2017-09-15
Wave summary:
We continue to look for more upside pressure towards 134.80 and 137.36 as long as minor support at 130.55 and more importantly as long as support at 129.35 is able to protect the downside. Short-term a break above minor resistance at 131.76 confirms renewed strength for the next rally higher towards 134.80.
R3: 132.67
R2: 132.00
R1: 131.76
Pivot: 131.00
S1: 130.55
S2: 130.05
S3: 129.35
Trading recommendation:
Our stop at 130.65 was hit for a small profit. We are looking to buy EUR again upon a break above 131.76 with stop placed at 130.50.
Technical analysis of USD/JPY for Sept 15, 2017
2017-09-15
In Asia, today Japan will not release any economic data. However, the US will present a series of macroeconomic reports such as Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 110.75.
Resistance 2: 110.53.
Resistance 1: 110.31.
Support 1: 110.04.
Support 2: 109.83.
Support 3: 109.61.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of EUR/USD for Sept 15, 2017
2017-09-15
When the European market opens, some economic data will be released such as Trade Balance. The US will release a batch of macroeconomic reports such as Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So amid such a packed economic calendar, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1980.
Strong Resistance:1.1973.
Original Resistance: 1.1961.
Inner Sell Area: 1.1949.
Target Inner Area: 1.1921.
Inner Buy Area: 1.1893.
Original Support: 1.1881.
Strong Support: 1.1869.
Breakout SELL Level: 1.1862.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Elliott wave analysis of EUR/NZD for September 15, 2017
2017-09-15
Wave summary:
Ideally the minor support at 1.6327 will continue to protect the downside for a rally above 1.6570 confirming, that red wave v higher towards at least 1.6883 is developing. Longer term, we continue to look for much higher levels for this cross, but sometimes this cross move is slow-motion and is not really going anywhere.
R3: 1.6624
R2: 1.6569
R1: 1.6532
Pivot: 1.6485
S1: 1.6415
S2: 1.6332
S3: 1.6309
Trading recommendation:
We are long EUR from 1.6395 with stop placed at 1.6295. If you are not long EUR yet, then buy a break above 1.6569 and use the same stop at 1.6295.
Technical analysis of USD/CHF for September 15, 2017
2017-09-15
Overview:
The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The USD/CHF pair broke resistance which turned to strong support at the level of 0.9580. The level of 0.9580 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 30. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above the spot of 0.9624 with the first target at the level of 0.9679. From this point, the pair is likely to begin an ascending movement to the point of 0.9679 and further to the level of 0.9710. The level of 0.9710 will act as strong resistance and the double top is already set at the point of 0.9710. On the other hand, if a breakout takes place at the support level of 0.9580, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.9550.
Technical analysis of NZD/USD for September 15, 2017
2017-09-15
Overview:
The NZD/USD pair is still trading in the bullish trend from the support spot of 0.7187 - 0.7231. On the H4 chart, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that it is still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.7231, which coincides with a golden ratio (23.6% of Fibonacci). Hence, the first support is set at the level of 0.7231. So, the market is likely to show signs of a bullish trend around the area of 0.7187 - 0.7231. In other words, buy orders are recommended above the prices of 0.7187 - 0.7231 with the first target at the level of 0.7293 (pivot point). Furthermore, if the trend is able to breakout through the first resistance level of 0.7293. Moreover, the pair could climb towards the second resistance 0.7343). However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7131 (double bottom).
Technical analysis of NZD/USD for September 15, 2017
2017-09-15
NZD/USD is expected to trade in a lower range as the pair is below its resistance level. Despite the recent bounce, the pair is still trading below the declining 50-period moving average. The upside potential should be limited by the key resistance at 0.7255. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Therefore, below 0.7255, expect a further drop to 0.7210 and even to 0.7190 in extension.
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: 0.7275, 0.7305, and 0.7350
Support levels: 0.7210, 0.7190, and 0.7150
Technical analysis of GBP/JPY for September 15, 2017
2017-09-15
We will retain our yesterday's outlook of GBP/JPY. It is still expected to trade in a higher range. The pair is holding on the upside and is trading above its rising 20-period and 50-period moving averages, which play support roles. The relative strength index is above its neutrality level at 50.
To conclude, as long as 146.55 holds on the downside, look for a further rise to 48.50 and even to 149.10 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 146.55 with the target at 145.65.
Strategy: BUY, Stop Loss: 146.55, Take Profit: 148.50.
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: 148.50, 149.10, and 149.60
Support levels: 145.65, 144.80, and 144.00
Technical analysis of USD/CHF for September 15, 2017
2017-09-15
The pair retreated from 0.9705 (the high of September 14) and broke below its 20-period and 50-period moving averages. The relative strength index is capped by a bearish trend line since September 14.
The reported acceleration in U.S. consumer prices, which helped to raise expectations of the Federal Reserve keeping its interest-rate-rise schedule this year, did not give the U.S. dollar a sustainable boost.
To sum up, as long as 0.9680 is not surpassed, look for a new test with targets at 0.9605 and 0.9580 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points 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.
Strategy: BUY, Stop Loss: 0.9680, Take Profit: 0.9605
Resistance levels: 0.9705, 0.9735, and 0.9800
Support levels: 0.9605, 0.9580, and 0.9500
Technical analysis of USD/JPY for September 15, 2017
2017-09-15
USD/JPY is expected to trade with a bullish outlook.The pair broke above the bullish channel, which confirmed a positive outlook. The 20-period moving average crossed below the 50-period one. The relative strength index is heading upward.
Hence, as long as 110.25 holds on the upside, a further upside to 110.80 and even to 111.05 seems more likely to occur.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 110.25 with a target at 109.85.
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: BUY, Stop Loss: 110.80, Take Profit: 111.05
Resistance levels: 110.80, 111.05, and 111.80 Support Levels: 109.85, 109.50, 109.05
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