2018-11-28
The resistance line from 133.12 has once again rejected the rally in EUR/JPY and is pushing prices lower. However, we need a clear break below support at 127.80 to confirm the next decline towards 123.66 is developing.
The risk remains a break above resistance at 129.00 that will invalidate the bearish outlook and indicate a new rally towards 130.06 and 133.12.
R3: 130.13
R2: 129.23
R1: 129.06
Pivot: 128.90
S1: 128.40
S2: 128.00
S3: 127.74
Trading recommendation:
We are short EUR from 128.75 we will lower our stop+revers to 129.25.
Elliott wave analysis of EUR/NZD for November 28, 2018
2018-11-28
The break below minor support at 1.6676 is of concern and indicates that wave iv/ completed prematurely with the test of 1.6782 and wave v/ lower to at least 1.6478 already is developing. A break below support at 1.6561 will confirm that wave iv/ already has completed and wave v/ now is developing.
Short-term, it will take a break above minor resistance at 1.6668 to ease the downside pressure, while a break above resistance at 1.6767 remains needed to confirm a rally towards 1.7023.
R3: 1.6767
R2: 1.6697
R1: 1.6668
Pivot: 1.6626
S1: 1.6561
S2: 1.6539
S3: 1.6478
Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555.
EUR/USD analysis for November 28, 2018
2018-11-28
Recently, the EUR/USD pair has been trading downwards. As I expected, the price tested the level of 1.1266. According to the H1 time – frame, I have found the potential end of the upward correction (contracted flat), which is a sign that buying looks risky. I have also found a short – term bearish trend, which is another sign of weakness. My advice is to follow the direction of the trend. Watch for selling opportunities. The downward target is set at the price of 1.1213.
GBP/USD analysis for November 28, 2018
2018-11-28
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2770. According to the M30 time – frame, I found that GBP/USD is in an upward correction phase and that buying at this stage looks risky. I also found that price is still trading below the downward trendline, which suggests downward trend. My advice is to follow the direction of the trend. Watch for selling opportunities. The downward targets are set at the price of 1.2700 and at the price of 1.2660.
Technical analysis of EUR/USD for November 28, 2018
2018-11-28
Overview:
The EUR/USD pair fell from the level of 1.1338 towards 1.1265. Now, the price is set at 1.1288. The resistance is seen at the level of 1.1338 and 1.1390. Moreover, the price area of 1.1390/1.1338 remains a significant resistance zone.
Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
Thus, amid the previous events, the price is still moving between the levels of 1.1338 and 1.1253. If the EUR/USD pair fails to break through the resistance level of 1.1338, the market will decline further to 1.1253 as as the first target.
This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1197 so as to test the daily support 2. On the contrary, if a breakout takes place at the resistance level of 1.1338, then this scenario may become invalidated.
Technical analysis of AUD/USD for November 28, 2018
2018-11-28
The EUR/USD pair fell from the level of 1.1338 towards 1.1265. Now, the price is set at 1.1288. The resistance is seen at the level of 1.1338 and 1.1390. Moreover, the price area of 1.1390/1.1338 remains a significant resistance zone.
Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.
Thus, amid the previous events, the price is still moving between the levels of 1.1338 and 1.1253. If the EUR/USD pair fails to break through the resistance level of 1.1338, the market will decline further to 1.1253 as as the first target.
This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.1197 so as to test the daily support 2. On the contrary, if a breakout takes place at the resistance level of 1.1338, then this scenario may become invalidated.
Technical analysis of AUD/USD for November 28, 2018
2018-11-28
Overview:
The AUD/USD pair continue to trade upwards from the level of 0.7225. This week, the pair rose from the level of 0.7225 to a top around 0.7299 but it rebounded to set around the spot of 0.7242. 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.
Intraday technical levels and trading recommendations for EUR/USD for November 28, 2018
2018-11-28
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.
On the Daily chart, the pair has been moving sideways with slight bearish tendency. Recent bearish movement is maintained within the depicted daily movement channel.
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.
Quick bullish advancement was demonstrated towards 1.1420. To be noted that prominent supply zone as well as the previous wave high are located around 1.1420-1.1520.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market demonstrated significant bearish rejection (shooting-star weekly candlestick).
The EUR/USD pair remains under bearish pressure below 1.1420. The nearest demand level to meet the pair is located around 1.1170 where the lower limit of the depicted channel is roughly located.
A quick decline was expected towards 1.1270 and probably the price zone of 1.1170-1.1150 would be visited soon if early bearish breakout below 1.1270 is achieved on lower timeframes.
Intraday technical levels and trading recommendations for GBP/USD for November 28, 2018
2018-11-28
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. Since then, the short-term outlook turned to become bearish under the depicted daily downtrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where another descending high around the depicted downtrend was established.
This initiated the current bearish pullback towards the depicted consolidation-zone of (1.2750-1.2880) where the current sideway movement within the depicted H4 channel was initiated.
Recently, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2880 (the upper limit of the current consolidation range).
Moreover, a quick bearish decline was demonstrated towards the price zone around 1.2750
The current scenario may pursue a bearish flag continuation pattern provided that bearish persistence below 1.2750 is maintained on a daily basis.
Projected target for the bearish flag continuation pattern is initially located around 1.2600.
The AUD/USD pair continue to trade upwards from the level of 0.7225. This week, the pair rose from the level of 0.7225 to a top around 0.7299 but it rebounded to set around the spot of 0.7242. 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.
Intraday technical levels and trading recommendations for EUR/USD for November 28, 2018
2018-11-28
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.
On the Daily chart, the pair has been moving sideways with slight bearish tendency. Recent bearish movement is maintained within the depicted daily movement channel.
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.
Quick bullish advancement was demonstrated towards 1.1420. To be noted that prominent supply zone as well as the previous wave high are located around 1.1420-1.1520.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market demonstrated significant bearish rejection (shooting-star weekly candlestick).
The EUR/USD pair remains under bearish pressure below 1.1420. The nearest demand level to meet the pair is located around 1.1170 where the lower limit of the depicted channel is roughly located.
A quick decline was expected towards 1.1270 and probably the price zone of 1.1170-1.1150 would be visited soon if early bearish breakout below 1.1270 is achieved on lower timeframes.
Intraday technical levels and trading recommendations for GBP/USD for November 28, 2018
2018-11-28
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. Since then, the short-term outlook turned to become bearish under the depicted daily downtrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where another descending high around the depicted downtrend was established.
This initiated the current bearish pullback towards the depicted consolidation-zone of (1.2750-1.2880) where the current sideway movement within the depicted H4 channel was initiated.
Recently, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2880 (the upper limit of the current consolidation range).
Moreover, a quick bearish decline was demonstrated towards the price zone around 1.2750
The current scenario may pursue a bearish flag continuation pattern provided that bearish persistence below 1.2750 is maintained on a daily basis.
Projected target for the bearish flag continuation pattern is initially located around 1.2600.
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