2017-11-27
Wave summary:
The corrective rally from 131.14 has extended beyond the expected target at 132.47. This larger corrective rally does not change our preferred view that more downside pressure remains expected in wave (E).
That said, the requirement for this count to remain the top count is, that resistance at 133.89 continues to cap the upside for a break below minor support at 132.11 and more importantly below support at 131.14 that calls for a decline towards 123.43 in wave (E).
R3: 134.50
R2: 133.87
R1: 133.34
Pivot: 132.35
S1: 132.11
S2: 131.61
S3: 131.14
Trading recommendation:
Our break-even stop at 133.10 has been hit. We will look for a new selling opportunity at 133.25 with a stop at 134.00.
Elliott wave analysis of EUR/NZD for November 27, 2017
2017-11-27
Wave summary:
Our preferred count remains that the rally from 1.7157 is corrective and soon should tune lower again. We continue to expect that the former top at 1.7408 will cap the upside for a break below minor support at 1.7276 confirming renewed downside pressure towards 1.7136 and below here confirms a deeper corrective decline towards 1.6619 before the next impulsive rally towards 1.8000 takes over.
R3: 1.7467
R2: 1.7418
R1: 1.7408
Pivot: 1.7276
S1: 1.7234
S2: 1.7136
S3: 1.7100
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7415.
Technical analysis of GBP/JPY for November 27, 2017
2017-11-27
GBP/JPY is expected to trade with a bearish bias below 148.90. The pair is heading downward now, backed by its declining 20-period and 50-period moving averages. The process of higher highs and lows remains intact, which should confirm a bearish view. In addition, the relative strength index is below its neutrality area at 50.
To sum up, as long as 148.90 is not broken, look for a new decline to 147.80 and 148.90 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.90 with the target at 149.20.
Strategy: SELL, Stop Loss: 148.90, Take Profit: 147.80
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 149.20, 149.45, and 150.00
Support levels: 147.80, 147.60, and 147.00
Technical analysis of NZD/USD for November 27, 2017
2017-11-27
NZD/USD is expected to trade with a bearish bias below 0.6880. The pair failed to break above its key resistance at 0.6880 and is now turning down. A bearish cross has been identified between the 20-period and 50-period moving averages, which should confirm a negative outlook. Last but not least, the relative strength index has broken below its neutrality area at 50.
In these perspectives, as long as 0.6880 holds on the upside, look for a new pullback to 0.6820 and 0.6805 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6895, 0.6905, and 0.6950
Support levels: 0.6820, 0.6805, and 0.6770
R3: 134.50
R2: 133.87
R1: 133.34
Pivot: 132.35
S1: 132.11
S2: 131.61
S3: 131.14
Trading recommendation:
Our break-even stop at 133.10 has been hit. We will look for a new selling opportunity at 133.25 with a stop at 134.00.
Elliott wave analysis of EUR/NZD for November 27, 2017
2017-11-27
Wave summary:
Our preferred count remains that the rally from 1.7157 is corrective and soon should tune lower again. We continue to expect that the former top at 1.7408 will cap the upside for a break below minor support at 1.7276 confirming renewed downside pressure towards 1.7136 and below here confirms a deeper corrective decline towards 1.6619 before the next impulsive rally towards 1.8000 takes over.
R3: 1.7467
R2: 1.7418
R1: 1.7408
Pivot: 1.7276
S1: 1.7234
S2: 1.7136
S3: 1.7100
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7415.
Technical analysis of GBP/JPY for November 27, 2017
2017-11-27
GBP/JPY is expected to trade with a bearish bias below 148.90. The pair is heading downward now, backed by its declining 20-period and 50-period moving averages. The process of higher highs and lows remains intact, which should confirm a bearish view. In addition, the relative strength index is below its neutrality area at 50.
To sum up, as long as 148.90 is not broken, look for a new decline to 147.80 and 148.90 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.90 with the target at 149.20.
Strategy: SELL, Stop Loss: 148.90, Take Profit: 147.80
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 149.20, 149.45, and 150.00
Support levels: 147.80, 147.60, and 147.00
Technical analysis of NZD/USD for November 27, 2017
2017-11-27
NZD/USD is expected to trade with a bearish bias below 0.6880. The pair failed to break above its key resistance at 0.6880 and is now turning down. A bearish cross has been identified between the 20-period and 50-period moving averages, which should confirm a negative outlook. Last but not least, the relative strength index has broken below its neutrality area at 50.
In these perspectives, as long as 0.6880 holds on the upside, look for a new pullback to 0.6820 and 0.6805 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6895, 0.6905, and 0.6950
Support levels: 0.6820, 0.6805, and 0.6770
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