2017-11-24
Wave summary:
The ongoing minor correction from 1.7136 is expected to peak between 1.7237 - 1.7265 for continuation of the correction in wave ii towards 1.6619. In the short term a break below minor support at 1.7184 will indicate that EUR/NZD is ready to challenge important support at 1.7100 and a break below here will confirm the expected corrective decline to 1.6619.
R3: 1.7408
R2: 1.7334
R1: 1.7265
Pivot: 1.7100
S: 1.7058
S2: 1.6916
S3: 1.6805
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7415
NZD/USD testing selling area, remain bearish
2017-11-24
The price continues to test our selling area. We look to remain bearish below major resistance at 0.6885 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish price action) and we expect to see a corrective drop from here to at least 0.6823 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 89% where we expect a corresponding drop from.
Sell below 0.6885. Stop loss is at 0.6922. Take profit is at 0.6823.
USD/JPY right on major support, remain bullish
2017-11-24
The price has started to bounce off our entry level perfectly. We remain bullish looking to buy above major support at 111.11 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) for a corrective bounce up to at least 112.53 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees major support at 34% where we expect a corresponding bounce from.
Fundamental Analysis for EUR/GBP for November 24, 2017
2017-11-24
EUR/GBP is currently residing within a corrective range between 0.8750 to 0.9030 which is expected to show bullish momentum in the coming days. EUR has been quite positive with the economic reports recently but due to German issues, the gains were not quite impulsive against GBP whereas GBP is also being challenged by the Brexit and political issues. Recently GBP economic reports were quite mixed whereas EUR had better than expected results which lead the currency to gain well. Today EUR German Ifo Business Climate Report is going to be published which is expected to have slight decrease to 116.6 from the previous figure of 116.7. If the economic report gets published with better than expected result then further bullish momentum is expected to push the price higher in the coming days. On the GBP side, today High Street Lending report is going to be published which is expected to decrease to 40.9k from the previous figure of 41.6k. As of the current scenario, EUR is expected to gain further against GBP which is more probable as of the UK is suffering from the issues which are expected to sustain further.
Now let us look at the technical view, the price is currently residing above the dynamic level of 20 EMA by proceeding with lower highs along the way which does signal the upcoming bullish move is quite imminent. Though the price is still residing within the corrective range, within the range, a bullish move is expected to proceed with target towards 0.9030 range resistance area. As the price remains above the recent higher low which is at 0.8850 area the bullish bias is expected to continue in the range.
Expect a rebound from 1.186224 November 2017, EUR/USD
Wave Analysis:
During the previous trading day, euro rose just a few pips to the upper side but is still below the daily resistance level 1.1862, we expect this level to have marked the end of this correction, that any moment from now, we expect a rebound from 1.1862 to short the impulsive wave (c) with the first target at 1.1655 and the next target at 1.1120. This view can only be invalidated in case the corrective wave (b) extend higher above 1.1862, this being the case, we expect further rise upwards. This pair should be traded alongside GBPUSD< GBPCAD< EURHKD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:
Expect a rebound from 1.1862 to short the impulsive wave (c) with targets at 1.1655 and the next target at 1.1120
Analysis of EURTRY 24.11.2017
Written by: PaxForex analytics dept - Friday, 24 November 2017
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero line.
The oscillator Force Index is below the zero line.
If the level of resistance is broken, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 4.6730
• Take Profit Level: 4.7200 (470 pips)
If the price rebound from resistance level, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 4.4600
• Take Profit Level: 4.4500 (100 pips)
GOLD
Possible long position at the breakout of the level 1295.00
USDJPY
Possible short position in the breakdown of the level 111.00
USDCHF
Possible short position in the breakdown of the level 0.9790
GBPUSD
Possible long position at the breakout of the level 1.3340
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