2017-12-21
Wave summary:
The break above resistance at 134.50 told us that wave (D) still is developing and more upside towards the "old" 137.37 target should be expected to complete wave (D) and set the stage for the final decline within the huge triangle consolidation, that has been developing since July 2008.
Support is now seen at 134.40 and again at 133.84. The later should be able to protect the downside for more upside closer to 137.37.
R3: 136.05
R2: 135.75
R1: 134.90
Pivot: 134.40
S1: 133.84
S2: 133.57
S3: 133.24
Trading recommendation:
We will buy EUR at 134.10 and place our stop at 133.40.
Elliott wave analysis of EUR/NZD for December 21, 2017
2017-12-21
Wave Summary:
EUR/NZD has rallied nicely. Support is now seen at 1.6865, which ideally will protect the downside for the next impulsive rally higher towards at least 1.7389 and likely even closer to 1.7513 in wave iii of (v).
R3: 1.7064
R2: 1.7000
R1: 1.6969
Pivot: 1.6905
S1: 1.6865
S2: 1.6822
S3: 1.6802
Trading recommendation:
We are long EUR from 1.6873 with stop placed at 1.6795
Technical analysis of USD/JPY for Dec 21, 2017
2017-12-21
In Asia, the Bank of Japan will announce its Policy Rate decision and make a Monetary Policy Statement. The US will present a series of economic reports such as Natural Gas Storage, CB Leading Index m/m, HPI m/m, Final GDP Price Index q/q, Philly Fed Manufacturing Index, Unemployment Claims, and Final GDP q/q. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 113.96.
Resistance 2: 113.74.
Resistance 1: 113.51.
Support 1: 113.24.
Support 2: 113.02.
Support 3: 112.80.
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 Dec 21, 2017
2017-12-21
When the European market opens, some economic data will be released such as Consumer Confidence. On the US dollar's front, the US will release a series of macroeconomic reports such as Natural Gas Storage, CB Leading Index m/m, HPI m/m, Final GDP Price Index q/q, Philly Fed Manufacturing Index, Unemployment Claims, and Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1930.
Strong Resistance: 1.1923.
Original Resistance: 1.1912.
Inner Sell Area: 1.1901.
Target Inner Area: 1.1873.
Inner Buy Area: 1.1845.
Original Support: 1.1834.
Strong Support: 1.1823.
Breakout SELL Level: 1.1816.
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 GBP/USD for December 21, 2017
2017-12-21
The British pound against the Dollar is pulling back down towards 1.33 support after hitting resistance at 1.34-1.3450. Trend is mainly sideways while the longer-term picture remains unclear.
Red lines - resistance
Green line- support
The GBP/USD pair is trading again below the Ichimoku cloud. Price made another lower high yesterday above 1.34 but is still below last high of 1.3464. Bulls need to break above cloud and trend line resistance at 1.3410 and 1.3460. Support at 1.33 is crucial.
Black lines - long-term trend lines
Green line - support
The GBP/USD pair continues to respect both long-term trend lines. A break below 1.33 will push price towards 1.3150-1.32 where the upward sloping black trend line is found. A break above the downward sloping black trend line at 1.35 will push price towards 1.38-1.40.
Technical analysis of USD/JPY for December 21, 2017
2017-12-21
The USD/JPY pair as expected is breaking higher. I continue to expect that price will eventually reach 115 over the coming weeks. Trend here is bullish. I'm a buyer at pull backs.
Price has reversed higher off the 50% Fibonacci retracement in the Daily chart and is breaking above the Ichimoku cloud resistance. Trend is bullish. Daily support is at 113. Resistance is at 113.90.
The USD/JPY pair is respecting weekly cloud support. Price back tested the weekly Kumo (cloud) and is now bouncing higher above previous week's highs. Trend is clearly bullish and I expect 115 to be reached soon. My bullish view can only be canceled on a break below 111.50.
Short 21 December 2017, EUR/USD
Short 21 December 2017, EUR/USD
Technical Observation:
After a tremendous rise to the upper side, Eur is currently rallying within a falling channel formation. This is a flag formation and could signal an increase in the previous dominating up trend. If the price can breakout above the upper trend line, then this will be another good place to pick long position towards 1.22. As it is, I expect a decline in price towards the lower trend line and then a bounce to pick a long position. If the price breaks out below the lower trend line, then I expect a decline towards 1.1200.
Technical Levels
Resistance levels
R1: 1.1859
R2: 1.1943
R3: 1.2092
After a tremendous rise to the upper side, Eur is currently rallying within a falling channel formation. This is a flag formation and could signal an increase in the previous dominating up trend. If the price can breakout above the upper trend line, then this will be another good place to pick long position towards 1.22. As it is, I expect a decline in price towards the lower trend line and then a bounce to pick a long position. If the price breaks out below the lower trend line, then I expect a decline towards 1.1200.
Technical Levels
Resistance levels
R1: 1.1859
R2: 1.1943
R3: 1.2092
Pivot
1.1862
Support Levels
1.1862
Support Levels
S1: 1.1496
S2: 1.1645
S3: 1.171
Trade Signal
Sell now towards the lower trendlne
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