2018-08-30
Was the corrective spike to 129.55 it? We do not think that this extremely small correction in regards to the rally from 124.89 to 130.28 even comes near fulfilling the requirements for wave ii/ being complete. So either an expanded flat or a running expanded flat is developing or a much more bullish rally is developing.
We slightly prefer the expanded flat, which calls for a new dip below 129.55 and ideally down to at least the 38.2% corrective target at 128.29. Or in the more rare case a running expanded flat is developing. In this case wave c/ of ii/ is not able to break back below 129.55, but will just take up more time to complete the correction in wave ii/. There is no question that impatient should be considered here, but a running expanded flat is rare and we will look for a regular expanded flat as our first option.
Only a break above 131.15 will shift our preferred count in favor of the much more bullish alternate count.
R3: 131.38
R2: 131.15
R1: 130.85
Pivot: 130.30
S1: 129.89
S2: 129.55
S3: 129.18
Trading recommendation:
We sold EUR at 129.68 with our stop placed at 131.35. Upon a break below support at 130.29 we will move our stop lower to 130.90. We will take profit at 128.50.
Elliott wave analysis of EUR/NZD for August 30, 2018
2018-08-30
Finally short-term important resistance at 1.7484 gave away. This has opened up the upside for a continuation higher to 1.7820 on the way higher towards the next important target at 1.8369.
The break above resistance at 1.7484 also completes the huge S/H/S bottom that has been building over the last three years. The ideal target for this huge bottom-formation is seen near 2.0000 so there is still a lot of upside to cover here.
R3: 1.7820
R2: 1.7714
R1: 1.7668
Pivot: 1.7484
S1: 1.7435
S2: 1.7398
S3: 1.7371
Trading recommendation:
We remain long EUR from 1.7330 and will move our stop higher to 1.7410.
Technical analysis of Gold for August 30, 2018
2018-08-30
Gold price did not manage to break above $1,210 yesterday and has pulled back towards the short-term trend line support. Gold could see a new higher high towards $1,220 this week. If Gold however breaks back below $1,200, we could see it pull back towards $1,190-$1,180 area.
Red line - support trend lineGreen rectangle- major support
Short-term support is at $1,200 where are currently. Short-term resistance is at $1,208 and a break above it could push Gold towards $1,220. A break below $1,200 will push Gold towards the green rectangle support area.
Technical analysis of EUR/USD for August 30, 2018
2018-08-30
EUR/USD remains in a bullish up trend. Price pulled back towards trend line support at 1.1650-1.1660 and bounced towards recent highs. EUR/USD is showing bearish divergence signs. A new higher high is not to be ruled out.
Blue line - trend line supportRed line - expectation
EUR/USD could produce a new higher high above 1.1730 but I will be expecting to see a full scale reversal as the bearish divergence signs suggest. I would then expect EUR/USD to fall towards the 1.1550-1.16 area before resuming higher. I'm a seller of EUR/USD from current levels and higher.
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