2017-11-10
Wave summary:
Our expectation of a more complex wave ii correction seems to be well founded. We are looking for wave c of me to move higher to 133.15 before completing wave ii and turning prices lower in wave iii towards 128.36 and below.
Our preferred count remains, that wave (D) completed with the test of 134.49 and wave (E) lower to 123.45 now is developing.
R3: 133.15
R2; 132.84
R1: 132.26
Pivot: 131.60
S1: 131.00
S2: 130.56
S3: 130.05
Trading recommendation:
We are short EUR from 132.59 with stop placed at 132.30. If this stop is hit, we will sell EUR again at 133.10.
Elliott wave analysis of EUR/NZD for November 10, 2017
2017-11-10
Wave summary:
Wave II seems to have bottomed already at 1.6614 and wave III ready to develop. We still need a firm break above minor resistance at 1.6813 to confirm this view. Short-term, we ill be looking for support near 1.6690 to protect the downside for the next impulsive rally higher to 1.7216 and above towards 1.7770 in wave iii.
Even if the 1.6614 low is broken again, the downside should be limited to 1.6545 to complete wave ii.
R3: 1.7216
R2: 1.7059
R1: 1.6831
Pivot: 1.6690
S1: 1.6614
S2: 1.6545
S3: 1.6518
Trading recommendation:
Our stop+reverse at 1.6770 has been hit for a small profit of 20 pips and we are now long EUR at 1.6770 and we will place our stop at 1.6610.
Trading plan for EUR/USD and USDX for November 10, 2017
2017-11-10
Technical outlook:
A 4H chart view of the EUR/USD pair has been presented here for a better view of waves from top formation at 1.2092 levels earlier. We are still contemplating a fair probability for the pair to produce a leading diagonal wave structure, which should unfold into 5 waves subdividing into 5-3-5-3-5 waves as labelled above. The 5th wave might be complete at 1.1553 levels or should be terminating into another low. A push above 1.1690 levels would confirm that it is complete. It was suggested to turn long in our last discussion and the pair has since gained about 80-100 pips but the rally is still looking to have unfolded into 3 waves and hence may be corrective. Immediate price resistance is seen through 1.1690/1.1700 levels and a clearance of that would be encouraging to bulls. Please also note that the Fibonacci extension (red color) is pointing towards 1.1506 levels at least. Hence, a short-term wave structure might change our trade plan.
Trading plan:
1. Please exit longs and take profits.
2. Aggressive traders would want to go short, with risk around 1.1700 levels, targeting below 1.1550.
3. Conservative traders please remain flat for now and look to buy below 1.1530 levels.
USDX chart setups:
Technical outlook:
The 4H chart setup presented here for the US dollar index is indicating a clear 5 wave impulse probability since the lows at 91.00 levels earlier. We have shown the most likely wave count labeling here that says the index is probably into its v of 5th wave, having terminated wave iv close to 94.40 levels yesterday. One last push is expected towards 95.30/50 levels before reversing lower again. Please note that the entire rally unfolded into 5 waves, which could be labelled as wave A within the three wave corrective rally A-B-C which could terminate higher towards 98.00 and 99.00 levels respectively. The alternate count could be that the entire rally between 91.00 through 95.30/50 levels can be termed as wave (4) of a higher degree and that the pair could drop towards wave (5) lower to test 91.00 levels going forward.
Buy Eur around 1.1481
10 November 2017, EUR/USD
Technical Observation:
Earlier this week, Eur pulled back upwards instead of pushing lower towards 1.1481. I'm still flat on this pair pair, but if the price can breakout above 1.1698, then I may consider a buy position towards 1.3138 or even higher. On the other side, if the price descends towards 1.1481 but fails to go any lower, then I'll be looking for a buy position with an ultimate take profit fixed at 1.3138.
Technical Levels
Resistance levels
R1: 1.1669
R2: 1.173
R3: 1.1828
Pivot
1.1632
Support Levels
S1: 1.1435
S2: 1.1533
S3: 1.1571
Trade Signal
Buy Eur around 1.1481 towards 1.3138
Check the website for more information: https://freshforex.com/analitics/fresh-forecast/technical-analysis-based-on-breakout/issue_125804.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/technical-analysis-based-on-breakout/issue_125804.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssfra&ff_mrk=rss
Trading plan:
1. Please book profits on short positions if taken earlier.
2. Aggressive traders would like to long now, with risk below 94.30 levels, targeting 95.30
3. Conservative traders please remain flat and look to sell higher.
Fundamental outlook:
Please watch out for Michigan Sentiment around 10:00 AM EST
Good luck!
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment