2018-10-26
In Asia, Japan will release the Tokyo Core CPI y/y. On the US dollar's front, the US will release a batch of economic data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Advance GDP Price Index q/q, and Advance GDP q/q. 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: 112.25
Support 2: 112.03
Support 3: 111.81
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 26, 2018
2018-10-26
When the European market opens, the eurozone's economic calendar will be empty. However, the US will release a series of economic reports such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Advance GDP Price Index q/q, and Advance GDP q/q. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1430
Strong Resistance:1.1423
Original Resistance: 1.1412
Inner Sell Area: 1.1401
Target Inner Area: 1.1374
Inner Buy Area: 1.1347
Original Support: 1.1336
Strong Support: 1.1325
Breakout SELL Level: 1.1318
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 of EUR/USD for October 26, 2018
2018-10-26
EUR/USD as expected back tested the previous support now resistance area of 1.1430-1.1450 and got rejected. Prices made a new lower low at 1.1355. We have the first divergence signs in the 4-hour chart.
Red rectangle - resistance area
Orange dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD continues to make lower lows and lower highs from the 1.1620 area. Trend remains bearish. Only a break above the orange dots and the red rectangle area will change short-term trend. This resistance is at 1.1430-1.1450. Support is at the recent low at 1.1355. Bears should protect their profits as they do not want to see prices break above the red area.
Elliott wave analysis of EUR/JPY for October 26, 2018
2018-10-26
EUR/JPY has continued its downside pressure, but should run into exhaustion near 127.20 for a corrective rally back to 130.20. Short-term a break above resistance at 128.00 will be a strong indication that wave A has completed and wave B higher to 130.20 is developing.
Longer-term more downside pressure remains expected to complete wave (E) near 120.19.
R3: 128.87
R2: 128.44
R1: 128.00
Pivot: 127.83
S1: 127.42
S2: 127.20
S3: 127.00
Trading recommendation:
We will buy a break above 128.00 with our stop placed at 127.00.
Technical analysis of Gold for October 26, 2018
2018-10-26
Gold price continues to consolidate above critical support area of $1,220. Prices bounced both times we saw a pull back towards that level and this is a bullish sign. However bulls will need more than this. Bulls will need to break above $1,237-40 resistance area where we also find the 38% Fibonacci retracement of the entire decline from $1,365.
Orange dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD continues to make lower lows and lower highs from the 1.1620 area. Trend remains bearish. Only a break above the orange dots and the red rectangle area will change short-term trend. This resistance is at 1.1430-1.1450. Support is at the recent low at 1.1355. Bears should protect their profits as they do not want to see prices break above the red area.
Elliott wave analysis of EUR/JPY for October 26, 2018
2018-10-26
EUR/JPY has continued its downside pressure, but should run into exhaustion near 127.20 for a corrective rally back to 130.20. Short-term a break above resistance at 128.00 will be a strong indication that wave A has completed and wave B higher to 130.20 is developing.
Longer-term more downside pressure remains expected to complete wave (E) near 120.19.
R3: 128.87
R2: 128.44
R1: 128.00
Pivot: 127.83
S1: 127.42
S2: 127.20
S3: 127.00
Trading recommendation:
We will buy a break above 128.00 with our stop placed at 127.00.
Technical analysis of Gold for October 26, 2018
2018-10-26
Gold price continues to consolidate above critical support area of $1,220. Prices bounced both times we saw a pull back towards that level and this is a bullish sign. However bulls will need more than this. Bulls will need to break above $1,237-40 resistance area where we also find the 38% Fibonacci retracement of the entire decline from $1,365.
Blue lines - triangle pattern
Gold price broke above the triangle pattern and is now trading above it. Price has stopped at the major resistance level of 38% Fibonacci retracement. Bulls need to break above it in order to continue higher towards $1,260-70 area. Support is found at $1,227 and next and most important at $1,220. Breaking below $1,220 could bring Gold prices towards $1,200 or even lower.
Elliott wave analysis of EUR/NZD for October 26, 2018
2018-10-26
EUR/NZD has finally broken above short-term important resistance at 1.7557. This break confirms that red wave ii/ completed with the test of 1.7355 and red wave iii/ towards 1.8345 now is developing.
Due to the hidden divergence we showed in yesterdays post, we expected this rally to be strong and accelerating higher towards the 1.8345 target.
The former resistance at 1.7557 is now acting as support.
R3: 1.7657
R2: 1.7625
R1: 1.7598
Pivot: 1.7557
S1: 1.7515
S2: 1.7495
S2: 1.7475
Trading recommendation:
We are long EUR from 1.7495. We will move our stop higher to 1.7385. If you are not long EUR yet, then buy near 1.7557 and use the same stop at 1.7385.
Gold price broke above the triangle pattern and is now trading above it. Price has stopped at the major resistance level of 38% Fibonacci retracement. Bulls need to break above it in order to continue higher towards $1,260-70 area. Support is found at $1,227 and next and most important at $1,220. Breaking below $1,220 could bring Gold prices towards $1,200 or even lower.
Elliott wave analysis of EUR/NZD for October 26, 2018
2018-10-26
EUR/NZD has finally broken above short-term important resistance at 1.7557. This break confirms that red wave ii/ completed with the test of 1.7355 and red wave iii/ towards 1.8345 now is developing.
Due to the hidden divergence we showed in yesterdays post, we expected this rally to be strong and accelerating higher towards the 1.8345 target.
The former resistance at 1.7557 is now acting as support.
R3: 1.7657
R2: 1.7625
R1: 1.7598
Pivot: 1.7557
S1: 1.7515
S2: 1.7495
S2: 1.7475
Trading recommendation:
We are long EUR from 1.7495. We will move our stop higher to 1.7385. If you are not long EUR yet, then buy near 1.7557 and use the same stop at 1.7385.
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