Wave Analysis:
Instead of extending upwards, the corrective wave (b) continues to consolidate around 1.1873 and is not showing any signs of rising any further. We're waiting for a sign that this upwards correction in over, then we continue short with the corrective three wave cycle with last impulsive wave (c) expected to go beyond 1.1120. A clear rebound from 1.2071 will be good a sign that the corrective wave (b) is ended, then we'll pick a sell position with our first target at 1.1655 and the next target at 1.1120. This pair should be traded alongside EURAUD, EURNZD, EURCHF and GBPUSD. These pairs have a strong positive correlation of up to +68% and will move in the same direction during this intraday.
Trade Recommendations:
We'll be selling the impulsive wave (c) upon the end of the corrective wave (b) around 1.2071
Elliott wave analysis of EUR/NZD for December 5, 2017
Wave summary:
EUR/NZD has broken below support at 1.7210 confirming the expectation of wave c of iv lower to 1.7035 as the first target for wave c. Short-term, minor resistance at 1.7244 ideally will cap the upside for a continuation lower towards 1.7077 and 1.7035 as the next downside targets.
Only a break above resistance at 1.7319 will question the expected downside pressure.
R3: 1.7319 R2: 1.7276 R1: 1.7244 Pivot: 1.7190 S1: 1.7155 S2: 1.7098 S3: 1.7077
Trading recommendation: We are short EUR from 1.7450. We will move our stop lower to 1.7325. Take profit stays at 1.7050.
Elliott wave analysis of EUR/JPY for December 5, 2017
Wave summary:
Our preferred count remains that wave (D) completed with the test of 134.50 and wave (E) lower towards the ideal target seen at 123.43 now is developing. Short-term, we would like to see more downside pressure and a break below support at 132.90 and more importantly a break below support at 132.62 that calls for a new test of 131.14 and below here confirms that wave (D) has completed and wave (E) is developing.
R3: 134.50 R2: 134.38 R1: 134.05 Pivot: 133.24 S1: 132.90 S2: 132.62 S3: 131.95
Trading recommendation:
We sold EUR at 133.75 with our stop placed at 134.55.
R3: 1.7319 R2: 1.7276 R1: 1.7244 Pivot: 1.7190 S1: 1.7155 S2: 1.7098 S3: 1.7077
Trading recommendation: We are short EUR from 1.7450. We will move our stop lower to 1.7325. Take profit stays at 1.7050.
Elliott wave analysis of EUR/JPY for December 5, 2017
Wave summary:
Our preferred count remains that wave (D) completed with the test of 134.50 and wave (E) lower towards the ideal target seen at 123.43 now is developing. Short-term, we would like to see more downside pressure and a break below support at 132.90 and more importantly a break below support at 132.62 that calls for a new test of 131.14 and below here confirms that wave (D) has completed and wave (E) is developing.
R3: 134.50 R2: 134.38 R1: 134.05 Pivot: 133.24 S1: 132.90 S2: 132.62 S3: 131.95
Trading recommendation:
We sold EUR at 133.75 with our stop placed at 134.55.
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