2018-11-29
GBP/JPY is approaching its resistance at 146.04 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it is expected to drop further to its support at 144.84 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.
GBP/JPY approaching its resistance where we expect to see a further drop.
Sell below 146.04. Stop loss at 146.78. Take profit at 144.84.
Technical analysis for Gold for November 29, 2018
2018-11-29
Gold price bounced strongly yesterday respecting the 61.8% Fibonacci retracement level we noted yesterday. Still with no clear medium-term trend, Gold is still below major resistance levels that if broken upwards could provide a strong bullish signal for a move towards $1,250-60. Bears need to break below yesterday lows in order to regain control of the trend.
Blue rectangle - major resistance area
Red rectangle - short-term important resistance area
Green line - major support trend line
Gold price pulled back towards our minimum target area of the 61.8% Fibonacci level. Prices bounced strongly and bulls are now challenging the important short-term resistance at $1,230 and recent highs. Breaking above this level will change my view to bullish. As we previously said, as long as price is above the green trend line support, bulls remain alive and have many changes to regain control of the medium-term trend. This will happen with a break above $1,230-40 area. Bears on the other hand are now defending the resistance. Yesterday's lows at $1,211 must be broken in order for bears to regain control of the trend.
Elliott wave analysis of EUR/JPY for November 29, 2018
2018-11-29
FED remarks of a pause in its rate hikes lifted the EUR and also lifted EUR/JPY past our pivot point at 129.00, which invalidated our bearish count. So we have been back to the drawing board to review the possible options and it looks more and more likely, that wave [E] itself is developing into a triangle. If this is the case, then we should see a rally towards 130.89 and maybe even closer to 131.89 in wave D and then a final dip in wave E to complete wave [E] of the huge triangle consolidation that has been developing since July 2008.
R3: 130.89
R2: 130.06
R1: 129.62
Pivot: 129.23
S1: 128.84
S2: 128.59
S3: 128.22
Trading recommendation:
Our stop+revers at 129.25 was hit for a small loss and we will place our new stop at 128.00
Technical analysis for EUR/USD for November 29, 2018
2018-11-29
EUR/USD bounced strongly yesterday breaking short-term resistance levels and putting bulls back in the game. However neither bulls nor bears are in control of the trend. As long as price is trading between 1.1410 and 1.1270 trend will be neutral.
Red rectangle - short-term important resistance area
Green line - major support trend line
Gold price pulled back towards our minimum target area of the 61.8% Fibonacci level. Prices bounced strongly and bulls are now challenging the important short-term resistance at $1,230 and recent highs. Breaking above this level will change my view to bullish. As we previously said, as long as price is above the green trend line support, bulls remain alive and have many changes to regain control of the medium-term trend. This will happen with a break above $1,230-40 area. Bears on the other hand are now defending the resistance. Yesterday's lows at $1,211 must be broken in order for bears to regain control of the trend.
Elliott wave analysis of EUR/JPY for November 29, 2018
2018-11-29
FED remarks of a pause in its rate hikes lifted the EUR and also lifted EUR/JPY past our pivot point at 129.00, which invalidated our bearish count. So we have been back to the drawing board to review the possible options and it looks more and more likely, that wave [E] itself is developing into a triangle. If this is the case, then we should see a rally towards 130.89 and maybe even closer to 131.89 in wave D and then a final dip in wave E to complete wave [E] of the huge triangle consolidation that has been developing since July 2008.
R3: 130.89
R2: 130.06
R1: 129.62
Pivot: 129.23
S1: 128.84
S2: 128.59
S3: 128.22
Trading recommendation:
Our stop+revers at 129.25 was hit for a small loss and we will place our new stop at 128.00
Technical analysis for EUR/USD for November 29, 2018
2018-11-29
EUR/USD bounced strongly yesterday breaking short-term resistance levels and putting bulls back in the game. However neither bulls nor bears are in control of the trend. As long as price is trading between 1.1410 and 1.1270 trend will be neutral.
Red line - resistance trend line
Green line - support trend line
EUR/USD is challenging the 4-hour Kumo. Trend is neutral. Resistance is found at 1.1410 and support at 1.1340. Most important support level is at 1.1270. However if prices get rejected at current levels and fall below 1.1340, then I would expect 1.1270 to at least be tested if not broken. Breaking below 1.1270 will open the way for 1.11-1.10. Breaking above 1.1410 will open the way for a move towards 1.15-1.16.
Elliott wave analysis of EUR/NZD for November 29, 2018
2018-11-29
With the break below 1.6676 it was confirmed that wave iv/ completed early and a new low below 1.6539 closer to 1.6478 should be expected in the short term. This is exactly what we have seen. A new low below 1.6539, but not yet a test of 1.6478, but we expect to see a final dip closer to this target soon to complete wave v/ and iii. This should set the stage for a corrective rally in wave iv towards 1.6767 before the final dip towards 1.6235 as the ideal target for the decline from 1.7929
R3: 1.6676
R2: 1.6628
R1: 1.6603
Pivot: 1.6587
S1: 1.6555
S2: 1.6514
S3: 1.6478
Trading recommendation:
Our stop at 1.6555 was hit. We will stay on the sideline for now.
Green line - support trend line
EUR/USD is challenging the 4-hour Kumo. Trend is neutral. Resistance is found at 1.1410 and support at 1.1340. Most important support level is at 1.1270. However if prices get rejected at current levels and fall below 1.1340, then I would expect 1.1270 to at least be tested if not broken. Breaking below 1.1270 will open the way for 1.11-1.10. Breaking above 1.1410 will open the way for a move towards 1.15-1.16.
Elliott wave analysis of EUR/NZD for November 29, 2018
2018-11-29
With the break below 1.6676 it was confirmed that wave iv/ completed early and a new low below 1.6539 closer to 1.6478 should be expected in the short term. This is exactly what we have seen. A new low below 1.6539, but not yet a test of 1.6478, but we expect to see a final dip closer to this target soon to complete wave v/ and iii. This should set the stage for a corrective rally in wave iv towards 1.6767 before the final dip towards 1.6235 as the ideal target for the decline from 1.7929
R3: 1.6676
R2: 1.6628
R1: 1.6603
Pivot: 1.6587
S1: 1.6555
S2: 1.6514
S3: 1.6478
Trading recommendation:
Our stop at 1.6555 was hit. We will stay on the sideline for now.
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