2017-12-13
In Asia, Japan will release the Core Machinery Orders m/m data, and the US will release some Economic Data, such as Federal Funds Rate, Crude Oil Inventories, Core CPI m/m, and CPI m/m. So, there is a probability the USD/JPY will move with a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 114.04.
Resistance. 2: 113.81.
Resistance. 1: 113.59.
Support. 1: 113.33.
Support. 2: 113.10.
Support. 3: 112.88.
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 13, 2017
2017-12-13
When the European market opens, some Economic Data will be released, such as Industrial Production m/m, Employment Change q/q, Italian Industrial Production m/m, German WPI m/m, and German Final CPI m/m. The US will release the Economic Data, too, such as Federal Funds Rate, Crude Oil Inventories, Core CPI m/m, and CPI m/m, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1802.
Strong Resistance:1.1795.
Original Resistance: 1.1784.
Inner Sell Area: 1.1773.
Target Inner Area: 1.1745.
Inner Buy Area: 1.1717.
Original Support: 1.1706.
Strong Support: 1.1695.
Breakout SELL Level: 1.1688.
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 NZD/USD for December 13, 2017
2017-12-13
Our first target which we predicted in yesterday's analysis has been hit. NZD/USD is still expected to trade with bullish bias above 0.6920. Although the pair posted a pullback, a support base at 0.6920 has formed and has allowed for a temporary stabilization. The rising 50-period moving average is playing a support role. The relative strength index has landed on the neutrality level at 50 and is turning up.
Hence, as long as 0.6920 holds on the downside, look for a further upside with targets at 0.6995 and 0.7020 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is the 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: 0.6995, 0.7020, and 0.7040
Support levels: 0.6895, 0.6870, and 0.6835
Technical analysis of GBP/JPY for December 13, 2017
2017-12-13
Our first target which we predicted in yesterday's analysis has been hit. Despite the recent rebound, the pair is still capped by a declining 50-period moving average. The relative strength is below its neutrality level at 50. The upward potential is likely to be limited by the resistance at 151.75.
To conclude, as long as this key level holds on the upside, look for another drop with targets at 150.50 and 150.10 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 151.75 with the target at 152.35
Strategy: SELL, Stop Loss: 151.75, Take Profit: 150.50
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: 152.35, 152.85, and 153.15
Support levels: 150.50, 150.10, and 149.45
Technical analysis of USD/CHF for December 13, 20172017-12-13
We will retain our yesterday's outlook of USD/CHF. The pair recorded lower tops and lower bottoms, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index lacks upward momentum.
To sum up, below 0.9925, expect a new drop with targets at 0.9875 and 0.9855 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: 0.9925, Take Profit: 0.9875
Resistance levels: 0.9945, 0.9960, and 0.9995
Support levels: 0.9875, 0.9855, and 0.9850
Elliott wave analysis of EUR/JPY for December 13, 20172017-12-13
Wave summary:
With the break below minor support at 133.41, more downside pressure towards 132.21 and lower to strong support at 131.14 is expected. Short-term, minor resistance at 133.40 is expected to cap the upside for a break below minor support at 133.00 triggering the next decline towards 132.21 and below.
R3: 133.90
R2: 133.75
R1: 133.40
Pivot: 133.00
S1: 132.73
S2: 132.44
S3: 132.21
Trading recommendation:
We sold EUR at 133.40 with stop placed at 133.95.
Elliott wave analysis of EUR/NZD for December 13, 20172017-12-13
Wave summary:
EUR/NZD moved lower to 1.6922 and even broke through this support too. It could be a case of undershooting its target. If this is the case, then a break back above minor resistance at 1.6969 and more importantly a break above resistance at 1.7057 should be seen soon.
A failure to break back above minor resistance at 1.6969 will keep the downside pressure intact for a possible move lower to 1.6810.
R3: 1.7113
R2: 1.7057
R1: 1.6969
Pivot: 1.6942
S1: 1.6885
S2: 1.6810
S3: 1.6755
Trading recommendation:
We are short EUR from 1.7200. We will move our stop lower to 1.6975.
Technical analysis of gold for December 13, 20172017-12-13
Gold price remains in a bearish trend but yesterday we observed the bullish divergence in the RSI together with a candlestick reversal pattern. Price has the potential to rise to $1,260 today.
Red lines - bearish channelBlack lines - bullish divergence
Gold price has broken out of the bearish channel and is now back testing it. The RSI is warning bears that the downside momentum has weakened. The 4-hour candle pattern of a bullish hammer is usually a trustworthy reversal pattern. Resistance is at $1,247. Breaking above it will confirm the reversal pattern and push price towards cloud resistance at $1,255-60.
On a daily basis Gold price has also made a bullish hammer. With FOMC tonight we expect Gold price to be volatile. If price is near $1,260 before the FOMC, I would prefer to be neutral as we might see another leg down towards $1,220-$1,200.
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