2018-01-31
Wave summary:
We continue to look for more downside pressure, but we must accept a short-term spike closer to 135.48, before the renewed pressure should take EUR/JPY lower to 134.10 on the way to 131.11 and longer term down to the ideal wave (E) target at 123.43.
Only a break above 136.30 will question this count.
R3: 136.30
R2: 135.83
R1: 135.48
Pivot: 134.71
S1: 134.10
S2: 133.90
S3: 133.63
Trading recommendation:
We are short EUR from 134.75 with stop placed at 136.50
Elliott wave analysis of EUR/NZD for January 31, 2018
2018-01-31
Wave summary:
EUR/NZD continues to follow the expected path to perfection. We expect that a minor support at 1.6803 will be able to protect the downside for a new impulsive rally above 1.6973 confirming more upside pressure towards 1.7065 on the way higher to 1.7360 and 1.7479.
It will take an unexpected break below support at 1.6630 to invalidate our bullish count.
R3: 1.7065
R2: 1.6961
R1: 1.6925
Pivot.: 1.6880
S1: 1.6803
S2: 1.6766
S3: 1.6720
Trading recommendation:
We are long EUR from 1.6695 with stop placed at break-even.
Technical analysis of NZD/USD for January 31, 20182018-01-31
Overview:
The NZD/USD pair didn't make any significant movements yesterday. There are no changes to my technical outlook. The bias remains bullish in nearest term, testing 0.7557 or higher. The price is set at the pivot point of 0.7391 currently. On the daily chart, the NZD/USD pair continued moving upwards from the level of 0.7260 (golden ratio). The pair rose from the level of 0.7260 (weekly support) to the top around 0.7400. Today, the first support level is seen at 0.7260 followed by 0.7168, while daily resistance is seen at 0.7465. The weekly pivot point lies at the point of 0.7391. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7391 and 0.7465; for that we expect a range of 74 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7465, we should see the pair climbing towards the double top (0.7557) to test it. On the other hand, if a breakout takes place at the support level of 0.7260, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the price of 0.7168.
Technical analysis of USD/CHF for January 31, 2018
2018-01-31
Overview:
Pivot point: 0.9333.
The USD/CHF pair continues to trade downwards from the level of 0.9377 this week. The price of 0.9377 represents the first resistance on the H1 chart. The pair fell from the level of 0.9377 to the bottom around 0.9393. Today, the first resistance level is seen at 0.9377 followed by 0.9432, while daily support is seen at the levels of 0.9289 and 0.9230. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.9377 and 0.9230. Hence, we expect a range of 147 pips in the coming hours. The first resistance stands at 0.6790, for that if the USD/CHF pair fails to break through the resistance level of 0.9377, the market will decline further to 0.9289. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9230 in order to test the second support (0.9230). On the contrary, if a breakout takes place at the resistance level of 0.9432 (38.2% Fibonacci retracement), then this scenario may become invalidated.
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