2017-09-08
Wave summary:
We continue to look higher towards the ideal wave (D) target at 137.36 to complete the triple zig-zag correction from 109.48 and set the stage for the final decline within the triangle towards 117.17 as the ideal target for wave (E) and the triangle consolidation in wave [B].
Short-term, we expect the support at 129.35 will be able to protect the downside for the next rally higher towards the 137.36 target.
R3: 131.71
R2: 131.35
R1: 130.72
Pivot: 130.40
S1: 130.13
S2: 129.95
S3: 129.62
Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25 and take profit is placed at 137.15.
Elliott wave analysis of EUR/NZD for September 8, 2017
2017-09-08
Wave summary:
The break above the minor resistance at 1.6616 is a strong indication that red wave iv completed already at 1.6407 and red wave v/ towards 1.6969 now is developing. Short-term, we are looking for minor support at 1.6469 to be able to protect the downside for the next impulsive rally higher to at least 1.6758 and possibly even closer to 1.6969 in red wave v.
Only an unexpected break below 1.6407 will confirm that red wave iv has not completed yet, but the potential downside should be very limited.
R3: 1.6969
R2: 1.6758
R1: 1.6690
Pivot: 1.6600
S1: 1.6500
S2: 1.6469
S3: 1.6407
Trading recommendation:
We are long EUR from 1.6611 with stop placed at 1.6400. If you are not long EUR yet, then buy near 1.6469 and use the same stop at 1.6400.
Technical analysis of NZD/USD for September 08, 2017
2017-09-08
NZD/USD is expected to continue the upside movement and looking forward to new highs. The pair recorded higher tops and higher bottoms since September 7, which confirmed a positive outlook. The 20-period moving average crossed above the 50-period one. The relative strength index calls for a new up leg.
To conclude, as long as 0.7265 holds on the downside, look for a further advance to 0.7340 and even to 0.7375 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: 0.7340, 0.7375, and 0.7415
Support levels: 0.7235, 0.7130, and 0.7085
Technical analysis of GBP/JPY for September 08, 2017
2017-09-08
GBP/JPY is under pressure and expected to continue its downside movement. The pair formed an intraday "V-top" pattern last night and is clearly turning down. The nearest key resistance at 142.25 maintains the strong selling pressure on the prices. In addition, the 20-period moving average is about to cross below the 50-period one (a negative signal).
Therefore, as long as 142.25 is not surpassed, likely decline to 141.15 & 140.75 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 142.25 with the target at 142.70.
Strategy: SELL, Stop Loss: 142.25, Take Profit: 141.15.
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
Technical analysis of USD/CHF for September 08, 2017
2017-09-08
USD/CHF is under pressure and capped by a negative trend line. The pair is capped by a declining trend line since September 1, which confirms a bearish outlook. Both declining 20-period and 50-period moving averages play resistance roles. The relative strength index lacks upward momentum.
To sum up, below 0.9510, look for a further drop to 0.9400 and even to 0.9370 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the pivot points indicates 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.
Strategy: SELL, Stop Loss: 0.9510, Take Profit: 0.9400
Resistance levels: 0.9540, 0.9580, and 0.9625
Support levels: 0.9400, 0.9370, and 0.9335
Technical analysis of USD/JPY for September 08, 2017
2017-09-08
USD/JPY is under pressure and expected to prevail its downside movement. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish and calls for a further decline.
Hence, as long as 108.50 holds on the upside, look for a further decline to 107.35 and even to 107.00 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 108.50 with a target at 109.40.
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: SELL, Stop Loss: 108.50, Take Profit: 107.35
Resistance levels: 109.40, 109.80, and 110.35
Support Levels: 107.35, 107.00, 106.40
Technical analysis of gold for September 8, 2017
2017-09-08
Gold price has reached our second target of $1,350. Price remains in a strong up trend. Next target is at $1,380. Gold longer-term trend is bullish. We can expect a pull back between $1,330-$1,300 before the next big upward move.
Gold price remains in an up trend as price is holding above both the tenkan- and kijun-sen indicators. Price is making higher highs and higher lows. Support is at $1,344 and next at $1,330. Resistance is now at $1,374.94 at the July high of 2016.
Magenta line - resistance
Blue line - support
Gold price has reached our second target at $1,350 where we find the magenta trend line resistance. Price is marginally trading above it. I believe we will eventually break it and move towards our third target of $1,380. Long-term trend is bullish. Pull backs will come and I expect to be a buyer again.
Magenta line - resistance
Blue line - support
Gold price has reached our second target at $1,350 where we find the magenta trend line resistance. Price is marginally trading above it. I believe we will eventually break it and move towards our third target of $1,380. Long-term trend is bullish. Pull backs will come and I expect to be a buyer again.
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