2018-11-21
We continue to look for more downside towards 123.66 to complete wave (E) of the huge triangle consolidation, that has been ongoing since July 2008.
A break below minor support at 127.85 will confirm renewed downside pressure towards 126.62 and 124.89 on the way lower to the ideal target at 123.66 where a long-term bottom is expected for the next impulsive rally.
R3: 130.13
R2: 129.40
R1: 129.06
Pivot: 128.90
S1: 128.40
S2: 128.00
S3: 127.74
Trading recommendation:
We are short EUR from 128.75 with our stop placed at 129.75. Upon a break below 127.74 we will lower our stop to 129.10.
Elliott wave analysis of EUR/NZD for November 21, 2018
2018-11-21
Wave iv/ is developing and we are currently looking for a break above minor resistance at 1.6767 to confirm the next corrective push higher towards at least 1.6914 and more likely closer to resistance at 1.7023.
Short-term support is seen at 1.6643, which is expected to be able to protect the downside for the break above minor resistance at 1.6767.
R3: 1.6836
R2: 1.6767
R1: 1.6731
Pivot: 1.6706
S1: 1.6643
S2: 1.6570
S3: 1.6561
Trading recommendation:
We are long EUR from 1.6706 and we have placed our stop at 1.6555. Upon a break above 1.6767 we will move our stop higher to break-even.
Technical analysis for Gold for November 21, 2018
2018-11-21
Gold price made a higher high yesterday at $1,228.40 exactly at the 78.6% Fibonacci retracement and got rejected. Price has pulled back towards $1,220 and the RSI is showing bearish divergence signs.
Red rectangle - major resistance area
Blue lines - bearish divergence
Green line - trend line support
Gold price is trading at important resistance area according to our Fibonacci levels. The RSI bearish divergence gives us a warning strengthening our expectations for a bearish reversal in Gold prices. Support is at $1,219. Major support is at the green trend line and rising at $1,204. Breaking below the green trend line will confirm our bearish view. Stop for bears is at the red resistance area. They do not want to see that level broken. In the short-term we could see another minor new higher high towards $1,230-33. If this higher high gives us a lower RSI high, bulls need to be very careful as it will increase the chances of a bearish reversal.
Technical analysis for EUR/USD for November 21, 2018
2018-11-21
As expected the EUR/USD pair has reversed from 1.1450-1.15 back below 1.14. This is a bearish sign. However short-term trend remains bullish and will only change on a daily close below 1.1350.
Blue line - important support trend line
Black dots - medium strength resistance
Dark blue dots -maximum strength support
EUR/USD tried to break out of the bearish channel yesterday but got rejected and price came back down. Resistance is at 1.1430-1.1450 area and support at 1.1350-1.1330. Breaking below support will increase the chances of success of our bearish longer-term view. As long as price holds above the trend line, bulls remain in control. Next target is at 1.15. If however price breaks below 1.1350-1.1330 support area we should confirm a top is in and we are starting the next leg down.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment