2018-09-20
In Asia, Japan today will not release any economic data. However, the US will provide some economic reports such as Natural Gas Storage, Existing Home Sales, CB Leading Index m/m, Unemployment Claims, and Philly Fed Manufacturing Index. So there is a probability the USD/JPY pair will trade with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 112.79.
Resistance. 2: 112.57.
Resistance. 1: 112.35.
Support. 1: 112.07.
Support. 2: 111.85.
Support. 3: 111.63.
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 levels for EUR/USD, Sept 20, 2018
2018-09-20
When the European market opens, some economic data will be released such as Consumer Confidence and Spanish 10-y Bond Auction. The US is also due to release a series of economic data too such as Natural Gas Storage, Existing Home Sales, CB Leading Index m/m, Unemployment Claims, and Philly Fed Manufacturing Index. So amid the reports, EUR/USD will trade with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1730.
Strong Resistance:1.1723.
Original Resistance: 1.1712.
Inner Sell Area: 1.1701.
Target Inner Area: 1.1673.
Inner Buy Area: 1.1645.
Original Support: 1.1634.
Strong Support: 1.1623.
Breakout SELL Level: 1.1616.
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.
Elliott wave analysis of EUR/JPY for September 20, 2018
2018-09-20
The rally higher towards 131.99 and above has stalled for now. We expect that a short-term consolidation is needed before the next push higher towards 131.99. That said, we do see a second option, which calls for a slightly deeper correction towards 130.09 before the next push higher sets in.
We do prefer the first option for a direct rally after a minor sideways consolidation, but we will remain open minded if the second option proves itself to the correction scenario.
R3: 131.99
R2: 131.50
R1: 131.11
Pivot: 130.85
S1: 130.66
S2: 130.28
S3: 130.02
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 130.25. If you are not long EUR yet. then consider buying EUR near 130.09 or upon a break above 131.68 and use the same stop at 130.25.
Elliott wave analysis of EUR/NZD for September 20, 2018
2018-09-20
The sudden acceleration lower is a bit of a concern, but as long as support at 1.7550 is able to protect the downside, we will continue to look for more upside pressure towards 1.8030 and higher.
If, however support at 1.7550 is broken then we might need to reconsider our short- to medium count, as it opens for the possibility of the rally from 1.6534 as being part of a larger and more complex correction. We really do not likely this option, but can not reject this possibility just yet.
R3: 1.7680
R2: 1.7628
R1: 1.7596
Pivot: 1.7550
S1: 1.7497
S2: 1.7443
S3: 1.7371
Trading recommendation:
We bought EUR at 1.7615 and we will place our stop at 1.7515. If you are not long EUR yet, then buy a break above minor resistance at 1.7679 and start by using the same stop at 1.7515.
Technical analysis of Gold for September 20, 2018
2018-09-20
Gold prices remains below resistance at $1,210 and inside the bearish channel. I believe the most probable outcome will be a break below $1,200-$1,195 short-term support for a move to new lows. Gold's bounce from August lows looks more corrective than impulsive.
Green lines - bearish channel
Red line - short-term resistance
Dark green line - short-term support
Short-term resistance is at $1,210 and short-term support at $1,200-$1,198. Price has bounced off August lows but is mainly moving sideways after topping at the end of August. A break above $1,210 will be a very positive sign and could push prices higher towards $1,220-30 area where the next longer-term resistance is found. On the other hand if prices break below the short-term support, we should expect to test $1,180. If this level is broken, I expect Gold to move lower towards $1,140.
Technical analysis of EUR/USD for September 20, 2018
2018-09-20
EUR/USD is below very important long-term resistance. If EUR/USD manages to break and hold above 1.17-1.1730 area, we should expect a big upward move to unfold over the coming weeks towards 1.19-1.21. A rejection however and a break below 1.1620 will be a very bearish sign.
Red line - short-term resistance
Dark green line - short-term support
Short-term resistance is at $1,210 and short-term support at $1,200-$1,198. Price has bounced off August lows but is mainly moving sideways after topping at the end of August. A break above $1,210 will be a very positive sign and could push prices higher towards $1,220-30 area where the next longer-term resistance is found. On the other hand if prices break below the short-term support, we should expect to test $1,180. If this level is broken, I expect Gold to move lower towards $1,140.
Technical analysis of EUR/USD for September 20, 2018
2018-09-20
EUR/USD is below very important long-term resistance. If EUR/USD manages to break and hold above 1.17-1.1730 area, we should expect a big upward move to unfold over the coming weeks towards 1.19-1.21. A rejection however and a break below 1.1620 will be a very bearish sign.
Red line - long-term resistance
Blue line - long-term support
Green line - short-term support
EUR/USD has managed to reach the red trend line resistance more than once but each time prices got rejected. This is a bearish sign. However all pull backs have managed to stay above the short-term support green trend line at 1.1660. A break below this level will most probably open the way for a move towards the blue trend line support at 1.1520. If that level is lost as well we should expect EUR/USD to move towards 1.13-1.14. On the other hand, if the price breaks and stays above the red trend line, I expect a move towards at least 1.19.
Blue line - long-term support
Green line - short-term support
EUR/USD has managed to reach the red trend line resistance more than once but each time prices got rejected. This is a bearish sign. However all pull backs have managed to stay above the short-term support green trend line at 1.1660. A break below this level will most probably open the way for a move towards the blue trend line support at 1.1520. If that level is lost as well we should expect EUR/USD to move towards 1.13-1.14. On the other hand, if the price breaks and stays above the red trend line, I expect a move towards at least 1.19.
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