In Asia, Japan will conduct the 10-y Bond Auction and release Final Manufacturing PMI. The US will provide a batch of macroeconomic data such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 113.42
Resistance 2: 113.19
Resistance 1: 112.97
Support 1: 112.70
Support 2: 112.48
Support 3: 112.26
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday levels for EUR/USD, Nov 01, 2018
2018-11-01
When the European market opens, the eurozone's economic calendar is empty. On the other hand, the US today is due to release a lot of data such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, and Challenger Job Cuts y/y. So, amid the reports, EUR/USD will trade with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1370
Strong Resistance:1.1363
Original Resistance: 1.1352
Inner Sell Area: 1.1341
Target Inner Area: 1.1314
Inner Buy Area: 1.1287
Original Support: 1.1276
Strong Support: 1.1265
Breakout SELL Level: 1.1258
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Elliott wave analysis of EUR/NZD for November 1, 2018
2018-11-01
EUR/NZD continues lower and the clear break below support at 1.7267 is of concern to our long-term bullish count. The uptrend from 1.4536 has not yet been broken and will likely be able to encounter the first test for a relief towards at least 1.7588, but if this uptrend breaks during the next attack, we will be looking for a decline to at least 1.6535 and possibly even lower.
The uptrend-line from 1.4536 is currently located near 1.7150.
R3: 1.7298
R2: 1.7267
R1: 1.7237
Pivot: 1.7225
S1: 1.7211
S2: 1.7186
S3: 1.7117
Trading recommendation:
Our stop at 1.7233 was hit. We will stay on the sideline for now.
Elliott wave analysis of EUR/JPY for November 1, 2018
2018-11-01
EUR/JPY is currently seeing a relief rally towards at least 130.20 and possibly even closer to the 61.8% corrective target of wave A near 130.65. Once this counter rally is complete renewed downside pressure towards at least 124.14.
For now we will concentrate on the relief rally in wave B, which we expect will continue higher to at least 1.3020 in the coming days.
R3: 129.22
R2: 128.54
R1: 128.12
Pivot: 127.91
S1: 127.59
S2: 127.36
S3: 127.22
Trading recommendation:
We are long EUR from 127.75 with our stop placed at 126.50. Upon a break above 128.54 we will move our stop higher to 127.50.
Technical analysis for Gold for November 1, 2018
2018-11-01
Gold price has broken below $1,220 and has moved lower towards the break out area of $1,215-13. Price back tested this support level and bounced. This is a bullish sign. Gold bulls do not want to see prices break below yesterday lows. They want now to see higher highs and higher lows.
Magenta rectangle - previous resistance now support area
Gold price is bouncing back above $1,220. This is a very bullish sign. Bulls need to hold above the support area and steadily start a new upward move with higher highs and higher lows. Next resistance for Gold is at $1,223.50 and next at $1,234. A four hour candle close above $1,234 would be a very bullish sign. On the other hand bulls do not want to see price break below $1,212. This would imply that the entire bounce from August lows is most probably over. Bulls do not want to see price make lower lows and lower highs.
Technical analysis for EUR/USD for November 1, 2018
2018-11-01
EUR/USD remains in a bearish trend. Price continues to make lower lows and lower highs. Yesterday we saw price move to new lows at 1.13 but now price is bouncing again. I continue to expect price to move lower.
Gold price is bouncing back above $1,220. This is a very bullish sign. Bulls need to hold above the support area and steadily start a new upward move with higher highs and higher lows. Next resistance for Gold is at $1,223.50 and next at $1,234. A four hour candle close above $1,234 would be a very bullish sign. On the other hand bulls do not want to see price break below $1,212. This would imply that the entire bounce from August lows is most probably over. Bulls do not want to see price make lower lows and lower highs.
Technical analysis for EUR/USD for November 1, 2018
2018-11-01
EUR/USD remains in a bearish trend. Price continues to make lower lows and lower highs. Yesterday we saw price move to new lows at 1.13 but now price is bouncing again. I continue to expect price to move lower.
Black dots - medium strength resistance
Red dots - maximum strength resistance
EUR/USD is bouncing today and we could see price test the black dots resistance area at 1.1380. A rejection at that level will open the way for a move lower towards 1.1250. Breaking above this level will push price towards 1.14-1.1420. If bulls manage to break above this level as well, we should then expect a bigger bounce towards 1.1470-1.1560 area. Trend remains bearish for short and medium-term. Only a break above 1.1620-1.1630 would make me challenge the idea that the trend has changed.
Red dots - maximum strength resistance
EUR/USD is bouncing today and we could see price test the black dots resistance area at 1.1380. A rejection at that level will open the way for a move lower towards 1.1250. Breaking above this level will push price towards 1.14-1.1420. If bulls manage to break above this level as well, we should then expect a bigger bounce towards 1.1470-1.1560 area. Trend remains bearish for short and medium-term. Only a break above 1.1620-1.1630 would make me challenge the idea that the trend has changed.
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