: 130.85
S2: 130.42
S3: 129.64
Trading recommendation:
We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, then buy near 130.82 and use the same stop at 129.55.
Elliott wave analysis of EUR/NZD for August 31, 2017
2017-08-31
Wave summary:
The decline from 1.6634 has been very small and EUR/NZD is already breaking higher, which indicates an running triangle is developing. The minor rally from 1.6438 is viewed as red wave b of red wave iv and should be followed by another decline closer to 1.6348 and possibly even closer to 1.6171 in red wave c. This will be the deepest part of this corrective consolidation, which will be followed by another rally higher towards 1.6969.
R3: 1.6710
R2: 1.6632
R1: 1.6634
Pivot: 1.6600
S1: 1.6540
S2: 1.6435
S3: 1.6348
Trading recommendation:
We are looking for a new EUR-buying opportunity in the 1.6171 - 1.6348 area.
Technical analysis of USD/CHF for August 31, 2017
2017-08-31
Overview:
The USD/CHF pair continues to move upwards from the level of 0.9597. Yesterday, the pair rose from the level of 0.9597 to a top around 0.9670. Today, the first resistance level is seen at 0.9693 followed by 0.9725, while daily support 1 is seen at 0.9597 (50% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9639 and 0.9725; so we expect a range of 86 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9693. Therefore, buy above the level of 0.9597 with the first target at 0.9693 in order to test the daily resistance 1 and further to 0.9725. Also, it might be noted that the level of 0.9725 is a good place to take profit because it will form a major resistance today. On the other hand, if a breakout takes place at the resistance level of 0.9597, then this scenario may become invalidated.
Technical analysis of NZD/USD for August 31, 2017
2017-08-31
Overview:
The NZD/USD pair opened below the daily pivot point (0.7202). It continued to move downwards from the level of 0.7202 to the bottom around 0.7142. Today, the first resistance level is seen at 0.7202 followed by 0.7239, while daily support 1 is seen at 0.7100. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.7142. So it will be good to sell at 0.7142 with the first target of 0.7100. It will also call for a downtrend in order to continue towards 0.7064 (support 2). The strong daily support is seen at the 0.7064 level, which represents a new double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.7202 and 0.7064 in coming hours. The price area of 0.7202 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7202 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.7239, then a stop loss should be placed at 0.7270.
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