2017-10-19
In Asia, Japan will release the All Industries Activity m/m and Trade Balance data, and the US will release some Economic Data, such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
Wait and sell at the upper trend line
19 October 2017, USD/JPY
In the previous intraday ,the impulsive wave (E) has been in a slight correction phase. This correction is expected to be short term and should not go beyond the upper side of the equidistant channel. The bears are expected to come back soon and push the price downwards towards our target at 107.14. As long as price remains within this equidistant channel this week, this impulsive wave(E) could extend downwards towards 107.14 hence we will be looking forward to sell this pair. If price closes above this channel this week, this downward move could be invalidated. Trade this pair alongside CADJPY, NZDJPY, AUDJPY, CHFJPY And HKDJPY since these pairs have a strong positive correlation.
Trade Recommendation.
Wait to sell at the upper trend line.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.50.
Resistance. 2: 113.27.
Resistance. 1: 113.05.
Support. 1: 112.78.
Support. 2: 112.56.
Support. 3: 112.34.
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 Oct 19, 2017
2017-10-19
When the European market opens, some Economic Data will be released, such as Spanish 10-y Bond Auction. The US will release the Economic Data, too, such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, and Unemployment Claims, so, amid the reports, EUR/USD will move in a ... volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1849.
Strong Resistance:1.1842.
Original Resistance: 1.1831.
Inner Sell Area: 1.1820.
Target Inner Area: 1.1792.
Inner Buy Area: 1.1764.
Original Support: 1.1753.
Strong Support: 1.1742.
Breakout SELL Level: 1.1735.
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.
Elliott wave analysis of EUR/JPY for October 19, 2017
2017-10-19
Wave summary
Make it or Break it - EUR/JPY is now sitting just below important resistance at 133.49, this resistance will need to cap the upside to confirm more downside pressure towards 127.80. Short-term a break below minor support at 133.05 will be the first good indication that the corrective rally from 131.64 has completed and a new decline to here and below should be expected.
If, however important resistance at 133.49 is cleared then more upside to 133.83 should be expected, but it could revive wave D for a move closer to 137.37.
R3: 134.41
R2: 134.24
R1: 133.83
Pivot: 133.49
S1: 133.05
S2: 132.69
S3: 132.20
Trading recommendation:
Our short position from 132.65 was closed at break-even. We will sell EUR here at 133.35 and place stop+revers at 133.55.
Elliott wave analysis of EUR/NZD for October 19, 2017
2017-10-19
Wave summary:
We were looking for a b-wave rally to 1.6584, this target has been spiked as the high has been seen at 1.6662. The high at 1.6662 likely was the top for wave b and wave c to below 1.6298 closer to 1.6150 is now expected. To confirm wave c lower has taken over, we need a break below 1.6500 and more importantly a break below 1.6441.
R3: 1.6715
R2: 1.6687
R1: 1.6662
Pivot: 1.6530
S1: 1.6500
S2: 1.6441
S3: 1.6390
Trading recommendation:
Unfortunately, our stop at 1.6635 was hit for a loss. We will sell EUR again here at 1.6635 with the stop placed at 1.6675.
Technical analysis of gold for October 19, 2017
2017-10-19
Gold price has reached the support at the 61.8% Fibonacci retracement. I expect an upward reversal from current levels. If this does not happen, we should expect gold to fall towards $1,240-50.
Blue line - expected move
Gold price is testing the lower Ichimoku cloud boundary and the 61.8% Fibonacci retracement. Oscillators are oversold and turning upwards. This is the important support area. Resistance is at $1,289 and the next one at $1,302.
Blue line - long-term supportMagenta line - long-term resistance
Gold price is trading above the weekly Ichimoku cloud. This is a bullish sign. However, price got rejected a few weeks back at the magenta trend line which was our target since $1,200. In order for gold to push towards $1,400, we need to break above this resistance level. A test of cloud support and the blue trend line is still not out of the question. Any pullback is still considered a buying opportunity.
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