2018-08-23
EUR/JPY still has not broken important short-term resistance at 128.48, but then it has not started to move strongly lower as we normally should expect at the completion of an expanded flat. Therefore we are shifting our preferred count in favor of wave C and II having completed with the test of 124.86 and wave III now in its infancy.
Under this count EUR/JPY should make a small downward correction towards 127.23 - 127.33 area in red wave iv and then move higher towards the 128.92 - 129.32 area in red wave v. This will complete black wave i/ and should set the stage for a corrective decline in wave ii/ towards the 125.76 - 126.44 area before the next impulsive rally higher.
That said, the possibility of a final dip closer to 124.62 remains possible, but time is running out fast.
R3: 128.92
R2: 128.48
R1: 128.24
Pivot: 127.93
S1: 127.72
S2: 127.50
S3: 127.33
Trading recommendation:
We are 50% long EUR from 126.26 with our stop placed at 126.84. We will take profit on the final 50% at 128.75.
Elliott wave analysis of EUR/NZD for August 23, 2018
2018-08-23
Nothing much to say here. The range-trading between 1.7211 to 1.7355 continues. We expect short-term important resistance at 1.7355 to be broken soon. A break above this resistance will open up the upside as red wave iii really starts to develop towards 1.7924 and 1.8369 as the next important upside targets.
That said, we need to accept the possibility of more sideways consolidation between 1.7196 and 1.7355 as long as short-term important resistance is not broken.
R3: 1.7484
R2: 1.7417
R1: 1.7355
Pivot: 1.7327
S1: 1.7281
S2: 1.7221
S3: 1.7196
Trading recommendation:
We will re-buy EUR at 1.7205 or upon a break above 1.7327 and place our stop at 1.7200.
Technical analysis: Intraday level for USD/JPY, Aug 23, 2018
2018-08-23
In Asia, Japan will release the Flash Manufacturing PMI data, and the US will release some Economic Data such as Natural Gas Storage, New Home Sales, Flash Services PMI, Flash Manufacturing PMI, HPI m/m, and Unemployment Claims. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 110.45.
Resistance. 2: 110.23.
Resistance. 1: 110.02.
Support. 1: 109.75.
Support. 2: 109.54.
Support. 3: 109.32.
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, Aug 23, 2018
2018-08-23
When the European market opens, some Economic Data will be released such as Consumer Confidence, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the Economic Data too, such as Natural Gas Storage, New home sales, Flash Services PMI, Flash Manufacturing PMI, HPI m/m, Unemployment Claims, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1644.
Strong Resistance:1.1637.
Original Resistance: 1.1626.
Inner Sell Area: 1.1615.
Target Inner Area: 1.1587.
Inner Buy Area: 1.1559.
Original Support: 1.1548.
Strong Support: 1.1537.
Breakout SELL Level: 1.1530.
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 of Gold for August 23, 2018
2018-08-23
The Gold price made a short-term spike above $1,200 but price soon after pulled back as expected towards $1,190. The price has broken out and below of the short-term bullish channel and is now pulling back. We cannot say confidently if a major low is in or this bounce was part of the larger decline that will eventually push us towards $1,140.
Green lines - bullish channel
Red lines - new bearish channel
The Gold price is pulling back down. The pice should reach at least the 38% Fibonacci retracement if not the 61.8% Fibonacci retracement. The fact that price remains below $1,200 increases the chances of the bearish scenario that this was only a short-term bounce. If the Gold price continues to make lower lows and lower highs and breaks below $1,174, we should expect $1,140 to be seen. Keep also an eye on the USD/CNY and how the negotiations for the trade talks between US and China proceed. More tariffs on Chinese products will increase the chances of a Yuan devaluation and thus Gold will move lower as it is very positively correlated to CNY.
Technical analysis of EUR/USD for August 23, 2018
2018-08-23
EUR/USD has broken above 1.16 yesterday giving hopes for a bigger reversal to the upside and a long-term low, but the price got rejected and pulled back below 1.16. We are now at key resistance area and a rejection here will imply that EUR/USD is going to see new 2018 lows.
Red lines - new bearish channel
The Gold price is pulling back down. The pice should reach at least the 38% Fibonacci retracement if not the 61.8% Fibonacci retracement. The fact that price remains below $1,200 increases the chances of the bearish scenario that this was only a short-term bounce. If the Gold price continues to make lower lows and lower highs and breaks below $1,174, we should expect $1,140 to be seen. Keep also an eye on the USD/CNY and how the negotiations for the trade talks between US and China proceed. More tariffs on Chinese products will increase the chances of a Yuan devaluation and thus Gold will move lower as it is very positively correlated to CNY.
Technical analysis of EUR/USD for August 23, 2018
2018-08-23
EUR/USD has broken above 1.16 yesterday giving hopes for a bigger reversal to the upside and a long-term low, but the price got rejected and pulled back below 1.16. We are now at key resistance area and a rejection here will imply that EUR/USD is going to see new 2018 lows.
Red lines - resistance trend lines
Black line - support
EUR/USD managed to push above the red downward sloping trend line coming from 1.24 but did not manage to close above it. The price has retaken the 1.15 level and this is a positive sign. However, as long as the price is below both red trend lines, we remain bearish looking for a move below 1.13. A break below 1.15 will increase the chances of this happening. If EUR/USD manages to break above 1.1650-1.1630 area we will turn neutral and slightly bullish EUR/USD.
Black line - support
EUR/USD managed to push above the red downward sloping trend line coming from 1.24 but did not manage to close above it. The price has retaken the 1.15 level and this is a positive sign. However, as long as the price is below both red trend lines, we remain bearish looking for a move below 1.13. A break below 1.15 will increase the chances of this happening. If EUR/USD manages to break above 1.1650-1.1630 area we will turn neutral and slightly bullish EUR/USD.
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