2017-09-29
Wave summary:
Our preferred long-term count saw wave (D) complete with the test of 134.41 and wave (E) is now developing. The ideal target for wave (E) is seen at 117.72. The decline from 134.41 to 131.70 was clearly in five waves indicating more downside should be seen once the ongoing wave B is complete. Ideally, this B-wave will terminate in the 133.05 - 133.37 area for the next impulsive decline to below 131.70.
R3: 133.37
R2: 133.05
R1: 132.89
Pivot: 132.50
S1: 132.24
S2: 132.04
S3: 131.70
Trading recommendation:
We will sell EUR at 133.00 or upon a break below 132.04.
Elliott wave analysis of EUR/NZD for September 29, 2017
2017-09-29
Wave summary:
We continue to look for more upside pressure towards 1.6875, but we need a break above minor resistance at 1.6410 to get the next "GO" higher. As long as the minor resistance at 1.6410 is able to cap the upside, we should look for a minor dip to 1.6311 before turning up again.
R3: 1.6451
R2: 1.6410
R1: 1.6340
Pivot: 1.6300
S1: 1.6278
S2: 1.6222
S3: 1.6200
Trading recommendation:
We will buy EUR again at 1.6300 or upon a break above 1.6365.
Technical analysis of USD/JPY for Sept 29, 2017
2017-09-29
In Asia, Japan will release the Housing Starts y/y, Retail Sales y/y, Prelim Industrial Production m/m, BOJ Summary of Opinions, Unemployment Rate, Tokyo Core CPI y/y, National Core CPI y/y, and Household Spending y/y data, and the US will release some Economic Data, such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.26.
Resistance. 2: 112.99.
Resistance. 1: 112.72.
Support. 1: 112.44.
Support. 2: 112.22.
Support. 3: 112.00.
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 29, 2017
2017-09-29
When the European market opens, some Economic Data will be released, such as Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, German Unemployment Change, French Prelim CPI m/m, French Consumer Spending m/m, and German Retail Sales m/m. The US will release the Economic Data, too, such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1838.
Strong Resistance:1.1831.
Original Resistance: 1.1820.
Inner Sell Area: 1.1809.
Target Inner Area: 1.1781.
Inner Buy Area: 1.1753.
Original Support: 1.1742.
Strong Support: 1.1731.
Breakout SELL Level: 1.1724.
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.
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