2017-11-08
In Asia, Japan will release the Leading Indicators data, and the US will release some Economic Data, such as 10-y Bond Auction and Crude Oil Inventories. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.33.
Resistance. 2: 114.11.
Resistance. 1: 113.88.
Support. 1: 113.61.
Support. 2: 113.39.
Support. 3: 113.16.
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 08, 2017
2017-11-08
When the European market opens, some Economic Data will be released, such as French Trade Balance. The US will release the Economic Data, too, such as 10-y Bond Auction and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1648.
Strong Resistance:1.1641.
Original Resistance: 1.1630.
Inner Sell Area: 1.1619.
Target Inner Area: 1.1592.
Inner Buy Area: 1.1565.
Original Support: 1.1554.
Strong Support: 1.1543.
Breakout SELL Level: 1.1536.
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 NZD/USD for November 08, 2017
2017-11-08
NZD/USD is expected to trade with a bearish outlook as the key resistance is at 0.6925. Despite the recent rebound from 0.6890 (the low of November 7), the pair is capped by a declining 50-period moving average. The upward potential is likely to be limited by the resistance at 0.6950.
To sum up, as long as this key level is not surpassed, look for another downside with targets at 0.6870 and 0.6850 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: 0.6940, 0.6955, and 0.6990
Support levels: 0.6870, 0.6850, and 0.6805
Technical analysis of GBP/JPY for November 08, 2017
2017-11-08
GBP/JPY is under pressure and expected to trade in a lower range. The pair is still below its horizontal resistance at 150.30, which should maintain the strong selling pressure on the prices. A falling trend line also acts as a resistance role, and should continue to push the prices lower. The relative strength index is mixed to bearish, and lacks upward momentum.
Hence, as long as 150.30 is not surpassed, look for a new pullback to 149.30 and 149.00 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.30 with the target at 150.60.
Strategy: SELL, Stop Loss: 150.30, Take Profit: 149.30
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: 150.65, 151.00 and 151.55
Support levels: 149.30, 149.00, and 148.35
Trading Plan for EUR/USD and US Dollar Index for November 08, 2017
2017-11-08
Technical outlook:
EUR/USD 4H chart has been presented here with the most probable wave count, to get the medium term outlook for the pair. Looking at the developments here, the pair seems to be either forming a leading diagonal pattern from the top at 1.2092 levels or a double zigzag (not labelled here as an alternative). In either case, we expected a new low below 1.1573 levels before turning higher again. At least EUR/USD produced a new low yesterday before pulling back higher again. Please note that a probability still remains for yet another low towards 1.1510 levels at least before the turn. But at the same time, looking into divergences across the MACD and RSI, it is recommended to change the trading strategy to going long on dips.
Trading plan:
Please remain long partial now at 1.1585 levels and remaining a 1.1500/20 levels, risk remains below the 1.1400 level, targeting at least 1.1900 levels.
US Dollar Index chart setups:
Technical outlook:
The US Dollar Index 4H chart setup has been displayed here to have a medium term outlook and trade setup. The index looks to be completing either a 5-wave impulse rally through 95.30/50 levels as labelled here, or it is terminating into wave 4 of a larger degree (discussed with respect to the daily chart yesterday). In either cases, we expect a bearish reversal from around the 95.30/50 levels as depicted here (red fibonacci ratio). We are changing our medium term trading strategy to turn short on rallies till the 92.50/93.00 levels at least. Please note that if prices break below 94.40 levels from here itself, it is a strong indication of a meaningful top to be in place around the 95.00/10 levels. Watch out for strong resistance around the 95.30/50 levels, if prices manage to reach there.
Trading plan:
Remain short from here at 94.85/90 and add further at 95.30/50, risk remains a 96.00 plus targeting 92.50 at least.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
Technical analysis of USD/CHF for November 08, 2017
2017-11-08
USD/CHF is under pressure and expected to trade in a lower range. The pair is under pressure below the key resistance at 1.0015, which should limit the upside potential. The relative strength index is below its neutrality level at 50, calling for a drop.
The U.S. dollar strengthened against other major currencies as investors are still expecting the Federal Reserve to raise interest rates.
As long as 1.0015 holds on the upside, look for a return to 0.9970 (lows of November 6 and 7). A break below this level would trigger a new drop to 0.9945.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. 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.
Strategy: SELL, Stop Loss: 1.0015, Take Profit: 0.9970
Resistance levels: 1.0040, 1.0070, and 1.0100
Support levels: 0.9970, 0.9945, and 0.9900
Elliott wave analysis of EUR/JPY for November 8, 2017
2017-11-08
Wave summary:
We need a break below important support at 131.60 to confirm that wave (D) completed with the test of 134.49 and wave (E) lower to 123.43 is developing. As long as the support at 131.60 is able to protect the downside, we need to allow for a sideways consolidation, that ideally will stay below minor resistance at 132.73 and more importantly below resistance at 133.12 for the next swing lower.
R3: 133.12
R2: 132.73
R1: 132.41
Pivot: 131.60
S1: 131.00
S2: 130.56
S3: 130.05
Trading recommendation:
We sold EUR at 132.59 and will move our stop lower to break-even at 132.59.
Elliott wave analysis of EUR/NZD for November 8, 2017
2017-11-08
Wave summary:
EUR/NZD is currently correcting the rally from 1.6298 and as long as minor resistance at 1.6790 and more importantly as long as resistance at 1.6890 is able to cap the upside, we continue to look for a little more downside pressure towards 1.6545 before completing this corrective decline and turning prices higher in the next impulsive rally towards 1.7770 and above.
R3: 1.6953
R2: 1.6890
R1: 1.6790
Pivot: 1.6750
S1: 1.6686
S2: 1.6636
S3: 1.6545
Trading recommendation:
We are short EUR from 1.6790 with our stop placed at 1.6890 and take profit placed at 1.6565.
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