2017-10-18
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as Beige Book, Crude Oil Inventories, Housing Starts, and Building Permits. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 112.75.
Resistance. 2: 112.53.
Resistance. 1: 112.31.
Support. 1: 112.04.
Support. 2: 111.82.
Support. 3: 111.60.
Technical analysis of EUR/USD for Oct 18, 2017
2017-10-18
Wave Analysis
EURUSD has been in an uptrend and is currently in the process of correcting the previous impulsive five - wave cycle. Currently we are in the impulsive wave (c) which is expected to continue downwards towards 1.1220. As long as we are below 1.1873 we should be looking to sell this pair with our target at the next support zone at 1.1120. This trade could be invalidated only if price gaps or breaks above 1.1873. If you are reluctant to sell now, you could wait for price to break below 1.1680 and re- sell with you take profit at 1.1120. Trade this pair alongside NZDUSD and AUDUSD since they have a strong positive correlation hence they could be moving in the same direction.
Trade Recommendations
Sell EURUSD with target at 1.1120.
Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_125418.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssfra&ff_mrk=rss
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1826.
Strong Resistance:1.1819.
Original Resistance: 1.1808.
Inner Sell Area: 1.1797.
Target Inner Area: 1.1769.
Inner Buy Area: 1.1741.
Original Support: 1.1730.
Strong Support: 1.1719.
Breakout SELL Level: 1.1712.
Elliott wave analysis of EUR/JPY for October 18, 2017
2017-10-18
Wave summary:
The decline in EUR/JPY has stalled at the 131.70 support, It should be a matter of time before this support is broken for a continuation lower towards 130.73 and possibly even lower. Short-term we expected minor resistance at 132.38 will continue to cap the upside for the break below 131.70.
R3: 132.92
R2: 132.72
R1: 132.38
Pivot: 132.00
S1: 131.70
S2: 131.34
S3: 131.00
Trading recommendation:
We are short EUR from 132.65 with stop placed at break-even. We will take profit on half the position at 130.80.
Elliott wave analysis of EUR/NZD for October 18, 2017
2017-10-18
Wave summary:
We are looking for wave b to move higher to at least 1.6475 and possibly even closer to resistance at 1.6529 before turning lower in wave c towards 1.6160 to complete wave ii. Short-term minor support is seen at 1.6410, which is expected to protect the downside for a continuation higher to 1.6475 as wave b develops.
R3: 1.6584
R2: 1.6529
R1: 1.6475
Pivot: 1.6410
S1: 1.6397
S2: 1.6375
S3: 1.6341
Trading recommendation:
We are looking for a EUR shorting opportunity at 1.6525 with stop placed at 1.6635
Technical analysis of NZD/USD for October 18, 2017
2017-10-18
Overview:
As expected, the trend is still trading around the zone of 0.7128-0.7150. It should be noted that the support is established at the level of 0.7128 which represents the 38.2% Fibonacci retracement level on the H1 chart. Also, it might notice that a weekly pivot point is seen at the price of 0.7128. Hence, The NZD/USD pair probably continues to rise from the level of 0.7128 in the long term. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7128. So, rebuy above the level of 0.7128 with the first target at 0.7171 in order to test the daily resistance 1 and further to 0.7203. Also, it might be noted that the level of 0.7242 is a good place to take profit because it will form a double top at the same timeframe.
Technical analysis of USD/CHF for October 18, 2017
2017-10-18
Overview:
The USD/CHF didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9836 or higher. Today, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9734. On the H1 chart. the level of 0.9734 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 0.9734. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.9734 providing a clear signal to buy with a target seen at 0.9808. If the trend breaks the minor resistance at 0.9808, the pair will move upwards continuing the bullish trend development to the level 0.9836 in order to test the double top.
We'll be Selling soon 18 October 2017, USD/JPY
Wave Analysis
USDJPY has been bearish following an equidistant channel. After being resisted from the upper side of the channel, it is still showing signs of moving downwards in the long run. The current upward move is expected to end soon and bears should retaliate soon pushing price downwards. Price is expected to follow the impulsive wave (E) which is expected to extend further downwards up to the lower side of the channel at 107.14. We should be selling USDJPY along the upper trend line with our target at 107.14. If it breaks above the upper side, this bearish move will be invalidated and instead price could rally upwards instead. This pair should be traded alongside CADJPY, NZDJPY, AUDJPY, CHFJPY And HKDJPY since they have a strong positive correlation.
Trade Recommendations
Sell USDJPY around the upper trend line towards 107.14
Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_125416.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssfra&ff_mrk=rss
Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_125416.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssfra&ff_mrk=rss
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