2017-09-01
EUR/JPY - Weekly
EUR/JPY - 4 Hourly
Wave summary:
We continue to look for more upside towards 137.36 to complete wave D of the huge triangle consolidation, that has been building since July 2012. This [B]-wave triangle should ultimately break higher for a rally to above 170.00.
Short-term, we are looking for support at 130.43 for the next push higher towards 134.80 and then 137.36.
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 130.45 and use the same stop at 129.55.
Technical analysis of USD/CHF for September 01, 2017
2017-09-01
Overview:
The USD/CHF pair bullish trend from the support levels of 0.9558 and 0.9597. Currently, the price is in a bullish channel. Right now, the price is seen at the 0.9597 level. The USD/CHF pair probably 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 support level of 0.9558, then this scenario may become invalidated.
Elliott wave analysis of EUR/NZD for September 1, 2017
2017-09-01
EUR/NZD - Weekly
EUR/NZD - Hourly
Wave summary;
Our long-term outlook continues to point higher towards the diamond formation target at 1.9900.
Short-term, we are looking for a minor correction close to 1.6171 from where the next rally higher to 1.6636 and 1.6969. A break below minor support at 1.6451 confirms the expected corrective decline closer to 1.6171.
R : 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 EUR buying opportunity in the 1.6171 - 1.6348 area.
Technical analysis of NZD/USD for September 01, 2017
2017-09-01
Overview:
The NZD/USD pair opened below the level of 0.7202 (daily pivot point). The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. 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 set at the price of 0.7270.
Fundamental Analysis of NZD/USD for September 1, 2017
2017-09-01
NZD/USD has been dominated by bears in a nonvolatile manner since the bounce from 0.7550 resistance area. NZD has been quite negative with the reports recently whereas USD has been quite positive and showing consistent growth in the economic reports. Today NZD Overseas Trade Index report was published with worse value at 1.5% from the previous value of 3.9% which was expected to be at 3.5% at least. The worse report did put the currency in more pressure against USD today whereas high impact USD economic reports are going to be published. Today USD Average Earning Index report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Non-Farm Employment Change is expected to decrease at 180k from the previous figure of 209k, Unemployment Rate is expected to be unchanged at 4.3% and ISM Manufacturing PMI report is expected to have slight increase to 56.5 from the previous figure of 56.3. To sum up, today a good amount of volatility is expected to hit the pair whereas USD is expected to gain more strength over NZD in the coming days.
Now let us look at the technical view, the price has been quite loyal to the dynamic level of 20 EMA rejecting the bulls recently. Currently, the price is expected to be bearish in nature with a target towards 0.6940-0.7050 support area. As the price remains below the dynamic level of 20 EMA the bearish bias is expected to continue further.
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