2018-11-13
EUR/JPY broke directly below support at 128.57 to confirm that wave B completed with the test of 130.15 and wave C towards 123.66 now is developing.
Short-term support is now seen in the 128.84 - 129.14 area, which we expect will be capping the upside for the next downside pressure towards 126.62 on the way lower to 123.66.
R3: 129.14
R2: 128.84
R1: 128.51
Pivot: 128.12
S1: 127.98
S2: 127..82
S3: 127.47
Trading recommendation:
We sold EUR at 128.56 and has placed our stop at break-even. If our stop is hit, we will sell EUR again at 128.75.
Elliott wave analysis of EUR/NZD for November 13, 2018
2018-11-13
The decline from 1.7929 simply will stop and defy all support points. The continued downside pressure has just added to the already extreme oversold situation, but the downtrend is not over until prices shows it's over. The first indication of a possible low is in place and a correction is taking over is seen upon a break above minor resistance at 1.6732 while a break above resistance at 1.6833 confirms that a correction of the decline from 1.7929 is unfolding.
R3: 1.6911
R2: 1.6832
R1: 1.6732
Pivot: 1.6675
S1: 1.6660
S2: 1.6563
S3: 1.6518
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above resistance at 1.6732.
Technical analysis for EUR/USD for November 13, 2018
2018-11-13
EUR/USD has reached our downside targets and it loos like it is preparing at least a short-term bounce towards 1.13. Trend remains bearish. Traders should continue to focus on the downside and not try to trade the upside.
Black dots - medium strength resistnace
Red dots - maximum strength resistance
Green lines - expected path
EUR/USD is expected to bounce towards the 38% Fibonacci retracement of the last leg down from 1.15. Price should approach the 1.13 level. This level is not only the 38% Fibonacci retracement of the decline but also the previous lows that was once support and now resistance. Price remains inside a longer-term bearish channel and we remain bearish looking for a price drop below 1.10 as long as we trade below 1.15.
Technical analysis for Gold for November 13, 2018
2018-11-13
Gold price is again in a bearish short-term trend. The longer-term trend has not changed and it remains bearish. Gold is trading around $1,200 and for today and for the next couple of sessions I would expect Gold price to bounce towards $1,210-15.
Red dots - maximum strength resistance
Green lines - expected path
EUR/USD is expected to bounce towards the 38% Fibonacci retracement of the last leg down from 1.15. Price should approach the 1.13 level. This level is not only the 38% Fibonacci retracement of the decline but also the previous lows that was once support and now resistance. Price remains inside a longer-term bearish channel and we remain bearish looking for a price drop below 1.10 as long as we trade below 1.15.
Technical analysis for Gold for November 13, 2018
2018-11-13
Gold price is again in a bearish short-term trend. The longer-term trend has not changed and it remains bearish. Gold is trading around $1,200 and for today and for the next couple of sessions I would expect Gold price to bounce towards $1,210-15.
Red rectangle - major resistance area
Magenta rectangle - resistance area
Blue rectangle - support
Gold price has broken through the $1,212 lows and is now trading above $1,200. Price should see a bounce from current levels and continue lower after being rejected at the $1,210-15 resistance area (previous support). Gold price has most probably finished at the $1,243.50 spike the entire bounce from the August lows. We should now be starting the next and final leg down towards $1,000 or lower. Our bullish view for a move towards $1,260 has been canceled and remains this way as long as we trade below $1,243.50.
Magenta rectangle - resistance area
Blue rectangle - support
Gold price has broken through the $1,212 lows and is now trading above $1,200. Price should see a bounce from current levels and continue lower after being rejected at the $1,210-15 resistance area (previous support). Gold price has most probably finished at the $1,243.50 spike the entire bounce from the August lows. We should now be starting the next and final leg down towards $1,000 or lower. Our bullish view for a move towards $1,260 has been canceled and remains this way as long as we trade below $1,243.50.
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