2018-02-15
All our upside targets which we predicted in previous analysis have been hit precisely as we forecasted. NZD/USD is still trading on upside. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index advocates for a further upside.
To conclude, as long as 0.7335 is not broken, look for a new rise with targets at 0.7415 and 0.7450 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 show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7325, 0.7355, and 0.7385.
Support levels: 0.7225, 0.7200, and 0.7175.
Technical analysis of GBP/JPY for February 15, 2018
2018-02-15
Our first target which we predicted in the yesterday's analysis has been hit. GBP/JPY is expected to trade with bullish bias above 148.60. Although the pair posted a pullback from 150.80, it is still supported by a bullish trend line. A support base at 148.60 has formed and has allowed for a temporary stabilization. The relative strength index is above its neutrality level at 50.
Therefore, as long as 148.60 is not broken, look for a new upside with targets at 150.00 and 150.80 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended to be below 148.60 with the target at 150.00.
Strategy: BUY, Stop loss at 148.60, Take profit at 150.00
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 point, 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: 150.00, 150.80, and 151.50
Support levels: 147.95, 147.00, and 146.30.
Technical analysis of USD/CHF for February 15, 2018
2018-02-15
All our downside targets which we predicted in the yesterday's analysis have been hit. USD/CHF is expected to continue the downside movement. The pair is under pressure below the key resistance at 0.9325, which should limit the upside potential. Both declining 20-period and 50-period moving averages should push the prices lower. The relative strength index lacks upward momentum.
Hence, as long as 0.9325 holds on the upside, look for a new drop with targets at 0.9235 and 0.9200 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 point 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 at 0.9325, take profit at 0.9235.
Resistance levels: 0.9365, 0.9400, and 0.9440
Support levels: 0.9235, 0.9200, and 0.9160.
Technical analysis of USD/JPY for February 15, 2018
2018-02-15
Our first downside target which we predicted in the yesterday's analysis has been hit, and the price is moving towards the second target which we highlighted yesterday. The pair keeps breaching the lower Bollinger band while being capped by a declining trend line drawn from 107.90 (the high of yesterday, February 14). Extra resistance is exerted by the descending 20-period moving average, which stays below the 50-period one. Downward momentum is also evidenced by the badly-directed relative strength index, which has fallen into the 30s while capped by a declining trend line. Strong intraday bearishness persists, and the pair should proceed toward the first downside target at 106.15 before sinking further to 105.70. Key resistance is located at 107.20.
Alternatively, if the price moves in the opposite direction, a long position is recommended to be above 107.85 with a target of 108.20.
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 at 107.20, take profit at 106.15.
Resistance levels: 107.90, 108.50, and 108.85
Support levels: 106.15, 105.70, and 105.20.
Elliott wave analysis of EUR/JPY for February 15, 2018
2018-02-15
Wave summary
The corrective structure is turning more complex, but we continue to look for a spike into the 134.73 - 135.35 target area, before the next larger decline to 131.20 on the way lower to the ideal (E) wave target at 123.43.
In the short term, a break above the minor resistance at 133.39 confirms that the expected rally higher into the 134.73 - 135.35 area is developing.
R3: 134.17
R2: 133.79
R1: 133.39
Pivot: 132.45
S1: 131.60
S2: 131.20
S3: 130.56
Trading recommendation:
We will buy EUR here at 132.76 and place our stop at 131.50. Take profit will be placed at 134.50.
Elliott wave analysis of EUR/NZD for February 15, 2018
2018-02-15
Wave summary:
EUR/NZD has failed to rally, which could indicate a more complex correction is unfolding. If this is the case, the more downside pressure towards 1.6775 can not be excluded before the next impulsive rally higher.
In the short term, only a direct break above minor resistance at 1.6972 will ease the downside pressure and indicate that the correction in the wave ii could have completed for a rally towards 1.7479 and above.
R3: 1.7094
R2: 1.7000
R1: 1.6972
Pivot: 1.6850
S1: 1.6800
S2: 1.6775
S3: 1.6737
Trading recommendation:
Our stop at 1.6845 was hit for a loss of 132 pips. We will buy at 1.6790 or upon a break above 1.6972.
Trading Plan for EUR/USD and US Dollar Index for February 15, 2018
2018-02-15
Technical outlook:
The EUR/USD weekly chart has been displayed here with partial labeling for a bigger picture review. Please note that the pair is heading towards a major resistance zone as depicted here and we are watching for a bearish reversal around those levels 1.2600/2700 on the top side. Also note that a 10 year resistance trend line is passing through the above levels in convergence with a fibonacci resistance as well. Educational version for all posts is available on my channel. Looking at a smaller time frame, the EUR/USD pair is into its 5th wave now and is expected to terminate soon. Please remain aware of this bigger picture and be prepared to short big time, maybe towards the end of this month. Going long for short term rallies is also a good strategy.
Trading plan:
Please remain flat now and look for opportunities to go short.
US Dollar Index chart setups:
Technical outlook:
As in the EUR/USD, we present a bigger picture in the US Dollar Index as well, and hence the weekly chart view has been labeled here. The Index is seen to be into its last leg of drop that began from 103.80 levels last year in the month of January. The entire drop could be an indication of the beginning of a huge bearish reversal or, it could be a part of an expanded flat structure A-B-C as depicted here. In either of the cases, expect a meaningful rally from nearby levels. It is best to remain flat and await for this leg to complete before looking to enter buying the underlying instrument. As depicted here, the US Dollar Index is soon approaching a Major Support Zone very soon, probably, at the end of this month.
Trading plan:
Please remain flat and look to buy at lower levels.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
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