2018-10-17
In Asia, Japan today will not release any economic data. The US is due to release a few economic reports such as Crude Oil Inventories, Housing Starts, and Building Permits. So, there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 112.96
Resistance 2: 112.74
Resistance 1: 112.52
Support 1: 112.26
Support 2: 112.03
Support 3: 111.81Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday levels for EUR/USD, Oct 17, 2018
2018-10-17
When the European market opens, some economic data will be released such as German 30-y Bond Auction, Final Core CPI y/y, and Final CPI y/y. When the European market opens, some economic data will be released such as German 30-y Bond Auction, Final Core CPI y/y, and Final CPI y/y. The US is due to present a few economic data too such as Crude Oil Inventories, Housing Starts, and Building Permits. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1633
Strong Resistance: 1.1626
Original Resistance: 1.1615
Inner Sell Area: 1.1604
Target Inner Area: 1.1576
Inner Buy Area: 1.1548
Original Support: 1.1537
Strong Support: 1.1526
Breakout SELL Level: 1.1519
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.The US is due to present a few economic data too such as Crude Oil Inventories, Housing Starts, and Building Permits. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
Elliott wave analysis of EUR/JPY for October 17, 2018
2018-10-17
EUR/JPY is finally showing signs that the correction in blue wave (2) has come to an end with the test of 129.12. To confirm this is the case, we need a break above resistance at 130.51, the finally will confirm that blue wave (2) is complete and blue wave (3) towards 138.10 has started unfolding.
Support is now seen at 129.75 and then at 129.36.
R3: 131.27
R2: 130.85
R1: 130.51
Pivot: 130.15
S1: 129.75
S2: 129.36
S3: 129.12
Trading recommendation:
We bought EUR at 129.80 and has placed our stop at 129.00. If you are not long EUR yet, then buy near 129.35 or upon a break above 130.51 and use the same stop at 129.00
Elliott wave analysis of EUR/NZD for October 17, 2018
2018-10-17
The corrective decline from 1.7929 has extended lower to test the support line. This support line is expected to be able to protect the downside and cause a new impulsive rally in blue wave iii towards 1.8030 and later even higher to 1.8369.
We see a clear loss of downside momentum near the support-line, which adds confidence in this support, being able to protect the downside. A clear break below this support line will be of concern, but only a break below support at 1.7477 will cause a review of the bullish count.
R3: 1.7657
R2: 1.7625
R1: 1.7588
Pivot: 1.7561
S1: 1.7555
S2: 1.7515
S3: 1.7477
Trading recommendation:
We will buy EUR here at 1.7555 with our stop placed at 1.7465.
Technical analysis of EUR/USD for October 17, 2018
2018-10-17
EUR/USD did not manage to break above resistance yesterday and got rejected. Price is pulling back towards the short-term support of 1.1550-1.1535. Next important short-term support is at 1.15. For the bullish scenario to increase chances of success, we need to see a daily close above 1.1610. A break and close below 1.15 will be a bearish sign.
Red rectangle - resistance area
Green rectangle - short-term support
EUR/USD is challenging the 38% Fibonacci retracement and the previous resistance highs that is now support. So far price bounces off support which is a good sign. Breaking below the 38% Fibonacci retracement would most probably push prices towards the next important Fibo level (61.8%) at 1.15. It is very important for the longer-term bullish view we have to hold above 1.15-1.1480. Of course breaking above the red rectangle resistance area would be a very bullish sign and would make me expect a break above 1.18 next.
Technical analysis of Gold for October 17, 2018
2018-10-17
Gold has most probably made a short-term top. Price is expected to pull back towards $1,215-$1,208 area for a back test of the broken resistance now support. Gold price is expected to make a higher low towards that support area and then move higher towards $1,250-60.
Red lines - bearish long-term channel
Green rectangle - support area
Green lines - expected path of price
Gold price has short-term support at $1,217. Breaking below this level will push prices towards $1,210-$1,208. Gold could still make a higher high at $1,240 but overall I expect a move lower to form a higher low and then move higher towards $1,250-60. I do not see much upside from current levels. Only after a pull back. Resistance is at $1,232-33. Breaking it will push price to $1,240. Prices are now trading out of the bearish channel. This is a bullish sign for the medium-term. This is why I expect the bounce in Gold to push prices eventually higher towards $1,270.
Green rectangle - support area
Green lines - expected path of price
Gold price has short-term support at $1,217. Breaking below this level will push prices towards $1,210-$1,208. Gold could still make a higher high at $1,240 but overall I expect a move lower to form a higher low and then move higher towards $1,250-60. I do not see much upside from current levels. Only after a pull back. Resistance is at $1,232-33. Breaking it will push price to $1,240. Prices are now trading out of the bearish channel. This is a bullish sign for the medium-term. This is why I expect the bounce in Gold to push prices eventually higher towards $1,270.
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