2018-10-19
EUR/JPY has continued lower and is now hovering just above important support at 127.86. This support can not be broken, if our bullish count is to remain valid.
As important support at 127.86 remains untouched we stays cautiously bullish, but we need a break above resistance at 129.73 and more importantly above resistance at at 130.29 to confirm that a new impulsive rally is developing.
If important support at 127.86 is broken, we will have to review our bullish count from 124.59 as a break below this support, will indicate that wave E still is developing and has the potential to decline all the way towards 120.29.
R3: 130.29
R2: 129.73
R1: 129.45
Pivot: 129.12
S1: 128.91
S2: 128.54
S3: 128.32
Trading recommendation:
Our stop at 129.00 has been hit. We will only buy a break above 130.29
Elliott wave analysis of EUR/NZD for October 19, 2018
2018-10-19
The break below support at 1.7477 has forced us to review our count from the peak of red wave i/. The break below 1.7477 indicates, that red wave ii/ still is in motion, but could just have completed or be very close to completion. The first good indication of a corrective low being in place, will be a break above resistance at 1.7557 and more importantly a break above resistance at 1.7657.
As long as resistance at 1.7557 stays untouched, we must accept the possibility of red wave ii/ moving a little lower towards 1.7357, but we think the potential downside is limited to here.
R3: 1.7598
R2: 1.7557
R1: 1.7493
Pivot: 1.7476
S1: 1.7455
S2: 1.7400
S3: 1.7357
Trading recommendation:
Our stop at 1.7465 has been hit. We will only buy a break above 1.7557.
Technical analysis of EUR/USD for October 19, 2018
2018-10-19
EUR/USD has broken through the 1.15 support and is now challenging an upward sloping trend line support. Short-term trend is bearish and if we break below 1.1445 we could then see more downside towards 1.14-1.1395.
Red rectangle - short-term resistance
Blue line - trend line support
EUR/USD is challenging the trend line support at 1.1450. There are increased chances of a bounce from current levels. If this trend line is broken we expect prices to move lower towards 1.14-1.1390. For bulls to have a chance to challenge 1.18 again, we need a break above 1.1620. Short-term resistance is also found at 1.1520 and at 1.1560.
Technical analysis of Gold for October 19, 2018
2018-10-19
Gold price pulled back below $1,220 but prices moved back up again towards $1,230. Gold price is in a short-term consolidation phase. We cannot rule out a move lower towards $1,210 as long as price is below $1,233.
Red lines - long-term bearish channel
Green rectangle - support area
Red rectangle - resistance area
Green lines - expected price path
Gold price is consolidating above the break out area of $1,207-12. Price has given us a bullish signal and the first target of $1,220 has been achieved. Now we expect prices to move sideways or lower towards $1,210 for a back test of the break out area. Resistance is at $1,232-33. Breaking above this level will decrease dramatically any chances for a pull back towards $1,210. Next target is at $1,250-60.
Blue line - trend line support
EUR/USD is challenging the trend line support at 1.1450. There are increased chances of a bounce from current levels. If this trend line is broken we expect prices to move lower towards 1.14-1.1390. For bulls to have a chance to challenge 1.18 again, we need a break above 1.1620. Short-term resistance is also found at 1.1520 and at 1.1560.
Technical analysis of Gold for October 19, 2018
2018-10-19
Gold price pulled back below $1,220 but prices moved back up again towards $1,230. Gold price is in a short-term consolidation phase. We cannot rule out a move lower towards $1,210 as long as price is below $1,233.
Red lines - long-term bearish channel
Green rectangle - support area
Red rectangle - resistance area
Green lines - expected price path
Gold price is consolidating above the break out area of $1,207-12. Price has given us a bullish signal and the first target of $1,220 has been achieved. Now we expect prices to move sideways or lower towards $1,210 for a back test of the break out area. Resistance is at $1,232-33. Breaking above this level will decrease dramatically any chances for a pull back towards $1,210. Next target is at $1,250-60.
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