2018-04-23
The pair has plummeted strong during last week and the bearish tone was the main topic in the price action across the board. At H1 chart, we're seeing a consolidation below the 200 SMA, while the Cable is finding support around 1.4205. If such level gives up in favors of the bears, then the next target would be the 1.4061 zone.
H1 chart's resistance levels: 1.4283 / 1.4386
H1 chart's support levels: 1.4205 / 1.4061Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4004, take profit is at 1.3945 and stop loss is at 1.4064.
Elliott wave analysis of EUR/JPY for April 23, 2018
2018-04-23
EUR/JPY has failed to rally into the 133.54 – 133.68 area and is already testing short-term important support at 132.08. If this support is broken, then we can say wave B has completed and wave C of (E) lower to at least 124.94 should be expected.
As long as support at 132.08 is able to protect the downside we could see a final spike higher, but time is clearly running out for this outcome.
R3: 132.98
R2: 132.64
R1: 132.45
Pivot: 132.06
S1: 131.75
S2: 131.35
S3: 130.83
Trading recommendation:
We will sell a break below 132.08.
Elliott wave analysis of EUR/NZD for April 23, 2018
2018-04-23
We are looking for a more firm test of resistance at 1.7145 from where a correction closer to 1.6856 is expected. This corrective decline should completethe wave ii and set the stage for a new strong rally closer to 1.7479 and above.
R3: 1.7162
R2: 1.7145
R1: 1.7050
Pivot: 1.6990
S1: 1.6958
S2: 1.6900
S3: 1.6856
Trading recommendation:
We are looking for a selling opportunity at 1.7140.
Intraday technical levels and trading recommendations for EUR/USD for April 23, 2018
2018-04-23
Daily Outlook
The EUR/USD pair remains trapped between the price levels of 1.2200 and 1.2500 until breakout occurs in either directions.
Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.
However, significant signs of bearish reversal were manifested around the price levels of 1.2400.This was manifested in the bearish engulfing daily candlestick of April 20.
The short-term outlook turns to become bearish as long as the depicted uptrend remains broken to the downside.
The depicted Multiple-Top pattern needs bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Bearish Projection target would be located around 1.2070-1.1990.
Trade Recommendation:
Short-term traders can wait for a pullback towards (1.2315) to have a SELL trade. S/L should be placed just above Yesterday's high (1.2365). T/P levels to be located around 1.2195 and 1.2080.
NZD/USD Intraday technical levels and trading recommendations for for April 23, 2018
2018-04-23
In November 2017, evident signs of bullish recovery was 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 (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.
Moreover, a double-top reversal pattern followed by another lower High were expressed around the price zone (0.7320-0.7390) where a valid SELL entry was offered as expected.
In general, the NZD/USD pair remains trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurs.
The price zone of 0.7320-0.7390 stood as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during last week's consolidations.
Since April 13, significant bearish pressure has been applied. This probably turns the short-term outlook for the NZD/USD pair into bearish giving considerable significance to the multiple-top reversal pattern.
That's why, bearish breakdown of 0.7220-0.7170 (neckline zone) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.
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