2018-01-02
Wave summary:
EUR/JPY continues to work its way higher towards the ideal target for wave (D) seen at 137.37. Minor support at 134.84 should now be able to protect the downside for the expected rally higher.
A break below minor support at 134.84 will indicate exhaustion of wave (D), while a break below support at 133.89 will confirm wave (D) has completed and wave (E) towards 123.43 is developing.
R3: 136.55
R2: 136.05
R1: 135.75
Pivot: 134.84
S1: 134.58
S2: 133.89
S3: 133.58
Trading recommendation:
We are long EUR from 134.10. We will move our stop higher from 134.10 to 134.75
Technical analysis of USD/JPY for Jan 02, 2018
2018-01-02
In Asia, Japan today will not release any economic data. The US will present some economic data such as Final Manufacturing PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 113.28.
Resistance 2: 113.06.
Resistance 1: 112.83.
Support 1: 112.56.
Support 2: 112.34.
Support 3: 112.12.
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.
Elliott wave analysis of EUR/NZD for January 2, 2018
2018-01-02
Wave summary:
The break above minor resistance at 1.6925 is not yet convincing, but a more firm break is expected soon for more upside pressure towards 1.7064 on the way higher to 1.7777.
Support is now seen at 1.6837, which is expected to protect the downside for the firm break above 1.6925.
R3: 1.7064
R2: 1.6993
R1: 1.6925
Pivot: 1.6876
S1: 1.6837
S2: 1.6800
S3: 1.6793
Trading recommendation:
We are EUR 1.6873 with stop placed at 1.6795.
Technical analysis of EUR/USD for Jan 02, 2018
2018-01-02
When the European market opens, a series of economic data will be released such as Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will present Final Manufacturing PMI later today. So amid the reports, the EUR/USD pair will move low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.2070.
Strong Resistance:1.2063.
Original Resistance: 1.2051.
Inner Sell Area: 1.2039.
Target Inner Area: 1.2011.
Inner Buy Area: 1.1983.
Original Support: 1.1971.
Strong Support: 1.1959.
Breakout SELL Level: 1.1952.
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 January 02, 2018
2018-01-02
NZD/USD is expected to trade with a bullish outlook. The pair is consolidating above its key support at 0.7080, which should limit the downside potential. The relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Hence, above 0.7080, look for a further rise with targets at 0.7150 and 0.7170 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: 0.7150, 0.7170, and 0.7200
Support levels: 0.7050, 0.7025, and 0.700
Technical analysis of GBP/JPY for January 02, 2018
2018-01-02
GBP/JPY is expected to trade with a bullish outlook. The intraday outlook remains bullish, as the pair bounced off its key horizontal support at 151.90, and is now heading upward towards 152.60. The intraday relative strength index is displaying strong bullish momentum. In addition, the 50-period moving average is heading upward, and calls for a new rise.
In these perspectives, as long as 151.90 is not broken, likely advance to 152.60 and 153.00 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.90 with the target at 151.20
Strategy: BUY, Stop Loss: 151.90, Take Profit: 152.60
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, 152.60, and 153.00
Support levels: 151.45, 151.20, and 151.00
Technical analysis of USD/CHF for January 02, 2018
2018-01-02
Our targets which we predicted in yesterday's analysis have been hit. The pair failed to break above its horizontal level at 0.97750, and is now under pressure. The process of lower highs and lows remains intact, which should confirm a negative outlook. In addition, the relative strength index is heading downward.
In which case, as long as 0.9775 is not surpassed, expect a new pullback to 0.9730 at first. A break below 0.9730 would trigger a drop towards 0.9700.
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: 0.9775, Take Profit: 0.9700
Resistance levels: 0.9810, 0.9840, and 0.9860
Support levels: 0.9700, 0.9670, and 0.9650
Technical analysis of USD/JPY for January 02, 2017
2018-01-02
USD/JPY is expected to trade with a bullish outlook. The pair posted a rebound from 112.45 and broke above its 20-period and 50-period moving averages. The relative strength index calls for a new upleg.
The U.S. dollar remained under pressure last Friday, with the ICE Dollar Index losing another 0.5% to 92.12, its lowest close since September. For the whole year of 2014, the Dollar Index shed 9.9%, its worst performance since 2003 when it lost 14.6%.
To conclude, as long as 112.50 is not broken, a further advance to 113.00 and even to 113.15 seems more likely to occur.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.50 with a target of 112.20.
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: 112.50, Take Profit: 113.00
Resistance levels: 113.00, 113.15 and 113.35 Support Levels: 112.20, 112.00, 111.70
Technical analysis of USD/CHF for January 02, 2018
2018-01-02
Overview:
The USD/CHF pair has broken support at the level of 0.9773 which acts as a resistance now. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9773 and 0.9724. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Hence, the price spot of 0.9773 remains a significant resistance zone. Consequently, there is a possibility that the USD/CHF pair will move downside. The structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9773, sell below 0.9773 with the first target at 0.9685. Besides, the weekly support 2 is seen at the level of 0.9685. However, traders should watch for any sign of a bullish rejection that occurs around 0.9773. The level of 0.9773 coincides with 23.6% of Fibonacci, which is expected to act as a major resistance today. Since the trend is below the 23.6% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.
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