2017-09-04
NZD/USD is expected to trade with a bullish outlook. Despite the recent pullback, a support base at 0.7150 has formed and has allowed for a temporary stabilization. The relative strength index is above its neutrality level at 50.
Hence, as long as 0.7150 holds on the downside, the continuation of rebound to 0.7190 and even to 0.7210 is expected.
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: 0.7190, 0.7210, and 0.7250
Support levels: 0.7130, 0.7110, and 0.7075
Technical analysis of GBP/JPY for September 04, 2017
2017-09-04
GBP/JPY is under pressure and expected to trade with a bearish outlook. The pair remains capped by its falling 20-period and 50-period moving averages and is likely to post a further decline. The nearest key resistance at 142.85 maintains the strong selling pressure on the prices. Besides, the relative strength index is negative below its neutrality area at 50.
Therefore, as long as 142.85 is not surpassed, look for a new pullback to 141.90 and 141.50 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended below 142.85 with the target at 143.35.
Strategy: SELL, Stop Loss: 142.85, Take Profit: 141.90.
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: 143.35, 143.75, and 144.35
Support levels: 141.90, 141.50, and 141.00
Elliott wave analysis of EUR/JPY for September 4, 2017
2017-09-04
Wave summary:
Ideally minor support at 129.64 should be able to protect the downside for the next rally higher towards 134.80 and 137.36 as the ideal target for wave D. Should minor support at 129.64 be broken, that will shift the count slightly, but it will only shift the top of wave i to the right for a wave i top at 131.71 and not where we have placed it now at 130.71.
At no point can a break below 127.52 be allowed under this count.
R3: 134.80
R2: 132.65
R1: 131.71
Pivot: 131.00
S1: 129.92
S2: 129.64
S3: 129.09
Trading recommendation:
We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, then buy near 129.64 or upon a break above 131.45 and use the same stop at 129.55.
Technical analysis of USD/CHF for September 04, 2017
2017-09-04
USD/CHF is expected to trade with bullish outlook as the pair is expected to continue the rebound. Although the pair broke below its 20-period and 50-period moving averages, a support base at 0.9580 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 U.S. Labor Department reported that the economy added 156,000 nonfarm payrolls last month, compared with an addition of 180,000 jobs expected and 209,000 in July. The jobless rate ticked up to 4.4% from 4.3%, while average hourly earnings rose 0.1% after advancing 0.3% in July, keeping the year-on-year gain in wages at 2.5% for a fifth consecutive month. Meanwhile, the Institute for Supply Management (ISM) said its Manufacturing PMI rose to 58.8 in August from 56.3 in July.
Therefore, above 0.9580, look for a further rebound to 0.9640 and even to 0.9670 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: BUY, Stop Loss: 0.9580, Take Profit: 0.9640
Resistance levels: 0.9640, 0.9670, and 0.9715
Support levels: 0.9545, 0.9500, and 0.9475
Elliott wave analysis of EUR/NZD for September 4, 2017
2017-09-04
Wave summary:
We continue to look for a corrective decline towards 1.6348 and likely closer to 1.6171 before the next strong rally higher towards 1.6969 and above. Short-term a break below minor support at 1.6521 and more importantly a break below support at 1.6433 will add confidence in our call for a deeper correction before higher again.
R3: 1.6710
R2: 1.6632
R1: 1.6617
Pivot: 1.6520
S1: 1.6433
S2: 1.6348
S3: 1.6171
Trading recommendation:
We are look for a new EUR-buying opportunity in the 1.6171 - 1.6348 area.
Technical analysis of USD/JPY for September 04, 2017
2017-09-04
USD/JPY is expected to trade with a bearish outlook. The pair posted a gap down open and broke below its lower boundary of Bollinger Bands, which indicated an acceleration of the bearish trend. The 20-period moving average is turning down. The relative strength index is heading downward.
Hence, as long as 110.25 is not surpassed, look for a further decline to 109.50 and even to 109.00 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 110.25 with a target at 109.50.
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: 110.65, 111.00, and 111.50
Support Levels: 109.50, 109.00, 108.45
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