2018-04-16
EUR/JPY peaked at 132.90, just above our ideal target at 132.82 and is now in a position to reinforce the underlying downtrend towards the long-term ideal target for wave (E) at 123.43.
A break below support at 131.75 will confirm wave B has peaked and wave C lower is developing.
R3: 133.39
R2: 132.89
R1: 133.66
Pivot: 132.15
S1: 131.84
S2: 131.35
S3: 130.64
Trading recommendation:
We took profit at 132.65 and booked a nice profit for 195 pips. At the same time we reversed our position to a sold EUR-position and is now short from 132.65. We have placed our stop at 132.95.
Elliott wave analysis of EUR/NZD for April 16, 2018
2018-04-16
EUR/NZD is following the expected path and is correcting. The minimum corrective target at 1.6793 has already been tested, but we expected a little more correction closer to the 1.6835 - 1.6860 area will be seen before lower again towards the ideal target near 1.6620.
The test of 1.6620 will ideally complete the corrective decline from 1.7162. That said it's possible that a larger correction is developing and if this is the case, a decline to 1.6220 should be expected before a more firm bottom is in place.
R3: 1.6860
R2: 1.6820
R1: 1.6793
Pivot: 1.6736
S1: 1.6676
S2: 1.6620
S3: 1.6580
Trading recommendation: We are looking for an EUR-selling opportunity at 1.6845.
Technical analysis: Intraday level for USD/JPY, April 16, 2018
2018-04-16
In Asia, Japan today will not release any Economic Data but the US will release some Economic Data such as TIC Long-Term Purchases, NAHB Housing Market Index, Business Inventories m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 107.97.
Resistance. 2: 107.76.
Resistance. 1: 107.55.
Support. 1: 107.28.
Support. 2: 107.07.
Support. 3: 106.86.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, April 16, 2018
2018-04-16
When the European market opens, the Economic Data will be released such as the German WPI m/m. The US will also release the Economic Data such as TIC Long-Term Purchases, NAHB Housing Market Index, Business Inventories m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.2391.
Strong Resistance:1.2384.
Original Resistance: 1.2372.
Inner Sell Area: 1.2360.
Target Inner Area: 1.2331.
Inner Buy Area: 1.2302.
Original Support: 1.2290.
Strong Support: 1.2278.
Breakout SELL Level: 1.2271.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis on Gold for April 16, 2018
2018-04-16
The Gold price continues to trade inside the $1,360-$1,300 range. The price is near the upper boundary and below resistance. There is a danger of seeing a push lower towards $1,300 as long as we remain below $1,350.
Magenta line - long-term resistance
Black line - short-term support
The Gold price is in a bullish trend as long as the price is above the Ichimoku cloud. However, the price remains in a sideways neutral trend for the last few weeks as the price is trapped between $1,365 and $1,300. Last weeks rejection and reversal at $1,365 was not a good sign. However, bulls have hopes of retesting this level as long as they remain above $1,340-33 area. Break this support and we go to $1,320-$1,300 area. Break above $1,350-65 area and we go to $1,400-$1,450.
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