2018-10-22
Important support at 127.86 has remained untouched and EUR/JPY is now trying to break above the resistance-line from 133.12. A clear break above this resistance-line is the first good indication that the blue wave (2) has completed and the blue wave (3) is taking over for a rally towards 138.10.
A break above the resistance at 1.30.29 will confirm that a low has been seen and the blue wave (3) is developing.
R3: 130.50
R2: 130.29
R1: 129.73
Pivot: 129.30
S1: 129.00
S2: 128.55
S3: 128.30
Trading recommendation:
We will buy EUR at 129.00 or upon a break above 129.74. Our stop will be placed at 128.20.
Elliott wave analysis of EUR/NZD for October 22, 2018
2018-10-22
EUR/NZD dipped to 1.7356 (just below our possible downside target at 1.7357). We will now be looking for a break above the resistance-line near 1.7495, and more importantly, a break above the resistance at 1.7557 to confirm that the red wave ii/ has completed and the red wave iii/ towards 1.8345 is developing.
Support is now seen at 1.7381 and at 1.7356.
R3: 1.7598
R2: 1.7557
R1: 1.7495
Pivot: 1.7475
S1: 1.7450
S2: 1.7409
S3: 1.7381
Trading recommendation:
We will buy a break above the resistance at 1.7495, while our stop will be placed at 1.7345.
Technical analysis of EUR/USD for October 22, 2018
2018-10-22
EUR/USD made a double bottom at 1.1430 and is now back above 1.15 exactly what bulls wanted. Price should continue higher in the short-term towards 1.1660. A rejection at that level will be decisive for the medium-term trend. As long as price is below 1.1810 we remain bearish.
Green line - resistance
Red line - support
EUR/USD has pulled back towards October lows from the 38% Fibonacci retracement. The double bottom is a bullish sign. If price breaks above the green trend line resistance at 1.1580, we should then expect prices to move higher towards the 61.8% Fibonacci retracement resistance. A break below 1.1430 will open the way for a move towards 1.13-1.12.
Technical analysis of Gold for October 22, 2018
2018-10-22
Gold price continues to move sideways. Price might be forming a triangle pattern. Gold price remains above the break out area and should continue higher this week targeting $1,250-60. Any pullback towards $1,210-15 is seen as a buying opportunity.
Red line - support
EUR/USD has pulled back towards October lows from the 38% Fibonacci retracement. The double bottom is a bullish sign. If price breaks above the green trend line resistance at 1.1580, we should then expect prices to move higher towards the 61.8% Fibonacci retracement resistance. A break below 1.1430 will open the way for a move towards 1.13-1.12.
Technical analysis of Gold for October 22, 2018
2018-10-22
Gold price continues to move sideways. Price might be forming a triangle pattern. Gold price remains above the break out area and should continue higher this week targeting $1,250-60. Any pullback towards $1,210-15 is seen as a buying opportunity.
Green lines - triangle pattern
Black rectangle - support area
Gold price has short-term support at $1,220 and resistance at $1,231. Breaking below the triangle would push price towards the black rectangle support area of $1,213-$1,210. If we break to the upside, the minimum target is at $1,245.
Black rectangle - support area
Gold price has short-term support at $1,220 and resistance at $1,231. Breaking below the triangle would push price towards the black rectangle support area of $1,213-$1,210. If we break to the upside, the minimum target is at $1,245.
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