2018-11-15
We are looking for a break below minor support at 128.16 as confirmation that wave 2 has completed and wave 3 lower towards 124.98 is developing.
Resistance is now seen at 128.68 and important resistance is seen at 129.23, this resistance should be able to cap the upside for the expected break below 128.16 confirming renewed downside pressure.
R3: 129.23
R2: 128.64
R1: 128.42
Pivot: 128.16
S1: 128.03
S2: 127.82
S3: 127.56
Trading recommendation:
We sold EUR at 128.75 with our stop placed at 129.75. If you are not short EUR yet, then sell a break below 128.16 and place you stop at 129.00.
Elliott wave analysis of EUR/NZD for November 15, 2018
2018-11-15
The downtrend from the 1.7929 peak continues to push lower towards support at 1.6555 and possibly even closer to support at 1.6515, but once we enter the support-zone between 1.6515 - 1.6555 the potential downside should be limited.
That said, it will take a break above minor resistance at 1.6706 to indicate that a low finally is in place and a corrective rally towards at least 1.7085 is developing.
R3: 1.6789
R2: 1.6730
R1: 1.6706
Pivot: 1.6688
S1: 1.6600
S2: 1.6555
S2: 1.6515
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above 1.6706.
Technical analysis of USD/CHF for November 15, 2018
2018-11-15
Overview:
Pivot: 0.9951.
The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
Technical analysis of AUD/USD for November 15, 2018
2018-11-15
Overview:
The AUD/USD pair continues to move upwards from the level of 0.7185. This week, the pair rose from the level of 0.7185 to a top around 0.7299. Today, the first resistance level is seen at 0.7299 followed by 0.7352, while daily support 1 is seen at 0.7185 (50% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7250 and 0.7352; so we expect a range of 102 pips.
Furthermore, if the trend is able to break out through the first resistance level at 0.7299, we should see the pair climbing towards the double top (0.7299) to test it.
Therefore, buy above the level of 0.7299 with the first target at 0.7352 in order to test the daily resistance 1 and further to 0.7394. Also, it might be noted that the level of 0.7394 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7185, a further decline to 0.7069 can occur which would indicate a bearish market.
EUR/USD analysis for November 15, 2018
2018-11-15
Recently, the EUR/USD pair has been trading sideways at the price of 1.1306. According to the H1 time – frame, I have found a breakout of the bearish flag pattern, which is a sign that sellers are in control. The short-term trend is bearish and my advice is to watch for selling opportunities. The downward targets are set at the price of 1.1213 and at the price of 1.1070.
GBP/USD analysis for November 15, 2018
2018-11-15
Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2750. According to the H1 time – frame, I have found a hidden bearish divergence in the background on the MACD oscillator, which is a sign that buying looks risky. I also found the potential end of the upward correction in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2697.
Intraday technical levels and trading recommendations for EUR/USD for November 15, 2018
2018-11-15
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, Temporary bullish recovery was demonstrated around 1.1300. Hence, another bullish pullback was executed towards 1.1499 (the upper limit of the supply zone) where another descending high was established.
As for the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price zone of 1.1300-1.1275. Initial bearish target would located around 1.1100.
Bearish persistence below 1.1275 is mandatory to allow further bearish decline towards 1.1100.
However, failure to fixate below 1.1275 would enhance the bullish side of the market towards 1.1400 again. Thus, the EUR/USD pair remains trapped within a narrow price range (1.1275-1.1400).
The AUD/USD pair continues to move upwards from the level of 0.7185. This week, the pair rose from the level of 0.7185 to a top around 0.7299. Today, the first resistance level is seen at 0.7299 followed by 0.7352, while daily support 1 is seen at 0.7185 (50% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7250 and 0.7352; so we expect a range of 102 pips.
Furthermore, if the trend is able to break out through the first resistance level at 0.7299, we should see the pair climbing towards the double top (0.7299) to test it.
Therefore, buy above the level of 0.7299 with the first target at 0.7352 in order to test the daily resistance 1 and further to 0.7394. Also, it might be noted that the level of 0.7394 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7185, a further decline to 0.7069 can occur which would indicate a bearish market.
EUR/USD analysis for November 15, 2018
2018-11-15
Recently, the EUR/USD pair has been trading sideways at the price of 1.1306. According to the H1 time – frame, I have found a breakout of the bearish flag pattern, which is a sign that sellers are in control. The short-term trend is bearish and my advice is to watch for selling opportunities. The downward targets are set at the price of 1.1213 and at the price of 1.1070.
GBP/USD analysis for November 15, 2018
2018-11-15
Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2750. According to the H1 time – frame, I have found a hidden bearish divergence in the background on the MACD oscillator, which is a sign that buying looks risky. I also found the potential end of the upward correction in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2697.
Intraday technical levels and trading recommendations for EUR/USD for November 15, 2018
2018-11-15
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, Temporary bullish recovery was demonstrated around 1.1300. Hence, another bullish pullback was executed towards 1.1499 (the upper limit of the supply zone) where another descending high was established.
As for the bearish side of the market to remain dominant, the EUR/USD pair should continue trading below the price zone of 1.1300-1.1275. Initial bearish target would located around 1.1100.
Bearish persistence below 1.1275 is mandatory to allow further bearish decline towards 1.1100.
However, failure to fixate below 1.1275 would enhance the bullish side of the market towards 1.1400 again. Thus, the EUR/USD pair remains trapped within a narrow price range (1.1275-1.1400).
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