2017-08-30
USD/CAD has recently bounced off the support level of 1.2450 which lead to some bullish momentum along the way. Due to the recent positive economic report of USD was published the bullish pressure was quite predictable but it is considered as non-sustaining. Today USD ADP Non-Farm Employment Change report is going to be published which is expected to increase to 185k from the previous figure of 178k, Prelim GDP is expected to increase to 2.7% from the previous value of 2.6%, Prelim GDP Price Index report is expected to be unchanged at 1.0% and Crude Oil Inventories report is expected to show less deficit at -1.8M from the previous figure of -3.3M. As of the forecasts are quite positive for USD further gain on the USD is expected against CAD for the coming days. On the CAD side, today Current Account report is going to be published which is expected to show a greater deficit at -17.3B from the previous figure of -14.1B. CAD is expected to be quite weaker for a short-term period but overall CAD is still the stronger side in this pair which will lead to further bearish pressure in the future.
Now let us look at the technical view, the price is currently residing below the dynamic level of 20 EMA which is expected to lead to further bearish pressure with a target towards 1.2450 and later at 1.1950. Though recently the price has bounced off the 1.2450 the bullish pressure it is expected to be very short term.
Elliott wave analysis of EUR/JPY for August 29, 2017
2017-08-30
Wave summary:
EUR/JPY breaks above resistance at 131.40 confirming our count for more upside pressure towards 137.36 to complete wave D of the huge triangle consolidation. We now see support at 130.42, which ideally should protect the downside for the continuation higher, but only a break below support at 129.64 will question our count.
R3: 134.80
R2: 132.65
R1: 131.40
Pivot: 131.00
S1: 130.42
S2: 129.64
S3: 129.03
Trading recommendation:
We are long EUR from 128.50 and will raise our stop to 129.55. If you are not long EUR yet, then buy near 130.42 and use the same stop at 129.55.
Elliott wave analysis of EUR/NZD for August 30, 2017
2017-08-30
Wave summary:
We have seen the expected peak near 1.6636 (the high has been seen at 1.6634) and we are currently looking for a corrective decline to at least 1.6348 and possibly even closer to 1.6171 before pushing higher again towards the next major target seen at 1.6969.
R3: 1.6969
R2: 1.6744
R1: 1.6634
Pivot: 1.6550
S1: 1.6440
S2: 1.6348
S3: 1.6171
Trading recommendation:
We took profit at 1.6620 for a nice 470 pips gain. We will buy EUR again at 1.6185.
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