2018-10-18
In Asia, Japan will release a Trade Balance report. The US will release a series of economic data such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, and Philly Fed Manufacturing Index. 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: 113.20
Resistance 2: 112.98
Resistance 1: 112.76
Support 1: 112.48
Support 2: 112.26
Support 3: 112.04
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.
Technical analysis: Intraday levels for EUR/USD, Oct 18, 2018
2018-10-18
When the European market opens, a few economic reports will be released such as Spanish 10-y Bond Auction and German WPI m/m. The US will release a series of economic reports such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, and Philly Fed Manufacturing Index. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1555
Strong Resistance:1.1548
Original Resistance: 1.1538
Inner Sell Area: 1.1528
Target Inner Area: 1.1503
Inner Buy Area: 1.1478
Original Support: 1.1468
Strong Support: 1.1458
Breakout SELL Level: 1.1451
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.
Elliott wave analysis of EUR/JPY for October 18, 2018
2018-10-18
Not really anything new to add here. We believe, that blue wave 2 completed with the test of 129.12, but to confirm this is the case, we need a break above short-term important resistance at 130.51. A break above this resistance, will call for the next impulsive rally in blue wave 3 towards 138.10.
Support is seen here at 129.35 and again at 129.12.
R3: 131.27
R2: 130.85
R1: 130.51
Pivot: 130.15
S1: 129.75
S2: 129.35
S3: 129.12
Trading recommendation:
We are long EUR from 129.80 with our stop placed at 129.00.
Elliott wave analysis of EUR/NZD for October 18, 2018
2018-10-18
Not really anything new to add here. We continue to look for evidence, that blue wave ii has completed and blue wave iii towards 1.8030 and later 1.8369 is developing.
To confirm that blue wave ii has completed and blue wave iii has taken over a break above resistance at 1.7597 and more importantly a break above resistance at 1.7657 is needed.
Support remains seen at 1.7534 and then at 1.7515.
R3:1.7657
R2: 1.7625
R1: 1.7586
Pivot: 1.7561
S1: 1.7555
S2: 1.7515
S3: 1.7477
Trading recommendation:
We are long EUR from 1.7555 with our stop placed at 1.7465.
Technical analysis of EUR/USD for October 18, 2018
2018-10-18
EUR/USD has broken through support levels and is now in danger of falling even lower towards 1.1430. If prices do not reverse above 1.15 today or latest tomorrow, EUR/USD bulls will be in danger of more losses.
Blue lines - pitchfork
Black lines - Fibonacci levels
EUR/USD has reached the 61.8% Fibonacci retracement after breaking below the 38% level as expected. Price has now broken also below the 61.8% but only marginally. Bulls want to see a reversal today and price not to move further lower towards the lower pitchfork boundary at 1.1430. Bulls want to see price bounce and reverse upwards from current levels as soon as possible. Otherwise, bears will regain control of the trend and might push prices towards 1.13 or lower.
Technical analysis of Gold for October 18, 2018
2018-10-18
Gold price as explained in yesterday's analysis has most probable made a short-term top. Prices today are lower reaching even below $1,220. This pull back is considered to be a buying opportunity for a move towards $1,250-60. However I see this pull back bottoming in lower levels and not here.
Black lines - Fibonacci levels
EUR/USD has reached the 61.8% Fibonacci retracement after breaking below the 38% level as expected. Price has now broken also below the 61.8% but only marginally. Bulls want to see a reversal today and price not to move further lower towards the lower pitchfork boundary at 1.1430. Bulls want to see price bounce and reverse upwards from current levels as soon as possible. Otherwise, bears will regain control of the trend and might push prices towards 1.13 or lower.
Technical analysis of Gold for October 18, 2018
2018-10-18
Gold price as explained in yesterday's analysis has most probable made a short-term top. Prices today are lower reaching even below $1,220. This pull back is considered to be a buying opportunity for a move towards $1,250-60. However I see this pull back bottoming in lower levels and not here.
Green lines - bearish long-term channel
Black rectangle - support
Gold price is pulling back lower towards the black support area. This area is now support. It was previously resistance and a back test and bounce would be a great sign for bulls. Bulls do not want to see prices penetrate below this support area and stay below it.
Black rectangle - support
Gold price is pulling back lower towards the black support area. This area is now support. It was previously resistance and a back test and bounce would be a great sign for bulls. Bulls do not want to see prices penetrate below this support area and stay below it.
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