2017-12-04
NZD/USD is under pressure. The pair posted a bearish gap this morning and also broke below its 20-period moving average. The key resistance at 0.6900 maintains the selling pressure on the prices. Besides, the relative strength index has just broken below its neutrality area at 50.
In conclusion, as long as 0.6900 holds on the upside, look for a new pullback to 0.6815 and 0.6790 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: 0.6930, 0.6945, and 0.6985
Support levels: 0.6815, 0.6790, and 0.6730
USD/CAD approaching major support, prepare to buy
2017-12-04
Price is approaching major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.
Buy above 1.2664. Stop loss at 1.2576. Take profit at 1.2844.
USD/JPY right on resistance once again, remain bearish
2017-12-04
Price has shot down and bounced up to our selling area once again. We look to sell on major resistance at 112.70 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 110.98 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a strong drop from.
Sell below 112.70. Stop loss at 113.41. Take profit at 110.98.
Technical analysis of GBP/JPY for December 04, 2017
2017-12-04
We will retain our previous analysis target. The pair posted a technical rebound and is now standing above its 50-period moving average. The relative strength index is turning up and calling for a new bounce. Last but not least, a strong support at 151.10 has formed, and should limit any downward attempts.
In these perspectives, as long as 151.10 is not broken, look for a new rise to 153.35, and then to 154 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.10 with the target at 149.90
Strategy: BUY, Stop Loss: 151.10, Take Profit: 153.35
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: 153.35, 154.00, and 154.60
Support levels: 149.90, 148.60, and 148
Technical analysis of USD/CHF for December 04, 20172017-12-04
USD/CHF is expected to trade with bullish outlook. The pair remains on the upside above its support at 0.9760. Even though a technical retreat cannot be ruled out at the current stage, its extent should be limited. The rising 50-period moving average should also play a strong support, and limit any downside room.
To sum up, as long as 0.9760 is not clearly surpassed, pair is likely climb to 0.9870 and 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: 0.9760, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9730, 0.9700, and 0.9655
Technical analysis of USD/JPY for December 04, 2017
2017-12-04
USD/JPY is expected to trade with bullish outlook. The pair bounced, producing a bullish gap at the open of Asian trading hours this morning. Currently, the pair remains on the upside and is not far away from 112.87, the high of last Friday (December 1). The relative strength index has entered the 60s, showing continued upward momentum for the pair.
As long as the key support at 112.10 is not breached, the intraday outlook remains bullish, and the pair should advance toward the first upside target at 113.25.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.10 with a target of 113.25.
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: 112.10, Take Profit: 113.25
Resistance levels: 113.25, 113.65 and 114.00 Support Levels: 111.70, 111.35, 111.00
Elliott wave analysis of EUR/JPY for December 4, 2017
2017-12-04
Wave summary:The pivot point at 134.50 is still holding firm keeping our preferred count alive. This count shows that wave (D) completed in late October with the test of 134.50 and wave (E) is developing. The (E) wave should ideally decline to 123.43 to complete the huge triangle consolidation that has been developing since July 2008.
If, however the pivot point at 134.50 is broken that will indicate that wave (D) is still developing and more upside closer to 137.37 should be expected, before wave (E) will be ready to take over.
R3: 136.07
R2: 135.27
R1: 134.50
Pivot: 133.55
S1: 133.33
S2: 132.90
S3: 132.62
Trading recommendation:
We sold EUR at 133.75 with stop placed at 134.55.
Elliott wave analysis of EUR/NZD for December 4, 2017
2017-12-04
Wave summary:
On Friday, we stated that the break above 1.7408 opened two possible scenarios. The first was that an expanded flat was developing and in this case resistance near 1.7458 should protect the upside. We saw a spike to 1.7479 before a strong decline was seen, and this favor this scenario developing, over the alternate count calling for a direct rally towards 1.7988.
Resistance at 1.7479 should now cap the upside for a break below support at 1.7279 for more downside pressure towards 1.7077 and 1.7035 in wave c of iv before turning higher in wave v towards 1.7988.
R3: 1.7582
R2: 1.7479
R1: 1.7410
Pivot: 1.7279
S1: 1.7210
S2: 1.7149
S3: 1.7077
Trading recommendation:
We sold EUR at 1.7450 with stop placed at 1.7485. We will place our take profit at 1.7050.
Analysis of USDCAD 4.12.2017
Monday, 04 December 2017
The price is below the moving average 20 MA and 200 MA, indicating the downward trend.
Average in the MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the price rebound from resistance level, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 1.2670
• Take Profit Level: 1.2460 (210 pips)
If the level of resistance is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.2850
• Take Profit Level: 1.2920 (70 pips)
GOLD
Possible short position in the breakdown of the level 1218
GBPUSD
Possible long position at the breakout of the level 1.3550
USDJPY
Possible long position at the breakout of the level 113.00
EURUSD
Possible short position in the breakdown of the level 1.1830
Average in the MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the price rebound from resistance level, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 1.2670
• Take Profit Level: 1.2460 (210 pips)
If the level of resistance is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.2850
• Take Profit Level: 1.2920 (70 pips)
GOLD
Possible short position in the breakdown of the level 1218
GBPUSD
Possible long position at the breakout of the level 1.3550
USDJPY
Possible long position at the breakout of the level 113.00
EURUSD
Possible short position in the breakdown of the level 1.1830
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