2017-11-30
All our downside targets which we predicted in yesterday's analysis have been hit. NZD/USD is expected to trade with a bearish outlook. The pair is accelerating on the downside this morning.
The technical indicator such as the relative strength index is bearish and is now within its "oversold" area (below 30). The 20-period and 50-period moving averages are heading downward, which should confirm a negative outlook.
In which case, as long as 0.6900 is not surpassed, likely decline to 0.6830 and 0.6810 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: 0.6925, 0.6945, and 0.6990
Support levels: 0.6830, 0.6810, and 0.6770
Technical analysis of GBP/JPY for November 30, 2017
2017-11-30
All our upside targets which we predicted in yesterday's analysis have been hit. the pair is expected to continue its upside movement. The pair managed to break above its horizontal level at 149.90, which should confirm a bullish reversal. The 50-period moving average is turning up and should continue to push the prices higher. Besides, the relative strength index shows upside momentum.
To conclude, as long as 149.90 is not broken, look for further advance to 151.55 and 152 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.90 with the target at 149.30.
Strategy: BUY, Stop Loss: 149.90, Take Profit: 151.55
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: 151.55, 152.00, and 152.60
Support levels: 149.30, 148.85, and 148
Technical analysis of USD/CHF for November 30, 2017
2017-11-30
USD/CHF is expected to trade with a bullish outlook. The pair remains bullish above its key support at 0.9820. The relative strength index lacks downward momentum. Therefore, even though a consolidation cannot be ruled out, its extent should be very limited.
On the economic data front, the U.S. Commerce Department reported that GDP grew 3.3% on quarter in the third quarter, the fastest pace since the third quarter of 2014, compared with +3.0% previously estimated and +3.1% in the second quarter. The Federal Reserve's beige book report pointed out that economic activity expanded at a "modest to moderate pace" in recent weeks amid signs of rising prices and ongoing strength in labor markets. Also, in her final testimony to Congress, Federal Reserve Chairwoman Janet Yellen said, "The economic expansion is increasingly broad-based across sectors as well as across much of the global economy." Meanwhile, the National Association of Realtors reported that its pending home sales index rose 3.5% on month to 109.3 in October, compared with +1.4% expected.
As long as 0.9820 holds on the downside, look for a new rise to 0.9870 & 0.9900 in extension.
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: BUY, Stop Loss: 0.9820, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9795, 0.9775, and 0.9720
Technical analysis of USD/JPY for November 30, 2017
2017-11-30
All our upside targets which we predicted in yesterday's analysis have been hit. USD/JPY is expected to trade with a bullish outlook. the pair is breaching the 112.00 level on the upside while being supported by the ascending 20-period moving average. The relative strength index stays above the neutrality level of 50 showing a lack of downward momentum for the pair. The intraday outlook continues to be bullish, and the pair is expected to advance toward 112.40 before targeting 112.65. Only a break below the key support at 111.65 would bring about a bearish reversal.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.65 with a target of 111.35.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 111.65, Take Profit: 112.40
Resistance levels: 112.40, 112.65 and 113.00 Support Levels: 111.35, 111.10, 110.70
Intraday technical levels and trading recommendations for EUR/USD for November 30, 2017
2017-11-30
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).
Daily Outlook
In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.
If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).
Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).
However, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hinders further bearish decline as long as the recent low around 1.1550 remains unbroken.
Trade Recommendations
The current price levels around 1.1900-1.1950 should be watched for a possible short-term SELL entry if the current signs of bearish rejection are maintained.
S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
NZD/USD Intraday technical levels and trading recommendations for November 30, 2017
2017-11-30
Daily Outlook
A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.
An atypical Head and Shoulders pattern was expressed on the depicted chart which initiated bearish reversal.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).
Evident signs of bullish recovery was expressed around the recent low (0.6780). That's why, a bullish pullback was expected towards 0.7050.
On the other hand, an inverted Head and Shoulders pattern is being established on the chart indicating bullish reversal.
That's why, the price zone of 0.6800-0.6830 can be considered for a short-term BUY entry. S/L should be placed below 0.6770.
Elliott wave analysis of EUR/JPY for November 30, 2017
2017-11-30
Wave summary:
EUR/JPY has bounced back and is again trading near resistance at 133.24. A clear break above this resistance, will call for a new rally closer to 133.71 before renewed downside pressure should be expected. The top at 134.50 should remain safe.
Only a direct break below minor support at 132.78 we add renewed downside pressure towards 131.14 and below.
