2017-09-28
In Asia, Japan will release BOJ Gov Kuroda Speaks, and the US will release some Economic Data, such as Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, Final GDP Price Index q/q, Unemployment Claims, and Final GDP q/q. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.37.
Resistance. 2: 113.15.
Resistance. 1: 112.93.
Support. 1: 112.66.
Support. 2: 112.44.
Support. 3: 112.22.
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 28, 2017
2017-09-28
When the European market opens, some Economic Data will be released, such as Italian 10-y Bond Auction, Spanish Flash CPI y/y, German Prelim CPI m/m, and German GfK Consumer Climate. The US will release the Economic Data, too, such as Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, Final GDP Price Index q/q, Unemployment Claims, and Final GDP q/q, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1807.
Strong Resistance:1.1800.
Original Resistance: 1.1789.
Inner Sell Area: 1.1778.
Target Inner Area: 1.1750.
Inner Buy Area: 1.1722.
Original Support: 1.1711.
Strong Support: 1.1700.
Breakout SELL Level: 1.1693.
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 28, 2017
2017-09-28
NZD/USD is expected to trade with a bearish outlook. The pair is trading below its key resistance at 0.7240, which should limit the upside potential. The 20-period moving average has crossed below the 50-period one. The relative strength index is supported by a bearish trend line.
Hence, as long as 0.7240 holds on the downside, look for the continuation of the downside to 0.7165 and even to 0.7140 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7260, 0.7280, and 0.7305
Support levels: 0.7165, 0.7130, and 0.7100
Technical analysis of GBP/JPY for September 28, 2017
2017-09-28
We will retain our yesterday's prediction of GBP/JPY that it is expected to trade with a bullish outlook. The pair is facing the challenge of its key support level at 150.70 and is likely to test it in the coming trading hours. The technical indicator such as the relative strength index is mixed and calls for caution. Furthermore, the 20-period moving average is flat now.
To sum up, as long as 150.70 holds on the downside, look for a choppy price action with the bullish bias. Our next up target is set at 151.80.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.30 with the target at 150.35.
Strategy: BUY, Stop Loss: 150.70, Take Profit: 151.80
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. 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: 151.80, 152.25 and 153.00
Support levels: 150.35, 149.95, and 149.15
Technical analysis of USD/CHF for September 28, 2017
2017-09-28
All our targets which we predicted in Yesterday's analysis has been hit. USD/CHF still expected to continue its upside movement. Although the pair posted a pullback, a support base at 0.9700 has formed and has allowed for a temporary stabilization. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
The sentiment was also boosted by the U.S. Commerce Department's report that durable goods orders increased 1.7% on month in August, exceeding +0.9% expected.The proposed tax overhaul offers to lower corporate income tax rates, cut taxes for small businesses, reduce the top income tax rate for individuals and scrap some widely used tax breaks.
To sum up, as long as 0.9700 is not broken, a further rebound to 0.9770 and even to 0.9790 seems more likely to occur.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points 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.
Strategy: BUY, Stop Loss: 0.9700, Take Profit: 0.9770
Resistance levels: 0.9770, 0.9790, and 0.9835
Support levels: 0.9675, 0.9650, and 0.9610
Technical analysis of USD/JPY for September 28, 2017
2017-09-28
All our targets which we predicted in Yesterday's analysis have been hit and still expected to move in upward direction. The pair is trading its key support at 112.65, which should limit the downside potential. The 20-period moving average has crossed above the 50-period one. The relative strength index is supported by a bullish trend line.
Hence, as long as 112.65 holds on the downside, look for the continuation of the rebound to 113.55 and even to 114 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.65 with a target at 112.35.
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: BUY, Stop Loss: 112.65, Take Profit: 113.55
Resistance levels: 113.55, 114.00 and 114.40 Support Levels: 112.35, 112.00, 111.50
Elliott wave analysis of EUR/JPY for September 28, 2017
2017-09-28
Wave summary:
We continue to look for wave B to move closer to resistance in the 133.05 - 133.38 area. From here wave C lower is expected towards at least 130.56 and possibly even lower to near 128.00.
Short-term a break above minor resistance at 132.75 will confirm the expected corrective rally to the 133.05 - 133.38 area.
On the other hand, a break below minor support at 132.04 will indicate that wave B completed prematurely and the decline towards at least 130.56 already is developing.
R3: 133.38
R2: 133.05
R1: 132.75
Pivot: 132.30
S1: 132.04
S2: 131.70
S3: 131.30
Trading recommendation:
We will sell EUR at 133.00 or upon a break below 132.04.
Elliott wave analysis of EUR/NZD for September 28, 2017
2017-09-28
Wave summary:
The break back below support at 1.6249 has forced us to change our short-term count slightly. This new count shows that red wave i/ completed with the test of 1.6451 and the following corrective decline wave red wave ii/. Red wave ii/ could be complete with the test of 1.6222 and if this is the case, then a break above 1.6366 and more importantly a break above resistance at 1.6409 should be seen soon, for upside acceleration to 1.6690 and 1.6875.
R3: 1.6489
R2: 1.6409
R1: 1.6366
Pivot: 1.6330
S1: 1.6290
S2: 1.6222
S3: 1.6208
Trading recommendation:
Our break-even stop was hit at 1.6265. We will buy EUR again at 1.6300 or upon a break above 1.6365 with stop placed at 1.6225.
Technical analysis of USD/CHF for September 28, 2017
2017-09-28
Overview:
The USD/CHF pair movement was clear as it took place in an uptrend channel for a while. The trend showed signs of a bullish market. Amid the previous events, the price is still moving between the levels of 0.9691 and 0.9769. The daily resistance and support are seen at the levels of 0.9769 and 0.9691 respectively. Hence, the USD/CHF pair is continuing to trade in a bullish trend from the new support level of 0.9691 to form a bullish channel. Besides, the major resistance is seen at 0.9814, while the immediate resistance is found at 0.9769. Then, we may anticipate potential testing of 0.9769 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.9769, the market will indicate a bullish opportunity above the level of 0.9769. A breakout of that target will move the pair further upwards to 0.7283. Buy orders are recommended above the area of 0.9691 with the first target at the level of 0.9769; and continue towards 0.9814. On the other hand, if the USD/CHF pair fails to break out through the resistance level of 0.9769; the market will decline further to the level of 0.9691 to set around it for a while. Generally, we still prefer a bearish market in coming hours.
Technical analysis of NZD/USD for September 28, 2017
2017-09-28
Overview:
The NZD/USD pair has faced strong support at the level of 0.7131. So, the strong resistance has been already faced at the level of 0.7131 and the pair is likely to try to approach it in order to test it again.
The level of 0.7131 represents a double bottom for that it is acting as minor support this week. Furthermore, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7131. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7131 and 0.7167.
Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours.
Accordingly, the market is likely to show signs of a bullish trend.
Buy orders are recommended above the area of 0.7167/ 0.7131 with the first target at the level of 0.7247. If the trend is be able to break the first resistance at the level of 0.7247, then the market will continue rising towards the weekly resistance 2 at 0.7319.
Also, it should be noted that the double top is set at 0.7435.
Stop loss should be set at the level 0.7100 because the last bearish wave is seen at the price of 0.7131.
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