2017-12-28
Wave summary:
EUR/JPY has seen a new high above 134.88 and more upside will remain expected as long as support at 134.17 is able to support EUR/JPY. The break above resistance seen at 134.50 calls for a possible move higher to 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43.
A direct break below 134.17 will indicate a top already is in place and the break above 134.50 was a bull-trap.
R3: 136.05
R2: 135.75
R1: 134.97
Pivot: 134.17
S1: 133.84
S2: 133.62
S3: 133.12
Trading recommendation:
We are long EUR from 134.10 and we will move our stop+revers higher to 134.10.
Elliott wave analysis of EUR/NZD for December 28, 2017
2017-12-28
Wave summary:
EUR/NZD likely bottomed with the test of 1.6800 and we are now looking for a break above minor resistance at 1.6876 and more importantly a break above resistance at 1.6927 to confirm wave ii has completed and wave iii is developing for a rally towards 1.7777.
At no point can a break below important support at 1.6744 be allowed under this count.
R3: 1.7064
R2: 1.6993
R1: 1.6927
Pivot: 1.6876
S1: 1.6800
S2: 1.6780
S3: 1.6744
Trading recommendation:
We are long EUR from 1.6873 with stop placed at 1.6795.
Technical analysis of NZD/USD for December 28, 2017
2017-12-28
Our first upside target which we predicted in Yesterday's analysis has been hit. NZD/USD is still expected to continue its upside movement. The pair remains bullish above its key support at 0.7050 and is likely to challenge the next resistance at 0.7115. The rising 50-period moving average maintains the strong buying pressure on the prices. In addition, the relative strength index is above its neutrality area at 50.
In which case, as long as 0.7050 holds on the downside, look for further advance to 0.7115 and 0.7135 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 28, 2017
2017-12-28
All our targets which we predicted in Yesterday's analysis have been hit. The pair managed to hold above its horizontal support at 151.20, and is likely to challenge the next resistance at 0.8895. A bullish breakout of this threshold seems more likely to occur, as both the 20-period and 50-period moving averages are turning up, and should confirm a positive outlook. The relative strength index calls for a new rise.
Hence, above 151.20, look for 152.10 and 152.35 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.20 with the target at 150.70
Strategy: BUY, Stop Loss: 151.20, Take Profit: 152.10
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: 152.10, 152.35, and 152.70
Support levels: 151.00, 150.75, and 150
Technical analysis of USD/CHF for December 28, 2017
2017-12-28
USD/CHF is expected to trade with a bearish outlook. The pair is clearly reversing down, capped by its falling 20-period and 50-period moving averages. The recent bearish breakout of a key horizontal level at 0.9885 should open the downside path toward 0.9810. Last but not least, the relative strength index is badly directed and calls for a new pullback.
To conclude, as long as 0.9875 isn't surpassed, look for further downsides to 0.9810 and 0.9795 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: SELL, Stop Loss: 0.9875, Take Profit: 0.9810
Resistance levels: 0.9900, 0.9915, and 0.9935
Support levels: 0.9810, 0.9795, and 0.9750
Technical analysis of USD/JPY for December 28, 2017
2017-12-28
Our first downside target which we predicted in yesterday's analysis has been hit. The pair is under pressure below the key resistance at 113.40. The relative strength index is below its neutrality level at 50 and lacks upward momentum. To conclude, as long as 113.40 isn't surpassed, look for a further drop to 112.40. A break below of this level would trigger another decline to 112.05.
Alternatively, if the price moves in the opposite direction, a long 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: 112.40
Resistance levels: 113.65, 113.85 and 114.10 Support Levels: 112.40, 112.05, 111.70
Long Eur towards 1.2460
28 December 2017, EUR/USD
Technical Observation:
Almost two months ago, Eur was successfully supported by the weekly support zone 1.1456-1.1517. Since then Eur has been in a constant up trend and is still showing signs of rising even higher. I went long based on yesterday's forecast and is still holding on to this position. My expectations is that Eur should spike even higher towards the monthly resistance line 1.2480. As it is on the weekly chart above, a long position looks more ideal and can be advised. On the way upwards, the key lines to look for include 1.1995, 1.2005 and 1.2320, if these lines are breached, then a rise towards 1.2480 is expected.
Almost two months ago, Eur was successfully supported by the weekly support zone 1.1456-1.1517. Since then Eur has been in a constant up trend and is still showing signs of rising even higher. I went long based on yesterday's forecast and is still holding on to this position. My expectations is that Eur should spike even higher towards the monthly resistance line 1.2480. As it is on the weekly chart above, a long position looks more ideal and can be advised. On the way upwards, the key lines to look for include 1.1995, 1.2005 and 1.2320, if these lines are breached, then a rise towards 1.2480 is expected.
Technical Levels
Resistance levels
R1: 1.1931
R2: 1.1999
R3: 1.2163
Pivot
1.1834
Support Levels
S1: 1.1505
S2: 1.167
S3: 1.1766
Trade Signal
Long Eur towards 1.2460
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