2018-10-29
We believe wave A completed with the test of 126.64 and wave B towards 130.20 and maybe closer to 130.65 no is developing. Short-term, we see support in the 127.05 - 127.21 area for a break above minor resistance at 127.75 and more importantly a break above resistance at 128.44 that confirms wave A has completed and wave B is developing for a return to 130.20 and maybe even closer to 130.65.
R3: 128.87
R2: 128.44
R1: 128.00
Pivot: 127.75
S1: 127.42
S2: 127.21
S3: 127.05
Trading recommendation:
We will buy EUR at 127.15 or upon a break above 127.75 and place our stop at 126.50.
Elliott wave analysis of EUR/NZD for October 29, 2018
2018-10-29
The deep pull back from 1.7588 is confusing, but EUR/NZD should stay above minor support at 1.7393 to preserve the bullish outlook. A break above minor resistance at 1.7498 will confirm renewed upside pressure towards 1.7588 and ideally back to 1.7929 on the way towards 1.8369.
If, however minor support at 1.7393 is borne, that will open for a dip closer to 1.7290 before completing the corrective decline from 1.7823.
At no point can support at 1.7124 be broken as that will invalidate our bullish outlook.
R3: 1.7644
R2: 1.7588
S1: 1.7540
Pivot: 1.7498
S1: 1.7438
S2: 1.7393
S3: 1.7355
Trading recommendation:
We are long EUR from 1.7495 with our stop placed at 1.7385. If you are not long EUR yet, then buy a break above 1.7498 and use the same stop at 1.7385.
Technical analysis of EUR/USD for October 29, 2018
2018-10-29
EUR/USD is challenging short-term resistance at 1.1420-1.1430. Price fell as low as 1.1335 last week and bounced back towards the 1.14 area. Trend remains bearish on a daily basis and we continue to see this upward move as a corrective bounce in a larger down trend.
Black dots - medium strength short-term resistance
Red dots - maximum strength short-term resistance
EUR/USD has resistance at 1.1420 and next at 1.1460. Support is at 1.1385 and next at 1.1335. Trend remains clearly bearish as price is making lower lows and lower highs. I continue to consider this bounce as part of a larger down trend that will eventually bring EUR/USD closer to 1.12. I favor this scenario as long as we trade below 1.1570-1.16.
Technical analysis of Gold for October 29, 2018
2018-10-29
Gold price continues to trade below the 38% Fibonacci retracement resistance at $1,240. Price is mostly moving sideways in the last few sessions without a clear break out to the upside and at the same time respecting support. Gold could continue higher towards $1,260 and I favor this scenario as long as we hold above $1,215-20.
Magenta rectangle - support area
Gold price has stopped its rise right at the 38% Fibonacci retracement resistance. Breaking and closing above $1,240 will be a bullish sign and would most probably push prices towards $1,260. Support is at $1,230 and next at $1,220-15 area. Gold might need one more pull back towards $1,225 before moving higher and breaking above resistance for the final target of $1,260. Breaking below $1,220-15 would make me cancel my bullish short-term view and turn bearish.
Red dots - maximum strength short-term resistance
EUR/USD has resistance at 1.1420 and next at 1.1460. Support is at 1.1385 and next at 1.1335. Trend remains clearly bearish as price is making lower lows and lower highs. I continue to consider this bounce as part of a larger down trend that will eventually bring EUR/USD closer to 1.12. I favor this scenario as long as we trade below 1.1570-1.16.
Technical analysis of Gold for October 29, 2018
2018-10-29
Gold price continues to trade below the 38% Fibonacci retracement resistance at $1,240. Price is mostly moving sideways in the last few sessions without a clear break out to the upside and at the same time respecting support. Gold could continue higher towards $1,260 and I favor this scenario as long as we hold above $1,215-20.
Magenta rectangle - support area
Gold price has stopped its rise right at the 38% Fibonacci retracement resistance. Breaking and closing above $1,240 will be a bullish sign and would most probably push prices towards $1,260. Support is at $1,230 and next at $1,220-15 area. Gold might need one more pull back towards $1,225 before moving higher and breaking above resistance for the final target of $1,260. Breaking below $1,220-15 would make me cancel my bullish short-term view and turn bearish.
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