2017-09-11
In Asia, Japan will release the Prelim Machine Tool Orders y/y, Tertiary Industry Activity m/m, M2 Money Stock y/y, and Core Machinery Orders m/m. However, the US will not release any Economic Data. So there is a probability the USD/JPY pair will move with low volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 109.02.
Resistance 2: 108.81.
Resistance 1: 108.60.
Support 1: 108.33.
Support 2: 108.11.
Support 3: 107.90.
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 11, 2017
2017-09-11
When the European market opens, some economic data will be released such as Italian Industrial Production m/m. Today, the US will not release any economic reports. So amid a thin economic calendar, EUR/USD will move with low volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.2074.
Strong Resistance:1.2067.
Original Resistance: 1.2055.
Inner Sell Area: 1.2043.
Target Inner Area: 1.2015.
Inner Buy Area: 1.1987.
Original Support: 1.1975.
Strong Support: 1.1963.
Breakout SELL Level: 1.1956.
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.
GBP/USD approaching major resistance, prepare to sell
2017-09-11
Price is approaching major resistance at 1.3265 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction from this level to push price down to at least 1.3074 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 93% and we expect a corresponding drop from this level.
Sell below 1.3265. Stop loss at 1.3324. Take profit at 1.3074.
USD/CHF profit target reached perfectly, prepare to buy
2017-09-11
Price has dropped absolutely perfectly to our profit target. We prepare to buy above major support at 0.9431 (Fibonacci extension, horizontal swing low support, bullish price action) for a push up to at least 0.9528 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing major support above 3.46% and we expect a corresponding bounce above that level similar to the one we're expecting on price.
Buy above 0.9431. Stop loss at 0.9398. Take profit at 0.9528.
EUR/USD forming a nice reversal signal, prepare to sell
2017-09-11
Price is forming a really nice reversal pattern. We prepare to sell below 1.2069 resistance (Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down all the way to 1.1956 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 94% and is also seeing bearish divergence, signalling that a reversal is impending.
Sell below 1.2069. Stop loss at 1.2111. Take profit at 1.1956.
NZD/USD approaching major support, prepare to buy
2017-09-11
Price is approaching major support at 0.7238 (multiple Fibonacci retracement, horizontal pullback support, Fibonacci extension) where we expect a strong bounce from to push price all the way up to 0.7335 resistance (Fibonacci extension, horizontal swing high resistance) once again.
Stochastic (34,3,1) is seeing strong support above 3.64% and we expect a bounce above that level once it reaches there.
Buy above 0.7238. Stop loss at 0.7201. Take profit at 0.7335.
EUR/JPY profit target reached perfectly, prepare to buy
2017-09-11
Price has dropped perfectly to our profit target as expected. We prepare to buy above major support at 129.34 (Fibonacci extension, horizontal swing low support, Fibonacci retracement) for a push up to at least 130.66 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 1.45% and we expect a bounce above this level soon.
Buy above 129.34. Stop loss at 128.44. Take profit at 130.66.
Technical analysis of gold for September 11, 2017
2017-09-11
Gold price opened with a gap down today. Trend remains bullish. Price can find support at $1,330-$1,340 area. Gold price is expected to continue its bullish trend higher.
Black lines - bullish channel
Gold price has reached the 38% Fibonacci retracement support. We could see price move a bit lower towards the lower channel boundary or the Ichimoku cloud support at $1,330, This would be a buying opportunity. I remain bullish and expect Gold price to reverse to the upside soon.
Gold price has reached the 38% Fibonacci retracement support. We could see price move a bit lower towards the lower channel boundary or the Ichimoku cloud support at $1,330, This would be a buying opportunity. I remain bullish and expect Gold price to reverse to the upside soon.
On a daily basis, Gold price is making higher highs and higher lows. Support is at $1.330-$1,300 area. Trend is bullish in ichimoku cloud terms as well. The oscillators are turning downwards from overbought levels but we have no divergence. This implies that price should make new highs after the pullback is over.
Elliott wave analysis of EUR/JPY for September 11, 2017
2017-09-11
Wave summary:
We continue to look for more upside pressure towards 134.80 and then the ideal wave (D) target at 137.36. Once wave (D) is complete and zig-zag decline will be expected in wave (E), which will complete the huge triangle consolidation that has developed since July 2008.
Short-term, we are looking for a break above minor resistance at 131.10 which confirms more upside towards 134.80 and above. Only a break below 129.35 will delay the expected rally higher.
R3: 131.71
R2: 131.10
R1: 130.67
Pivot: 130.40
S1: 130.13
S2: 129.95
S3: 129.43
Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.
Elliott wave analysis of EUR/NZD for September, 2017
2017-09-11
Wave summary:
We continue to look for support at 1.6407 to be able to protect the downside for a continuation higher towards 1.6969. Ideally minor support at 1.6485 6 will be able to protect the downside for the next break above 1.6690 confirming more upside towards 1.6969. But only an unexpected break below 1.6407 will delay the expected rally higher.
R3: 1.6969
R2: 1.6758
R1: 1.6690
Pivot: 1.6600
S1: 1.6485
S2: 1.6407
S3: 1.6315
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 1.6485 or upon a break above 1.6625 and use the same stop at 1.6400
Technical analysis of GBP/USD for September 11, 2017
2017-09-11
Elliott wave analysis of EUR/JPY for September 11, 2017
2017-09-11
Wave summary:
We continue to look for more upside pressure towards 134.80 and then the ideal wave (D) target at 137.36. Once wave (D) is complete and zig-zag decline will be expected in wave (E), which will complete the huge triangle consolidation that has developed since July 2008.
Short-term, we are looking for a break above minor resistance at 131.10 which confirms more upside towards 134.80 and above. Only a break below 129.35 will delay the expected rally higher.
R3: 131.71
R2: 131.10
R1: 130.67
Pivot: 130.40
S1: 130.13
S2: 129.95
S3: 129.43
Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.
Elliott wave analysis of EUR/NZD for September, 2017
2017-09-11
Wave summary:
We continue to look for support at 1.6407 to be able to protect the downside for a continuation higher towards 1.6969. Ideally minor support at 1.6485 6 will be able to protect the downside for the next break above 1.6690 confirming more upside towards 1.6969. But only an unexpected break below 1.6407 will delay the expected rally higher.
R3: 1.6969
R2: 1.6758
R1: 1.6690
Pivot: 1.6600
S1: 1.6485
S2: 1.6407
S3: 1.6315
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 1.6485 or upon a break above 1.6625 and use the same stop at 1.6400
Technical analysis of GBP/USD for September 11, 2017
2017-09-11
Overview:
The GBP/USD pair set above strong support at the level of 1.3079, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3079 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area between 1.3079 and 1.3350. The GBP/USD pair is trading in a bullish trend from the last support line of 1.3079 towards the first resistance level at 1.3210 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3210 and further to the level of 1.3268. The level of 1.3268 will act as second resistance and the double top is already set at the point of 1.3350. At the same time, if a breakout happens at the support level of 1.3079, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
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