2018-10-12
All we need is a break above minor resistance at 130.50 to confirm that blue wave (2) has completed and blue wave (3) has taken over for a rally towards 138.10.
Short-term, we see support at 130.15 and the at 129.84. The later will ideally protect the downside, but only an unexpected break below support at 129.21 will keep the correction in blue wave (2) alive, but the potential downside should be very limited from here.
R3: 131.45
R2: 130.88
R1: 130.50
Pivot: 130.15
S1: 129.84
S2: 129.39
S3: 129.21
Trading recommendation:
We will buy a break above 130.50 and place our stop at 129.10.
Elliott wave analysis of EUR/NZD for October 12, 2018
2018-10-12
It's still unclear whether blue wave ii completed with the test of 1.7719 and blue wave iii higher to 1.8030 and 1.8369 is developing. Or a more complex correction is developing in blue wave ii.
The minor rally from 1.7719 to 1.7882 does look impulsive, it was just a bit shorter than we normally would expect. On the other hand, this is also the reason, why we are concerned as all options remain wide open.
A break above resistance at 1.7851 will favor the bullish view, while a break below 1.7734 will favor the a more complex correction unfolding.
R3: 1.8030
R2: 1.7960
R1: 1.7929
Pivot: 1.7851
S1: 1.7792
S2: 1.7774
S3: 1.7734
Trading recommendation:
We will buy a break above resistance at 1.7851 and place our stop at 1.7715
Technical analysis: Intraday levels for USD/JPY, Oct 12, 2018
2018-10-12
In Asia, Japan will release the Tertiary Industry Activity m/m and M2 Money Stock y/y. The US will provide a batch of economic reports such as Federal Budget Balance, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Import Prices m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 112.82
Resistance 2: 112.60
Resistance 1: 112.38
Support 1: 112.11
Support 2: 111.88
Support 3: 111.56
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, Oct 12, 2018
2018-10-12
When the European market opens, some economic data will be released such as Industrial Production m/m and German Final CPI m/m. The US will release a batch of economic reports too such as Federal Budget Balance, Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Import Prices m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1645
Strong Resistance: 1.1638
Original Resistance: 1.1627
Inner Sell Area: 1.1616
Target Inner Area: 1.1589
Inner Buy Area: 1.1562
Original Support: 1.1551
Strong Support: 1.1540
Breakout SELL Level: 1.1533
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 EUR/USD for October 12, 2018
2018-10-12
EUR/USD has rallied above 1.16 and is now trading right below it. Price has reversed to the upside just above our target area of 1.1420-1.14. Price has so far surpassed the 38% Fibonacci retracement of the decline. A pullback towards 1.1550 is probable before more upside at least towards 1.1670.
Short-term support is at 1.1550-1.1530. Resistance is at 1.1630 and next at 1.1670. Short-term trend is bullish. Price has made an important low at 1.1432. Breaking below this level is unlikely but if it happens we should expect prices to fall below 1.14 towards 1.13. Breaking above the 1.1670 resistance will open the way for a move above 1.18.
Technical analysis of Gold for October 12, 2018
2018-10-12
Gold price finally broke out above the trading range its been in for at least a month. This breakout is a bullish sign and we could see prices move higher towards $1,240-60 over the coming weeks.
Technical analysis of Gold for October 12, 2018
2018-10-12
Gold price finally broke out above the trading range its been in for at least a month. This breakout is a bullish sign and we could see prices move higher towards $1,240-60 over the coming weeks.
Red lines - trading range (broken)
Green lines - long-term bearish channel
Gold price has broken above the trading range. Support is now at previous resistance at $1,211. Next support is at $1,184. We could see a pull back towards $1,215-13 but the upside should continue next week. Our first target of $1,220 has been reached. Holding above $1,210 could ope the way for our next target at $1,240-50. Resistance is at yesterday's highs. Breaking this resistance level will increase the chances of reaching our second target area.
Green lines - long-term bearish channel
Gold price has broken above the trading range. Support is now at previous resistance at $1,211. Next support is at $1,184. We could see a pull back towards $1,215-13 but the upside should continue next week. Our first target of $1,220 has been reached. Holding above $1,210 could ope the way for our next target at $1,240-50. Resistance is at yesterday's highs. Breaking this resistance level will increase the chances of reaching our second target area.
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