2018-01-25
Wave summary:
EUR/NZD spiked lower to 1.6630 before completing the correction from 1.6937, however, the strong rally from the 1.6630 low is a clear indication that the wave ii is now complete and the wave iii higher to at least 1.7360 is developing on the way higher to 1.7777.
A clear break above the mark of 1.6937 will call for 1.7064, that might hold for a minor set-back to 1.6810 getting significantly higher towards 1.7360 again
R3: 1.7064
R2: 1.7026
R1: 1.6937
Pivot: 1.6800
S1: 1.6740
S2: 1.6684
S3: 1.6630
Trading recommendation:
We are long EUR from 1.6695 and we will move our stop higher to 1.6620.
NZD/USD approaching major support, prepare to buy
2018-01-25
Price is approaching major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (34) sees a long term ascending support line, which since November 2017 has been holding up our bullish momentum really well.
Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Gold testing major resistance, prepare for a drop
2018-01-25
Price is now testing major resistance at 1360 (ABC Fibonacci extension, bearish price action, bearish harmonic formation) and a strong reversal could occur at this level to push price down to at least 1345 support (Fibonacci retracement, horizontal pullback support).Stochastic (34,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.
Sell below 1360. Stop loss at 1366. Take profit at 1345.
Technical analysis of USD/JPY for Jan 25, 2018
2018-01-25
In Asia, Japan today will not release any economic data. However, the US will release a series of economic reports such as Natural Gas Storage, CB Leading Index m/m, New Home Sales, Prelim Wholesale Inventories m/m, Goods Trade Balance, and Unemployment Claims. 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: 109.69.
Resistance 2: 109.48.
Resistance 1: 109.26.
Support 1: 109.00.
Support 2: 108.79.
Support 3: 108.57.
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 Jan 25, 2018
2018-01-25
When the European market opens, some economic data will be released such as Belgian NBB Business Climate, Minimum Bid Rate, German Ifo Business Climate, Spanish Unemployment Rate, and German GfK Consumer Climate. The US will also release a batch of economic data such as Natural Gas Storage, CB Leading Index m/m, New Home Sales, Prelim Wholesale Inventories m/m, Goods Trade Balance, and Unemployment Claims. So amid the reports, EUR/USD will move with medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.2457.
Strong Resistance:1.2450.
Original Resistance: 1.2438.
Inner Sell Area: 1.2426.
Target Inner Area: 1.2397.
Inner Buy Area: 1.2368.
Original Support: 1.2356.
Strong Support: 1.2344.
Breakout SELL Level: 1.2337.
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 USD/CHF for January 25, 2018
2018-01-25
Overview:
The USD/CHF pair has dropped sharply from the level of 0.9507 towards 0.9400. Now, the price is set at 0.9420 to act as a daily pivot point. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9507 and 0.9334 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9507 and 0.9593. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9507. Thereupon, the price spot of 0.9507/0.9593 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9507, sell below 0.9507 or 0.9450 with the first targets at 0.9334 and 0.9247. However, the stop loss should be located above the level of 0.9593.
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