2017-09-12
Wave summary:
No change in view here.
We continue to look for a move higher towards 134.80 and the ideal wave (D) target at 137.36. Short-term a break above minor resistance at 131.10 should release the energy for the next rally higher towards 134.80 and above.
Only an unexpected break below 129.35 will delay the expected rally higher.
R3: 134.80
R2: 132.67
R1: 131.70
Pivot: 131.00
S1: 130.65
S2: 130.35
S3: 130.00
Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.
Elliott wave analysis of EUR/NZD for September 12, 2017
2017-09-12
Wave summary:
Red wave iv seems to be turning into a triangle consolidation. If the really is the case, then we should expect a couple of minor swings inside the triangle boarders before breaking higher towards 1.6969. The rally to resistance near 1.6969 will only complete wave iii/ and after a new flat or triangle consolidation in wave iv and new rally closer to 1.7611 should be expected to complete wave v/ and iii.
R3: 1.6969
R2: 1.6758
R1: 1.6690
Pivot: 1.6600
S1: 1.6475
S2: 1.6434
S3: 1.6406
Trading recommendation:
We are long EUR from 1.6611 with stop placed at 1.6400. If you are not long EUR, then buy a break above 1.6690 and use the same stop at 1.6400.
Technical analysis of NZD/USD for September 12, 2017
2017-09-12
Overview:
Pivot point : 1.7293.
The NZD/USD pair is trading in the bullish trend from the support levels of 0.7231 and 0.7293. Currently, the price is in a bullish channel.
This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7293, which coincides with a golden ratio (38.2% of Fibonacci).
Hence, the first support is set at the level of 0.7293. So, the market is likely to show signs of a bullish trend around the spot of 0.7293.
In other words, buy orders are recommended above the price of 0.7293 with the first target at the level of 0.7343. Furthermore, if the trend is able to breakout through the first resistance level of 0.7343.
We should see the pair climbing towards the double top (0.7393) as second target. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7231.
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