2018-11-22
EUR/JPY remains locked in undecided territory between support at 127.90 and resistance at 129.22, we need a break out of this territory to get the next big move up or down.
We remain biased towards the downside for a break below support at 127.90 for a continuation lower towards the long-term target at 123.66 to complete the long-term triangle consolidation and set the stage for the impulsive rally.
If, however resistance at 129.22 is broken that will be a warning that wave (E) already has completed and the new impulsive rally already is under way.
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 and we will move our stop+revers lower to 129.50.
Elliott wave analysis of EUR/NZD for November 22, 2018
2018-11-22
We continue to look for wave iv/ moving closer to resistance at 1.6914 and more likely closer to resistance at 1.7023. A break above minor resistance at 1.6767 will confirm the next push higher towards at least 1.6914.
Support is now seen at 1.6642 and important support at 1.6560. A break below the later will invalidate our call for a corrective rally towards 1.6914 and above.
R3: 1.6879
R2: 1.6836
R1: 1.6832
Pivot: 1.6767
S1: 1.6731
S2: 1.6706
S3: 1.6642
Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555. Upon a break above resistance at 1.6767, we will raise our stop to break-even.
Technical analysis for Gold for November 22, 2018
2018-11-22
Gold price continues to trade near its recent highs and below major resistance at $1,243.50. Short-term trend remains bullish but I prefer to be neutral or bearish at current or higher levels as long as we trade below $1,243.50. There are some warning signs for bulls that should not be ignored.
Red rectangle -major resistance area
Blue lines - bearish divergence
Green line -major support trend line
Gold price has resistance at $1,232 but the major trend change level is at $1,243.50. The October highs. Support is at $1,219.70 and if broken I will be expecting a new strong downward move that will push price towards the green upward sloping trend line support. In the short-term the chances of a new higher high towards $1,232 are high. But be aware of the bearish RSI divergence. If we see a new high and the divergence persists, I will prefer the short side of the market with stops placed at $1,243.50. Otherwise, any sign of weakness with price breaking below $1,220 would make me bearish again with stops at recent highs.
Technical analysis for EUR/USD for November 22, 2018
2018-11-22
EUR/USD pulled back towards 1.1375 but did not break below recent lows at 1.1358 nor below the upward sloping trend line support. Short-term trend remains bullish and we could see a new higher high towards 1.15 as long as we trade above 1.1350.
Blue lines - bearish divergence
Green line -major support trend line
Gold price has resistance at $1,232 but the major trend change level is at $1,243.50. The October highs. Support is at $1,219.70 and if broken I will be expecting a new strong downward move that will push price towards the green upward sloping trend line support. In the short-term the chances of a new higher high towards $1,232 are high. But be aware of the bearish RSI divergence. If we see a new high and the divergence persists, I will prefer the short side of the market with stops placed at $1,243.50. Otherwise, any sign of weakness with price breaking below $1,220 would make me bearish again with stops at recent highs.
Technical analysis for EUR/USD for November 22, 2018
2018-11-22
EUR/USD pulled back towards 1.1375 but did not break below recent lows at 1.1358 nor below the upward sloping trend line support. Short-term trend remains bullish and we could see a new higher high towards 1.15 as long as we trade above 1.1350.
Yellow rectangle - major resistance
Orange rectangle -important short-term support
Green rectangle - major support
Blue line - trend line support
EUR/USD is trading upwards making higher highs and higher lows. Price so far has respected the blue trend line support.As long as we trade above 1.1350 trend will remain bullish in the short-term. Longer-term trend is still bearish. There are no bearish divergence signs and this implies that making a higher high towards 1.15 is very possible. I prefer to stay neutral and wait for more signs of weakness before turning bearish again in the short-term.
Orange rectangle -important short-term support
Green rectangle - major support
Blue line - trend line support
EUR/USD is trading upwards making higher highs and higher lows. Price so far has respected the blue trend line support.As long as we trade above 1.1350 trend will remain bullish in the short-term. Longer-term trend is still bearish. There are no bearish divergence signs and this implies that making a higher high towards 1.15 is very possible. I prefer to stay neutral and wait for more signs of weakness before turning bearish again in the short-term.
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