2018-10-15
Short-term important resistance at 130.51 rejected Friday's attempt to break above this pivot point. The clear loss of downside momentum (positive divergence on the RSI) calls for a corrective low and a new impulsive rally soon. The only question is whether a final dip to 129.00 is needed or not? We do not think it's necessary and will be looking for a break above minor resistance at 129.75 as the first good indication that a new attempt to break above resistance at 130.51 is developing and above here will confirm the corrective low is in place for a rally towards 138.10.
R3: 130.92
R2: 130.51
R1: 130.27
Pivot: 129.75
S1: 129.30
S2: 129.00
S3: 128.75
Trading recommendation:
We will buy EUR at 129.10 or upon a break above 130.51. If our buy-order at 129.10 is filled, we will place our stop at 128.75.
Elliott wave analysis of EUR/NZD for October 15, 2018
2018-10-15
EUR/NZD has made a new corrective low at 1.7704, which indicates a more complex correction in blue wave ii is developing towards support at 1.7649 from where a new impulsive rally towards 1.8030 and 1.8369 is expected.
Only a break above 1.7842 will indicate that the correction in blue wave ii has completed and blue wave iii is developing.
R3: 1.7882
R2: 1.7841
R1: 1.7801
Pivot: 1.7780
S1: 1.7745
S2: 1.7704
S3: 1.7649
Trading recommendation:
We will buy EUR at 1.7655 or upon a break above 1.7841. We will place our stop at 1.7600.
Technical analysis of EUR/USD for October 15, 2018
2018-10-15
EUR/USD is showing reversal signs in the 4-hour chart. Price has reversed to the upside from 1.1432 and is now trading above short-term resistance (now support) at 1.1530.
Green dots - medium strength support
Dark green dots - maximum strength support
EUR/USD is bouncing relative to the decline from 1.1815 to 1.1432. So far we have seen one leg higher towards 1.16 and a pullback to back test the break out above the 1.1530. Support at 1.1530 is holding for now. I do not expect new lows below 1.14 as long as we trade above 1.1480. Resistance is found towards 1.1610. If broken, we should expect prices to continue higher towards at least 1.1670. A rejection and reversal at 1.1670 area would be a bearish sign. Continuing a rally above 1.1730 would increase the chances of breaking above 1.1815 as well.
Technical analysis of Gold for October 15, 2018
2018-10-15
Gold price remains in a short-term bullish trend. After the break out above the trading range its been in for the last couple of months, Gold price consolidated above $1,215 and is now trying to break to new short-term highs.
Dark green dots - maximum strength support
EUR/USD is bouncing relative to the decline from 1.1815 to 1.1432. So far we have seen one leg higher towards 1.16 and a pullback to back test the break out above the 1.1530. Support at 1.1530 is holding for now. I do not expect new lows below 1.14 as long as we trade above 1.1480. Resistance is found towards 1.1610. If broken, we should expect prices to continue higher towards at least 1.1670. A rejection and reversal at 1.1670 area would be a bearish sign. Continuing a rally above 1.1730 would increase the chances of breaking above 1.1815 as well.
Technical analysis of Gold for October 15, 2018
2018-10-15
Gold price remains in a short-term bullish trend. After the break out above the trading range its been in for the last couple of months, Gold price consolidated above $1,215 and is now trying to break to new short-term highs.
Green lines - long-term bearish channel
Red lines - trading range
Blue lines - projected target of equal legs
Gold price should at least reach $1,240. This is our minimum target in order for this second leg higher to be equal to the first one. Support remains at $1,211-12 the break out level. Bulls do not want to see prices fall below that level. Resistance is at $1,226.30 last weeks highs and a break above it is expected this week.
Red lines - trading range
Blue lines - projected target of equal legs
Gold price should at least reach $1,240. This is our minimum target in order for this second leg higher to be equal to the first one. Support remains at $1,211-12 the break out level. Bulls do not want to see prices fall below that level. Resistance is at $1,226.30 last weeks highs and a break above it is expected this week.
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