2018-03-05
Wave summary:
As expected, we saw a final spike lower to 129.63 (the low was seen at 129.53), this should have completed the wave A, and now we are looking for the wave B towards at least 1.3290. In the short term, a break above the minor resistance at 130.74 will confirm that the wave A has completed and the wave B is developing for a rally towards 132.90 and maybe even closer to the 50% corrective target of the wave A at 133.78 or the 61.8% corrective target of the wave A at 1.3465.
R3: 130.74
R2: 130.53
R1: 130.23
Pivot:
129.90
S1: 129.76
S2: 129.53
S3: 129.25
Trading recommendation:
We bought EUR at 129.75 and placed our stop at 129.25.
Elliott wave analysis of EUR/NZD for March 5, 2018
2018-03-05
Wave summary:
We have finally seen the expected upside acceleration and EUR/NZD is currently testing resistance near 1.7102, This resistance might be able to cap the upside for a minor correction closer to 1.6965, but form there a new attempt is expected on the resistance at 1.7102, and this time it should prove successful for a continuation higher to 1.7470 and the way higher to 1.7777.
R3: 1.7222
R2: 1.7147
R1: 1.7102
Pivot: 1.7050
S1: 1.7025
S2: 1.6997
S3: 1.6965
Trading recommendation:
We are long EUR from 1.6790 and we will move our stop higher to 1.6850.
Fundamental Analysis of EUR/USD for March 5, 2018
2018-03-05
EUR/USD has been quite bearish today after rejecting off the 1.2350 price area after the recent impulsive bullish pressure off the 1.2150 area. Ahead of the Rate Hike by the US Fed this month, EUR/USD has been quite indecisive whereas EUR is recognized to be the leading currency for the moment. Today, Spanish Services PMI report is going to be published which is expected to have a slight decrease to 56.5 from the previous figure of 56.9, Italian Services PMI is expected to decrease to 57.3 from the previous figure of 57.7, French Final Services PMI is expected to be unchanged at 57.9, and German Final Services PMI is also expected to be unchanged at 55.3. Moreover, eurozone's Final Services PMI is expected to be unchanged at 56.7, Sentix Investor Confidence is expected to decrease to 31.1 from the previous figure of 31.9, and Retail Sales are expected to increase to 0.3% from the previous negative value of -1.1%. On the other hand, today US Final Services PMI report is expected to be unchanged at 55.9, ISM Non-Manufacturing PMI is expected to decrease to 58.9 from the previous figure of 59.9, and FOMC Member Quarles is going to speak today about the US funds rate which is likely to increase this month. As for the current scenario, ahead of the upcoming Non-Farm Employment Change, Average Hourly Earnings and Interest Rate hike, USD is expected to gain further momentum against EUR whereas EUR is expected to struggle for gains amid soft economic reports in the coming days.
Now let us look at the technical view. The price is set to breach below 1.23 price area with a daily close which may lead to further bearish pressure towards 1.2000-50 support area in the coming days. The bears are still quite strong in the market. So, the bearish pressure may continue further until the price remains below 1.2350 with a daily close.
Technical analysis of EUR/USD for March 05, 2018
2018-03-05
Overview:
The EUR/USD pair.
The market showed signs of instability because it was trading in a narrow sideways channel a week ago. Amid the previous events, the price is still moving between the levels of 1.2259 and 1.2373. Also, the daily resistance and support are seen at the levels of 1.2408 and 1.2442, respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last week, the market moved from its bottom at 1.2260 and continued to rise towards the top of 1.2352. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.2404, the market will indicate a bearish opportunity below the strong resistance level of 1.2404. Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.2404 with the first target at 1.2295. If the trend breaks the support level of 1.2295, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2260 in order to test the double bottom again.
Technical analysis of GBP/USD for March 05, 2018
2018-03-05
Overview:
The GBP/USD pair opened below the daily pivot point (1.3813). It continued to move downwards from the level of 1.3813 to the bottom around 1.3765. Today, the first resistance level is seen at 1.3813 followed by 1.3876, while the daily support 1 is seen at 1.3711. Furthermore, the moving average (100) starts signaling a downward trend; for that the market is indicating a bearish opportunity below the area of 1.3813/1.3760. So it will be good to sell at 1.3813 or 1.3760 with the first target of 1.3711. It will also call for a downtrend in order to continue towards 1.3650. The strong daily support is seen at the 1.3650 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the GBP/USD pair to trade between 1.3813 and 1.3650 in coming days. The price spot of 1.3813 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3813 is not broken. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3776, then a stop loss should be placed at 1.3803.
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