R3: 133.71
R2: 133.46
R1: 133.24
Pivot: 132.78
S1: 132.46
S2: 131.95
S3: 131.70
Trading recommendation:
We are short EUR from 132.55 with stop placed at 133.35.
In which case, as long as 0.6900 is not surpassed, likely decline to 0.6830 and 0.6810 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: 0.6925, 0.6945, and 0.6990
Support levels: 0.6830, 0.6810, and 0.6770
Technical analysis of GBP/JPY for November 30, 2017
2017-11-30
All our upside targets which we predicted in yesterday's analysis have been hit. the pair is expected to continue its upside movement. The pair managed to break above its horizontal level at 149.90, which should confirm a bullish reversal. The 50-period moving average is turning up and should continue to push the prices higher. Besides, the relative strength index shows upside momentum.
To conclude, as long as 149.90 is not broken, look for further advance to 151.55 and 152 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.90 with the target at 149.30.
Strategy: BUY, Stop Loss: 149.90, Take Profit: 151.55
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: 151.55, 152.00, and 152.60
Support levels: 149.30, 148.85, and 148
Technical analysis of USD/CHF for November 30, 2017
2017-11-30
USD/CHF is expected to trade with a bullish outlook. The pair remains bullish above its key support at 0.9820. The relative strength index lacks downward momentum. Therefore, even though a consolidation cannot be ruled out, its extent should be very limited.
On the economic data front, the U.S. Commerce Department reported that GDP grew 3.3% on quarter in the third quarter, the fastest pace since the third quarter of 2014, compared with +3.0% previously estimated and +3.1% in the second quarter. The Federal Reserve's beige book report pointed out that economic activity expanded at a "modest to moderate pace" in recent weeks amid signs of rising prices and ongoing strength in labor markets. Also, in her final testimony to Congress, Federal Reserve Chairwoman Janet Yellen said, "The economic expansion is increasingly broad-based across sectors as well as across much of the global economy." Meanwhile, the National Association of Realtors reported that its pending home sales index rose 3.5% on month to 109.3 in October, compared with +1.4% expected.
As long as 0.9820 holds on the downside, look for a new rise to 0.9870 & 0.9900 in extension.
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: BUY, Stop Loss: 0.9820, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9795, 0.9775, and 0.9720
Technical analysis of USD/JPY for November 30, 2017
2017-11-30
All our upside targets which we predicted in yesterday's analysis have been hit. USD/JPY is expected to trade with a bullish outlook. the pair is breaching the 112.00 level on the upside while being supported by the ascending 20-period moving average. The relative strength index stays above the neutrality level of 50 showing a lack of downward momentum for the pair. The intraday outlook continues to be bullish, and the pair is expected to advance toward 112.40 before targeting 112.65. Only a break below the key support at 111.65 would bring about a bearish reversal.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.65 with a target of 111.35.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 111.65, Take Profit: 112.40
Resistance levels: 112.40, 112.65 and 113.00 Support Levels: 111.35, 111.10, 110.70
Intraday technical levels and trading recommendations for EUR/USD for November 30, 2017
2017-11-30
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).
Daily Outlook
In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.
If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).
Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).
However, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hinders further bearish decline as long as the recent low around 1.1550 remains unbroken.
Trade Recommendations
The current price levels around 1.1900-1.1950 should be watched for a possible short-term SELL entry if the current signs of bearish rejection are maintained.
S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
NZD/USD Intraday technical levels and trading recommendations for November 30, 2017
2017-11-30
Daily Outlook
A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.
An atypical Head and Shoulders pattern was expressed on the depicted chart which initiated bearish reversal.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).
Evident signs of bullish recovery was expressed around the recent low (0.6780). That's why, a bullish pullback was expected towards 0.7050.
On the other hand, an inverted Head and Shoulders pattern is being established on the chart indicating bullish reversal.
That's why, the price zone of 0.6800-0.6830 can be considered for a short-term BUY entry. S/L should be placed below 0.6770.
Elliott wave analysis of EUR/JPY for November 30, 2017
2017-11-30
Wave summary:
EUR/JPY has bounced back and is again trading near resistance at 133.24. A clear break above this resistance, will call for a new rally closer to 133.71 before renewed downside pressure should be expected. The top at 134.50 should remain safe.
Only a direct break below minor support at 132.78 we add renewed downside pressure towards 131.14 and below.
R3: 133.71
R2: 133.46
R1: 133.24
Pivot: 132.78
S1: 132.46
S2: 131.95
S3: 131.70
Trading recommendation:
We are short EUR from 132.55 with stop placed at 133.35.
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