2018-06-20
Wave i/ extended higher to a peak at 1.6831 before letting wave ii take over for a correction lower to at least the low of wave four of one lesser degree at 1.6671. This is very close to the 61.8% corrective target of wave i/ seen at 1.6667. Once this correction is complete near the 1.6667 - 1.6671 area, we will be looking for wave iii/ higher to at least 1.7086.
Short-term, we expect minor resistance at 1.6766 to be able to cap the upside for the decline into the 1.6667 - 1.6671 area to complete wave ii/.
R3: 1.6830
R2: 1.68.12
R1: 1.6788
Pivot: 1.6766
S1: 1.6729
S2: 1.6700
S3: 1.6680
Trading recommendation:
We are short EUR from 1.6772 and we will move our stop +revers lower to 1.6815. We will take profit and buy EUR at 1.6680.
EUR/JPY Bounced Off Support, Prepare For Further Rise!
2018-06-20
EUR/JPY bounced nicely off its support at 126.86 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect the price to rise to its resistance at 128.48 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) bounced off its support at 2.8% where a corresponding rise is expected.
Buy above 126.86. Stop loss at 125.90. Take profit at 128.48.
Technical analysis on Gold for June 20, 2018
2018-06-20
Gold price remains inside the downward sloping wedge pattern. Gold price remains in a bearish trend. Gold bulls need to break above $1,300 for a confirmed break out and for a bounce at least towards $1,330-40.
Red line - resistance
Blue line - support
Yellow line - bullish RSI divergence
Gold price is in an attractive for buying area. Gold price potential is to the upside and not to the downside. Despite the new lows yesterday the RSI did not confirm this new low. Gold price in the short-term will at least move towards the red downward sloping trend line resistance. Support is at $1,270. Resistance is at $1,297-$1,300. A break above $1,300 will be a very bullish sign. A rejection at the $1,295-$1,300 level will open the way for a move towards $1,250-60.
Technical analysis on USD/JPY for June 20, 2018
2018-06-20
The USD/JPY pair has held support at 109.50 and bounced back above the 110 level. USD/JPY has broken the bullish channel and is now back testing the breakdown area of 110.40-110.20.
Blue lines - bullish channel
The USD/JPY pair bounced off the lower cloud boundary. Price reached the upper cloud boundary which is short-term resistance. Holding at least inside the cloud is in favor of the bulls. Bears need to break down below the cloud support at 110. A 4-hour close below 110 will be a bearish sign. I remain longer-term bearish about USD/JPY looking for at least a move to 108 if not lower.
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