2017-09-06
In Asia, Japan will release the Average Cash Earnings y/y data, and the US will release some Economic Data, such as Beige Book, ISM Non-Manufacturing PMI, Final Services PMI, and Trade Balance. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 109.26.
Resistance. 2: 109.05.
Resistance. 1: 108.83.
Support. 1: 108.57.
Support. 2: 108.36.
Support. 3: 108.14.
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 06, 2017
2017-09-06
When the European market opens, some Economic Data will be released, such as Retail PMI, Italian Retail Sales m/m, and German Factory Orders m/m. The US will release the Economic Data, too, such as Beige Book, ISM Non-Manufacturing PMI, Final Services PMIn, and Trade Balance, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1981.
Strong Resistance:1.1974.
Original Resistance: 1.1962.
Inner Sell Area: 1.1950.
Target Inner Area: 1.1922.
Inner Buy Area: 1.1894.
Original Support: 1.1882.
Strong Support: 1.1870.
Breakout SELL Level: 1.1863.
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 NZD/USD for September 06, 2017
2017-09-06
All our targets which we predicted in our previous analysis has been hit. NZD/USD still expected to trade in a higher range and continue the rebound from 0.7130. The pair broke above the upper boundary of the triangle pattern, which confirmed the continuation of a bullish trend. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is bullish and calls for another upside.
To sum up, as long as 0.7205 is not broken, look for a new challenge to 0.7265 and even to 0.7290 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: 0.7265, 0.7290, and 0.7325
Support levels: 0.7180, 0.7130, and 0.7085
Technical analysis of GBP/JPY for September 06, 2017
2017-09-06
Our all targets which we predicted in our previous analysis has been hit. The pair accelerated on the downside last night, capped by its falling 20-period and 50-period moving averages. The process of lower highs and lows remains intact, which should confirm a negative intraday outlook. Additionally, the relative strength index is mixed to bearish below its neutrality area at 50.
Hence, as long as 142.20 is resistance, likely decline to 141.35 and 141.10 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended below 142.20 with the target at 141.35.
Strategy: SELL, Stop Loss: 142.20, Take Profit: 141.35.
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: 142.50, 143.00, and 143.75
Support levels: 141.35, 141.10, and 140.50
Elliott wave analysis of EUR/JPY for September 6, 2017
2017-09-06
Wave summary:
The correction from 131.71 broke below minor support at 129.64, which change the short term count slightly. Instead of wave i ending at 130.71 it has been shifted forward to 131.71 and the correction since then is wave ii. This wave ii correction should be close to completion. A break above minor resistance at 130.05 will be the first indication that wave ii has completed and wave iii is developing for a rally towards 136.01.
R3: 131.71
R2: 130.71
R1: 130.00
Pivot: 129.70
S1: 129.35
S2: 129.07
S3: 128.45
Trading recommendation:
Our stop at 129.55 was hit for a nice 105 pips profit. We will buy EUR again at 129.15 or upon a break above 130.10.
Elliott wave analysis of EUR/NZD for September 6, 2017
2017-09-06
Wave summary:
The expected correction in red wave iv is unfolding as expected. Short-term, we expect minor resistance at 1.6541 to cap the upside for another turn lower towards 1.6348 to complete red wave a of red wave iv.
The ideal target for red wave iv is seen at 1.6171, but it can not be excluded that red wave iv completes slightly before this target.
R3: 1.6672
R2: 1.6620
R1: 1.6541
Pivot: 1.6500
S1: 1.6461
S2: 1.6423
S3: 1.6348
Trading recommendation:
We are looking for a EUR-buying opportunity in the 1.6171 - 1.6348 area.
Technical analysis of USD/CHF for September 06, 2017
2017-09-06
The target which we have given in our previous signal has been hit. USD/CHF is expected to trade with a bearish outlook. 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 below its neutrality level at 50.
The U.S. Commerce Department reported that factory orders decreased 3.3% on month in July (as expected, vs. +3.2% in June), while durable goods orders fell 6.8% on the month (vs. -2.9% expected, +6.4% in June).
Hence, as long as 0.9575 holds on the upside, a further decline to 0.9520 and even to 0.9490 seems more likely to occur.
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: 0.9575, Take Profit: 0.9520
Resistance levels: 0.9640, 0.9670, and 0.9715
Support levels: 0.9545, 0.9500, and 0.9475
Technical analysis of USD/JPY for September 06, 2017
2017-09-06
All our targets which we predicted in our previous analysis have been hit. The pair recorded lower tops and lower bottoms since September 5, which confirmed a positive outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index lacks upward momentum.
Hence, below 109.10, look for a new test to 108.30 and even to 107.95 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 109.10 with a target at 109.55.
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: 110.25, Take Profit: 109.50
Resistance levels: 109.55, 109.95, and 110.35
Support Levels: 108.30, 107.95, 107.50
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