2017-12-27
Wave summary:
EUR/JPY has barely moved into a dull holiday Market. We continue to look for a final spike higher to 137.37 to complete wave (D) as long as minor support seen at 133.57 is able to protect the downside. From 137.37 or upon a direct break below 133.57 renewed downside pressure towards 131.14 is expected on the way towards the ideal (E)-wave target seen at 123.43.
R3: 136.05
R2: 135.75
R1: 134.90
Pivot: 134.40
S1: 133.84
S2: 133.62
S3: 133.24
Trading recommendation:
We are long EUR from 134.10 with stop+reverse at 133.55.
Elliott wave analysis of EUR/NZD for December 27, 2017
2017-12-27
Wave summary:
We are looking for a corrective low in wave ii soon. To confirm that wave ii has completed a break above minor resistance at 1.6927 is needed, which will call for a rally towards at least 1.7373 and possibly higher. The long-term target for this rally is seen near 1.7777.
R3: 1.7064
R2: 1.6993
R1: 1.6927
Pivot: 1.6855
S1: 1.6828
S2: 1.6802
S3: 1.6780
Trading recommendation:
We are long EUR from 1.6873 with stop placed at 1.6795.
Technical analysis of NZD/USD for December 27, 2017
2017-12-27
NZD/USD is expected to trade with bullish bias above 0.7010. The pair remains supported by its rising trend line and is likely to post a new rebound. Besides, a strong support base at 0.7010 has formed and should limit any downward attempts. Last but not least, the relative strength index is above its neutrality area at 50.
To sum up, as long as 0.7010 is not broken, likely advance to 0.7080 and 0.7100 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for 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: 0.7050, 0.7070, and 0.7100
Support levels: 0.6970, 0.6950, and 0.6920
Technical analysis of GBP/JPY for December 27, 2017
2017-12-27
GBP/JPY is expected to trade with a bullish outlook. The pair remains upside above the key support at 151.00. Besides, the 20-period moving average has moved up, and also has crossed above the 50-period one (a positive signal). Furthermore, the intraday relative strength index is above its neutrality area at 50 and is also displaying upside momentum.
Therefore, as long as 151.00 holds on the downside, look for a new target to 151.75 and 152.00 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.00 with the target at 150.75
Strategy: BUY, Stop Loss: 151.00, Take Profit: 151.75
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: 151.75, 152.00, and 152.45
Support levels: 150.75, 150.25, and 149.60
Technical analysis of USD/CHF for December 27, 2017
2017-12-27
USD/CHF is expected to trade with a bullish bias above 0.9875. The pair has reversed up, and is expected to challenge its next resistance at 0.9915 in the coming trading hours. The relative strength index is also bullish above its neutrality area at 50. Last but not least, the 50-perod moving average is still on the upside, which should confirm a positive outlook.
Hence, above 0.9875, look for a new rise to 0.9915 and 0.9935 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: 0.9875, Take Profit: 0.9915
Resistance levels: 0.9915, 0.9935, and 0.9975
Support levels: 0.9850, 0.9835, and 0.9800
Technical analysis of USD/JPY for December 27, 2017
2017-12-27
USD/JPY is under pressure. The pair is under pressure below its key resistance at 113.40, which should limit the upside potential. The relative strength index is below its neutrality level at 50. To conclude, as long as 113.40 is not surpassed, look for a return to 113.00. A break below of this level would trigger another drop to 112.65.
Alternatively, if the price moves in the opposite direction, a lomg position is recommended above 113.40 with a target of 113.65.
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: SELL, Stop Loss: 113.40, Take Profit: 113.00
Resistance levels: 113.65, 113.85 and 114.10 Support Levels: 113.00, 112.65, 112.30
Fundamental Analysis for EUR/JPY for December 27, 2017
2017-12-27
EUR/JPY is currently residing below the resistance area of 134.50 which is expected to push the price lower in the coming days. JPY has been quite positive with the recent economic reports which helped the currency to gain good momentum over EUR while most of the activities in EUR is currently on pause due to the observance of holidays. Today JPY Housing Starts report was published with a better value of -0.4% from the previous negative value of -4.8% which was expected to be at `-2.5%. Though the positive economic report today was not quite handy for the JPY to sustain the impulsive momentum it had yesterday. On the other hand, today we do not have any EUR economic reports to be published but tomorrow EUR Economic Bulletin is going to be held which is expected to have minimal impact on the gains of EUR against JPY and on Friday we have German Prelim CPI, Spanish Flash CPI and M3 Money Supply where the forecasts are quite mixed and do not provide any hint on upcoming strengthening of EUR. As of the current scenario, JPY is expected to gain momentum whether for a certain period until EUR starts to provide high impact economic reports with positive results after the New Year Holiday is over.
Now let us look at the technical view, the price is currently residing below the 134.50 resistance area which was expected to push the price lower in the coming days towards 131.50 area in the coming days. The price has recently pushed higher above the 134.50 area but could not sustain the gains leading to a result of False Break and as the price remains below the 135.00 resistance area, which is the highest peak of the false break, the bearish bias is expected to continue further.
Fundamental Analysis of USD/CAD for December 27, 2017
2017-12-27
USD/CAD is currently quite bearish, having 1.27 support level cleared with a daily close which opened the doors for the price to proceed much downward in the coming days. CAD has been quite positive with the gains recently despite a lack of any economic reports or events to support its recent gains, but it seems like the weakness of USD is the working factor in this case. USD has been quite weaker recently amid mixed economic reports which made the US currency lose ground against other rival currencies. Today, US CB Consumer Confidence report is going to be published which is expected to decrease to 128.2 from the previous figure of 129.5 and Pending Home Sales is expected to be negative at -0.4% from the previous value of 3.5%. The economic reports from the US are quite negatively forecasted. If that happens, then CAD is going to dominate further in the coming days until the US comes up with any positive economic reports or events to help it regain the momentum it has lost recently.
Now let us look at the technical chart. The price is currently hovering below the 1.2700 event level which held the price earlier. However, this time the price had a break with a daily close below the level which indicates that the price is going to proceed much lower towards 1.2450 in the coming days. As the price remains below 1.27 with a daily close, the bearish bias is expected to continue further.
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