2017-09-07
Wave summary:
Wave ii completed at 129.36, just above the ideal corrective target at 129.12. We are now looking for wave iii higher towards 134.80 on the way higher to the ideal wave D target at 137.36.
Support is now seen at 129.81 which should protect the downside for the next rally higher to 131.35 and 131.71 on the way higher to 134.80.
R3: 131.71
R2: 131.35
R1: 130.72
Pivot: 130.40
S1: 129.95
S2: 129.81
S3: 129.54
Trading recommendation:
We are long EUR from 130.10. Stop will be placed at 129.25. Take profit will be placed at 137.15.
Elliott wave analysis of EUR/NZD for September 7, 2017
2017-09-07
Wave summary:
One could make the case that red wave iv completed already with the test of 1.6407, but then a break directly above resistance at 1.6611 will be needed. Such a break will call for red wave v towards 1.6969. If, however, resistance at 1.6611 is able to cap the upside, we should see another zig-zag decline lower to 1.6314 - 1.6348 area to completed red wave iv and set the stage for the next impulsive rally in red wave v towards 1.6969.
R3: 1.6969
R2: 1.6727
R1: 1.6611
Pivot: 1.6525
S1: 1.6500
S2: 1.6407
S3: 1.6348
Trading recommendation:
We are looking to buy EUR at 1.6360 or upon a break above 1.6611.
Technical analysis of NZD/USD for September 07, 2017
2017-09-07
NZD/USD is expected to trade with a bearish outlook. Although the pair posted a rebound from 0.7185 (the low of September 6), it is still trading below the declining 50-period moving average. The upside potential should be limited by the key resistance at 0.7225.
Hence, as long as this key level is not surpassed, look for a further drop to 0.7180 and even to 0.7155 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: 0.7240, 0.7265, and 0.7300
Support levels: 0.7180, 0.7130, and 0.7085
Technical analysis of GBP/JPY for September 07, 2017
2017-09-07
The pair has clearly reversed up, and is likely to post a new rise in the coming trading hours. A bullish cross has been identified between the 20-period and 50-period moving averages (a positive signal). Besides, the relative strength index stands firmly above its neutrality area at 50. Hence, as long as 141.50 is not broken, likely advance to 142.70 and 143.01 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended above 141.50 with the target at 141.35.
Strategy: BUY, Stop Loss: 141.50, Take Profit: 142.70.
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: 142.70, 143.00, and 143.75
Support levels: 141.15, 140.75, and 140.00
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