2018-08-17
USD/CHF has been quite volatile and corrective recently which is heading towards the resistance area of 0.9980 with certain bullish pressure. CHF has been struggling recently with the economic reports, whereas USD has been performing better than expected which leads the bullish pressure to continue with certain squeeze on the upside.
Recently, CHF PPI report has been published with a decrease to 0.1% from the previous value of 0.2% which was expected to increase to 0.3%. The worse economic results did empower USD to gain good momentum over CHF, whereas ahead of the upcoming CHF Trade Balance report, certain volatility may remain in the market.
On the USD side, Retail Sales report has recently been published with an increase to 0.5% from the previous value of 0.2% which was expected to decrease to 0.1% and Core Retail Sales also has increased to 0.6% from the previous value of 0.2% which was expected to be at 0.3%. The positive economic results did provide the needed boost for the currency, whereas CHF was struggling to impress the market sentiment. Today, USD Prelim UoM Consumer Sentiment report is going to be published which is expected to increase to 98.1 from the previous figure of 97.9 and CB Leading Index is expected to decrease to 0.4% from the previous value of 0.5%.
As of the current scenario, ahead of the CHF Trade Balance next week, USD is expected to remain consistent with the gains having better economic results backing it. As USD manages to publish better reports, further gain on the bullish side is expected in this pair.
Now let us look at the technical view. The price is currently residing at the edge of the 0.9980 area from where a daily close above it is expected to inject further bullish momentum in the pair which is more likely as of the current price formation. As the price closes above 0.9980 with a daily close, further bullish momentum with target towards the 1.0050 area is expected. On the other hand, if the price fails to break above 0.9980, certain bearish pressure is expected which will continue the bullish squeeze further in the coming days.
SUPPORT: 0.9850
RESISTANCE: 0.9980, 1.0050
BIAS: BULLISH
MOMENTUM: VOLATILE
Elliott wave analysis of EUR/JPY for August 17, 2018
2018-08-17
We continue to look for wave c/ of iv/ moving closer to resistance near 127.94 before the final dip to just below 124.89 to complete the complex correction in wave ii, for a new impulsive rally to above 131.99.
That said, we also need to stress the possibility of wave v/ and ii having completed with the test of 124.89 and wave iii already developing. A break above resistance at 128.45 will confirm this count and instantly make this count the top count if seen.
R3: 127.52
R2: 127.06
R1: 126.61
Pivot: 1.2639
S1: 125.76
S2: 125.26
S3: 124.89
Trading recommendation:
We are long EUR from 126.25 with our stop placed at 124.50. We will take half profit at 127.40 and wait for a new EUR-buying opportunity at 125.15.
Elliott wave analysis of EUR/NZD for August 17, 2018
2018-08-17
Not really anything new to say here. We need a break above resistance at 1.7355 to confirm that red wave ii has completed and red wave iii to above 1.7484 is developing. The next important upside targets to look for is seen at 1.7924 and 1.8369.
Support is seen at 1.7247 and 1.7220.
R3: 1.7484
R2: 1.7417
R1: 1.7365
Pivot: 1.7299
S1: 1.7270
S2: 1.7243
S3: 1.7220
Trading recommendation:
We are long EUR from 1.7245 with our stop placed at 1.7215.
Technical analysis of Gold for August 17, 2018
2018-08-17
The Gold price gave us a reversal formation in the daily chart. The Gold price could have made a short-term bottom and we should expect the Gold price to bounce at least towards $1,190-$1,210 area. Gold bulls should feel more comfortable on a break above $1,183.
Black lines - downward sloping wedge pattern
The Gold price remains in a bearish trend below the Ichimoku cloud and inside the wedge pattern. The Gold price made a reversal pattern yesterday and with short-term resistance at $1,183, a break above it will open the way for a bounce towards $1,193 first or towards $1,205. The upper wedge boundary and the Ichimoku cloud is an important trend resistance. Support is at $1,160.
The Gold price remains in a bearish trend below the Ichimoku cloud and inside the wedge pattern. The Gold price made a reversal pattern yesterday and with short-term resistance at $1,183, a break above it will open the way for a bounce towards $1,193 first or towards $1,205. The upper wedge boundary and the Ichimoku cloud is an important trend resistance. Support is at $1,160.
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