2017-12-22
Our first upside target which we predicted in our previous analysis has been hit. USD/JPY is expected to continue its upside movement. the pair is off the high of 113.63 seen yesterday (December 21) and capped by the 20-period moving average. However, it has avoided breaching the key support at 113.20. Though the relative strength index is yet to recover the neutrality level of 50, it has broken above a declining trend line, showing a lack of tendency to decline further. As long as the key support at 112.80 remains intact, the pair still stands chances of revisiting 113.65 on the upside.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.80 with a target of 112.50.
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: 112.80, Take Profit: 113.65
Resistance levels: 113.65, 113.85 and 114.10 Support Levels: 112.50, 112.30, 112.00
Elliott wave analysis of EUR/JPY for December 22, 2017
2017-12-22
Wave summary:
With the break above 134.50, more upside pressure towards the "old" (D)-wave target at 137.37 is expected. That said, we have to remember that we are in the final stages of this (D)-wave rally from 109.54, so don't fall in love with the EUR at these lofty levels.
Support is seen at 133.84 (has been tested) and again at 133.57, which should protect the downside for the next rally higher. Below 133.57 will be of concern and indicate a possible bull-trap above 134.50.
R3: 136.05
R2: 135.75
R1: 134.90
Pivot: 134.40
S1: 133.84
S2: 133.57
S3: 133.24
Trading recommendation:
We bought EUR at 134.10 with stop placed at 133.40.
Elliott wave analysis of EUR/NZD for December 22, 2017
2017-12-22
Wave summary:
EUR/NZD continues to follow the expected path and with support at 1.6865 tested wave ii should be over soon for a break above minor resistance at 1.6940 for more upside pressure in wave iii towards at least 1.7375 on the way higher to the long-term target near 1.7777.
R3: 1.7064
R2: 1.6993
R1: 1.6940
Pivot: 1.6855
S1: 1.6822
S2: 1.6802
S3: 1.6780
Trading recommendation:
We are long EUR from 1.6873 with our stop placed at 1.6795.
Analysis of EXXON MOBIL 22.12.2017
Written by: PaxForex analytics dept - Friday, 22 December 2017
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero line.
The oscillator Force Index is above the zero line.
If the level of resistance is broken, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 84.20
• Take Profit Level: 85.50 (130 pips)
If the price rebound from resistance level, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 83.40
• Take Profit Level: 82.80 (60 pips)
Still short 22 December 2017, EUR/USD
Wave Analysis:
During the previous trading day, little movements was seen towards the lower side. We still expect further bearish momentum to the lower side with our first target still set at 1.1673 and the next target at 1.1120. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) to the lower side and may break below the last target set at 1.1120. On the contrary, should the price break above 1.1823, then we expect a possible bullish price movements but should not go beyond 1.1.2095, this upwards rally will be an extension of the impulsive wave (c) and should not break above 1.2095. This pair should be traded alongside EURHKD, EURSGD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Expect a possible bearish price rally towards 1.1120
The MACD histogram is above the zero line.
The oscillator Force Index is above the zero line.
If the level of resistance is broken, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 84.20
• Take Profit Level: 85.50 (130 pips)
If the price rebound from resistance level, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 83.40
• Take Profit Level: 82.80 (60 pips)
Still short 22 December 2017, EUR/USD
Wave Analysis:
During the previous trading day, little movements was seen towards the lower side. We still expect further bearish momentum to the lower side with our first target still set at 1.1673 and the next target at 1.1120. The anticipated bearish price rally is merely the continuation of the impulsive wave (c) to the lower side and may break below the last target set at 1.1120. On the contrary, should the price break above 1.1823, then we expect a possible bullish price movements but should not go beyond 1.1.2095, this upwards rally will be an extension of the impulsive wave (c) and should not break above 1.2095. This pair should be traded alongside EURHKD, EURSGD and GBPUSD. These pairs have a strong positive correlation and will move in the same direction.
Trade Recommendations:
Expect a possible bearish price rally towards 1.1120
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