2018-11-07
The rally from 126.62 continues to follow the expected path high in wave B towards 130.20 and maybe even closer to the 61.8% corrective target at 130.65.
Support is now seen at 129.23, which ideally will be able to protect the downside for the rally to 130.20 and maybe even slightly higher. Once the correction in wave B is complete renewed downside pressure is expected in wave C.
R3: 130.65
R2: 130.20
R1: 129.90
Pivot: 129.49
S1: 129.23
S2: 128.82
S3: 128.60
Trading recommendation:
We are long EUR from 127.75. We will move our stop higher to 128.75. We will take half profit at 130.10.
Elliott wave analysis of EUR/NZD for November 7, 2018
2018-11-07
EUR/NZD has spiked below our expected downside target at 1.7010. This is of course of concern to our preferred short-term count. However. the decline from 1.7929 looks overextended and it should just be a matter of time before a low is seen for a corrective rally higher towards at least 1.7304 and likely even closer to resistance in the 1.7543 - 1.7588 area before the next leg lower.
Short-term a break above minor resistance at 1.6997 and more importantly a break above resistance at 1.7074 will confirm that wave A has completed and wave B is developing.
R3: 1.7184
R2: 1.7120
R1: 1.7074
Pivot: 1.6997
S1: 1.6927
S2: 1.6893
S3: 1.6858
Trading recommendation:
We bought EUR at 1.7025, but our stop at 1.6850 was hit almost immediately. We will re-buy EUR upon a break above 1.6997.
Technical analysis for Gold for November 7, 2018
2018-11-07
Gold price challenged resistance at $1,236 yesterday, it got rejected and pulled back towards the 61.8% Fibonacci retracement support. In our last analysis, I mentioned that as long as price is below $1,240, the chances of another pull back towards the 61.8% Fibonacci retracement remain high. Only a close and break above $1,240 would cancel any chances for another pull back.
Magenta rectangle - major support area
Green lines - expected path
Gold price initially held support at the 38% Fibonacci retracement level. Bounced but got rejected at the resistance of $1,235-39 and pulled back towards the 61.8% Fibonacci level. Prices are bouncing off this support level and this is a bullish sign. For bulls to remain under control of the trend and for prices to move towards our target of $1,260-70 we should soon see a break above $1,235-40. As long as we do not break above this level, bears are fighting back hard. Support is at $1,223-21. Breaking and closing below this level is something bulls do not want to see. This would put the major support at $1,212 in danger and the entire bullish scenario as well.
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