2018-04-09
EUR/JPY is following our expected path. We are currently seeing a sideways consolidation, which should complete soon for a final spike higher to at least 132.12 and likely even closer to resistance at 132.82. This should complete the sideways correction in wave B and set the stage for the next impulsive decline in wave C of (E) closer to the long-term target at 123.43.
R3: 132.43
R2: 132.12
R1: 131.75
Pivot: 131.06
S1: 130.85
S2: 130.36
S3: 129.98
Trading recommendation:
We are long EUR from 130.70 with stop placed at break-even. Our take profit+reverse is placed at 132.65.
Elliott wave analysis of EUR/NZD for April 9, 2018
2018-04-09
With a nice little spike to 1.6910, we will be looking for renewed downside pressure towards 1.6722 as the next minor downside target. After a minor consolidation, more downside pressure towards 1.6620 remains expected.
Ideally, resistance at 1.6910 should be able to cap the upside for now.
R3: 1.6958
R2: 1.6910
R1: 1.6886
Pivot: 1.6831
S1: 1.6797
S2: 1.6722
S3: 1.6650
Trading recommendation:
We sold EUR at 1.6900 and have placed our stop at 1.6925.
Technical analysis: Intraday level for USD/JPY, April 09, 2018
2018-04-09
In Asia, Japan will release the Economy Watchers Sentiment, Consumer Confidence, and Current Account data, but the US today will not release any Economic Data. So there is a probability the USD/JPY will move with a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 107.47.
Resistance. 2: 107.26.
Resistance. 1: 107.05.
Support. 1: 106.79.
Support. 2: 106.58.
Support. 3: 106.37.
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 09, 2018
2018-04-09
When the European market opens, some Economic Data will be released such as Sentix Investor Confidence and German Trade Balance. Today the US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.2332.
Strong Resistance:1.2325.
Original Resistance: 1.2313.
Inner Sell Area: 1.2301.
Target Inner Area: 1.2272.
Inner Buy Area: 1.2243.
Original Support: 1.2321.
Strong Support: 1.2219.
Breakout SELL Level: 1.2212.
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.
USD/CAD Approaching Its Support, Prepare For A Bounce
2018-04-09
The price bounced nicely off its major support at 1.2735 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where we see it rising to its resistance at 1.2938 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.2836 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) made a corresponding bounce off its support at 3.8%. We have also identified a bullish divergence with the price which contributes to our bullish bias.
Buy above 1.2735. Stop loss at 1.2681. Take profit at 1.2938.
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