2018-10-23
We expect that support at 128.72 will be able to protect the downside for a new impulsive rally in blue wave (3) towards 136.84. Only an unexpected break below 128.30 will revive the correction in blue wave (2) and call for a dip closer to, but not below important support at 126.86.
Short-term a break above minor resistance at 129.43 will indicate the blue wave 3 of (3) is developing.
R3: 130.53
R2: 130.20
R1: 129.43
Pivot: 129.20
S1: 128.72
S2: 128.53
S3: 128.30
Trading recommendation:
We are long EUR from 129.74 with our stop placed at 128.20. Buy near 128.72 and use the same stop at 128.20, which should prove to be a low risk possibly higher reward trade.
Elliott wave analysis of EUR/NZD for October 23, 2018
2018-10-23
We are looking for upside acceleration as red wave iii/ is developing towards 1.8345. Short-term we would like to see a break above minor resistance at 1.7557 as confirmation that red wave ii/ has completed and red wave iii/ is developing.
Only an unexpected break below support at 1.7355 will revive the correction in red wave ii/, but the potential downside should be very limited.
R3: 1.7625
R2: 1.7598
R1: 1.7557
Pivot: 1.7515
S1: 1.7495
S2: 1.7475
S3: 1.7450
Trading recommendation:
We are long EUR from 1.7495 with our stop placed at 1.7345.
Technical analysis of EUR/USD for October 23, 2018
2018-10-23
EUR/USD has pulled back towards the critical short-term support of 1.1440-1.1430. Price is bouncing once again from this area and bulls do not want to see this support broken. If this happens, we should expect prices to see below 1.14-1.1350.
Blue rectangle - support
Purple line - short-term resistance
Bulls want to break above the purple resistance trend line. Resistance is now at 1.1530. Breaking above it will open the way for a move towards 1.16 and higher. Breaking below the blue rectangle support area will open the way for a move towards 1.13-1.12. We remain bearish as long as price is below 1.1820.
Technical analysis of Gold for October 23, 2018
2018-10-23
Gold price continues to trade inside the short-term triangle pattern. Price pulled back yesterday towards the lower triangle boundary and support was held. I expect the triangle to break to the upside and push prices towards $1,245-50 where I would like to take profits.
Purple line - short-term resistance
Bulls want to break above the purple resistance trend line. Resistance is now at 1.1530. Breaking above it will open the way for a move towards 1.16 and higher. Breaking below the blue rectangle support area will open the way for a move towards 1.13-1.12. We remain bearish as long as price is below 1.1820.
Technical analysis of Gold for October 23, 2018
2018-10-23
Gold price continues to trade inside the short-term triangle pattern. Price pulled back yesterday towards the lower triangle boundary and support was held. I expect the triangle to break to the upside and push prices towards $1,245-50 where I would like to take profits.
Black rectangle - major support area
Green lines - short-term triangle pattern
Gold price has resistance at $1,231 and support at $1,222. Price could continue to trade inside the triangle pattern but in the end I expect a break to the upside. I will be taking profits above $1,240 as I believe the triangle patterns precede the final part of a trend. So the break out I expect I believe will be the last part of the rise from August lows.
Green lines - short-term triangle pattern
Gold price has resistance at $1,231 and support at $1,222. Price could continue to trade inside the triangle pattern but in the end I expect a break to the upside. I will be taking profits above $1,240 as I believe the triangle patterns precede the final part of a trend. So the break out I expect I believe will be the last part of the rise from August lows.
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