2018-02-27
Wave summary:
EUR/JPY remains lower in the wave (E) of the huge triangle, that has been developing since July 2008. This will keep pressuring EUR/JPY lower, ideally to 123.43 before this huge triangle consolidation finally comes to the end and a new impulsive rally higher can take hold.
In the short term, we are looking for resistance near 137.20 to cap the upside for renewed downside pressure towards at least 127.52 on the way lower to 123.43.
R3: 132.79
R2: 132.20
R1: 132.10
Pivot: 131.56
S1: 131.05
S2: 130.89
S3: 130.55
Elliott wave analysis of EUR/NZD for February 27, 2018
2018-02-27
Wave summary:
EUR/NZD has rallied nicely and is headed towards the first more substantial resistance near 1.7100. Once this resistance is cleared, the way higher to 1.7470 and 1.7777 is open.
Support is now seen at 1.6850, and the important support is seen at 1.6780.
R3: 1.7094
R2: 1.6990
R1: 1.6937
Pivot: 1.6887
S1: 1.6850
S2: 1.6780
S3: 1.6723
Trading recommendation:
We are long EUR from 1.6790, and we will move our stop higher to 1.6775.
Trading Plan for EUR/USD for February 27, 2018
2018-02-27
Technical outlook:
The EUR/USD wave (5) of a larger degree has been displayed here with labeled wave counts. As discussed earlier and seen here, the pair has already advanced or sub divided into 4 waves within the wave (5). The last leg might have already been completed at the 1.2550/60 levels, or would terminate towards 1.2600 and higher levels respectively. A price drop below 1.2205 level, which is interim support and also the wave 4 termination point, would confirm that a meaningful top is already in place and that the pair should be principally heading south. A medium term target would be the wave (4) termination point at 1.1550 levels approximately. Immediate resistance is seen through the 1.2550/1.2650 levels while support is around the 1.2205 levels respectively.
Trading plan;
Look to sell on rallies through the 1.2550/1.2600 levels.
Fundamental outlook:
Watch out for German Consumer Price Index at 0800 AM EST followed by USD Durable Goods orders, Mr Powell's testimony at 08.30 AM EST
Good luck!
Intraday technical levels and trading recommendations for EUR/USD for February 27, 2018
2018-02-27
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450 and recently above 1.2075.
Another bullish breakout above 1.2250 was expressed on the chart. This hinders the bearish momentum allowing bullish advancement to occur towards 1.2750 provided that the price level of 1.2250 remains defended by the bulls.
Daily Outlook
In September, bearish target for the depicted Head and Shoulders pattern was projected towards 1.1350. However, the market failed to apply significant bearish pressure against the mentioned zone (1.1415-1.1520).
Instead, In November, evident bullish recovery was manifested around the price zone of 1.1520-1.1415.
This hindered further bearish decline which allowed the current bullish momentum to occur towards the price level of 1.2100 which failed to pause the ongoing bullish momentum as well.
Daily persistence above 1.2470-1.2500 is needed to confirm the recent bullish flag continuation pattern with projected targets around the price level of 1.2750.
On the other hand, a recent bearish pullback is being expressed below the price level of 1.2450 thus expressing a double-top reversal pattern with projected target around 1.1990.
The current bearish pullback may extend towards 1.2070-1.1990 (reversal pattern projection targets) if bearish breakdown of the level of 1.2200 (the depicted uptrend line) is achieved on a daily basis.
Intraday technical levels and trading recommendations for NZD/USD for February 27, 2018
2018-02-27
Daily Outlook
In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, a further decline was expected towards 0.6800 (Reversal pattern bearish target).
Evident signs of bullish recovery were expressed around the depicted low (0.6780). An inverted Head and Shoulders pattern was expressed around these price levels.
The price zone of 0.7140-0.7250 (the prominent supply zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.
That's why, a quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry were expected.
On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390. Moreover, a double-top reversal pattern was found around the price zone (0.7320-0.7390).
This enhances the bearish scenario towards the price levels of 0.7230 - 0.7165 where bullish recovery should be expressed.
Trade Recommendations:
The current price zone (0.7320-0.7390) remains a significant supply zone to offer a vaid SELL entry.
Stop Loss should be set as a daily candlestick above 0.7380.
Bearish persistence below 0.7300 should be maintained to allow a further decline towards 0.7160 and 0.7090.
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