2017-11-16
Wave summary:
Wave ii most likely completed with the test of 133.89 and a new impulsive decline to below 131.60 is now expected. A firm break below support at 131.60 will confirm continuation lower to 128.36 and 123.43 in wave (E).
Under this count resistance at 134.50 must cap the upside for a break below 131.88 and more importantly below 131.60. As a break above 134.50 will reinstate the "old" wave (D) target at 137.37.
R3: 134.50
R2: 134.13
R1: 133.89
Pivot: 132.75
S1: 132.30
S2: 131.88
S3: 131.36
Trading recommendation:
We sold EUR at 133.10 with stop placed at 134.55
Technical analysis of USD/JPY for Nov 16, 2017
2017-11-16
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as Natural Gas Storage, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Philly Fed Manufacturing Index, Unemployment Claims, and Import Prices m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.51.
Resistance. 2: 113.29.
Resistance. 1: 113.07.
Support. 1: 112.83.
Support. 2: 112.61.
Support. 3: 112.35.
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 Nov 16, 2017
2017-11-16
When the European market opens, some Economic Data will be released, such as Final Core CPI y/y, Final CPI y/y, and Spanish 10-y Bond Auction. The US will release the Economic Data, too, such as Natural Gas Storage, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Philly Fed Manufacturing Index, Unemployment Claims, and Import Prices m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1838.
Strong Resistance:1.1831.
Original Resistance: 1.181920.
Inner Sell Area: 1.1809.
Target Inner Area: 1.1781.
Inner Buy Area: 1.1753.
Original Support: 1.1742.
Strong Support: 1.1731.
Breakout SELL Level: 1.1724.
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/NZD for November 16, 2017
2017-11-16
Wave summary:
EUR/NZD is currently testing the previous high at 1.7216. This resistance will likely be able to cap the upside shortly, but it should just be a matter of time before this resistance is broken for a continuation higher towards 1.7770 as the next upside target.
Short-term support is seen at 1.1714 and again at 1.7085. The later is expected to protect the downside of the break above 1.7216.
R3: 1.7439
R2: 1.7273
R1: 1.7216
Pivot: 1.7114
S1: 1.7085
S2: 1.7068
S3: 1.7049
Trading recommendation:
We are long EUR from 1.6770 with stop placed at 1.6900.
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