2018-11-16
In Asia, the economic calendar contains no data from Japan today. However, some reports are due in the US such as TIC Long-Term Purchases, Industrial Production m/m, and Capacity Utilization Rate. 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: 114.00
Resistance 2: 113.78
Resistance 1: 113.55
Support 1: 113.28
Support 2: 113.05
Support 3: 112.83
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 16, 2018
2018-11-16
When the European market opens, some economic data will be released such as Italian Trade Balance, Final Core CPI y/y, Final CPI y/y, and German WPI m/m. Besides, some economic reports are due in the US such as TIC Long-Term Purchases, Industrial Production m/m, and Capacity Utilization Rate. So amid the reports, EUR/USD will trade with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1390
Strong Resistance:1.1383
Original Resistance: 1.1372
Inner Sell Area: 1.1361
Target Inner Area: 1.1334
Inner Buy Area: 1.1307
Original Support: 1.1296
Strong Support: 1.1285
Breakout SELL Level: 1.1278
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/JPY for November 16, 2018
2018-11-16
We did see a break below short-term support at 128.16 for a dip to 127.74, from where EUR/JPY again found its footing for a new rally to 129.06. We are still looking for more downside pressure in wave C closer to 123.66 before wave (E) of the huge triangle finally completes and a new impulsive rally should be expected.
Short-term, we need to seen minor support at 128.20 and more importantly support at 127.74 to give away to confirm the next leg lower towards 126.62 on the way lower to 123.66.
R3: 129.52
R2: 129.23
R1: 128.74
Pivot: 128.61
S1: 128.20
S2: 127.74
S3: 127.49
Trading recommendation:
We are short EUR from 128.75 with our stop placed at 129.75.
Elliott wave analysis of EUR/NZD for November 16, 2018
2018-11-16
EUR/NZD has now entered the target-zone between 1.6468 - 1.6563. We expect a low to be found within the area for a corrective rally towards at least 1.6915 and likely even closer to 1.7023 before renewed downside pressure should be expected.
We have reviewed our count from the 1.7929 peak and finds the current count a better fit, which means we are looking for a low of wave iii/ and wave iv/ soon should take over for a corrective rally. A break above minor resistance at 1.6706 indicates that wave iii/ has completed and wave iv/ is developing.
R3: 1.6793
R2: 1.6731
R1: 1.6706
Pivot: 1.6660
S1: 1.6570
S2: 1.6539
S3: 1.6523
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above 1.6706.
Technical analysis for EUR/USD for November 16, 2018
2018-11-16
EUR/USD is near its weekly highs.This bounce from 1.1250 was expected and noted in our previous analysis. 1.13 was our first target area and now we see prices challenge the 1.1350-1.14 area as well. Price remains inside a bearish channel in the medium-term. We remain bearish as long as price is below 1.15.
Black rectangle - short-term resistance
Green rectangle - short-term support
Blue dots - medium strength support
Dark blue dots - maximum strength support
EUR/USD is heading as we said towards the 61.8% Fibonacci retracement, since we have broken above the 38% Fibonacci level. Short-term trend is bullish as long as price is above 1.1270-1.1260. Longer-term trend remains bearish as price remains inside the downward sloping channel from 1.1620. Bulls will need to break above 1.15 and hold above it in order to regain control of the trend.
Technical analysis for Gold for November 16, 2018
2018-11-16
Gold price is bouncing as expected. Price remains below the major resistance at $1,243.50 and is challenging important Fibonacci resistance levels. Gold price will need to break above $1,243.50 for bulls to regain control of the trend. Until then, they are in danger and prices could fall below recent lows.
Red rectangle - major resistance
Blue rectangle - major support
Green rectangle- short-term support
Black rectangle - short-term resistance
Gold price has broken above the 38% Fibonacci retracement resistance. Now it is expected to challenge the black rectangle area and the 61.8% Fibonacci retracement. A rejection at that area is expected. If price however manages to break above it and stay above, then we will have a small win for bulls. But only if the major resistance at $1,243.50 breaks, will bulls control the trend again. Until the they are vulnerable. Support is at also at $1,196 and if broken any chances for breaking above $1,243.50 will be minimized. My first target area is at the blue rectangle. I consider this bounce as a selling opportunity with stops at recent highs.
Green rectangle - short-term support
Blue dots - medium strength support
Dark blue dots - maximum strength support
EUR/USD is heading as we said towards the 61.8% Fibonacci retracement, since we have broken above the 38% Fibonacci level. Short-term trend is bullish as long as price is above 1.1270-1.1260. Longer-term trend remains bearish as price remains inside the downward sloping channel from 1.1620. Bulls will need to break above 1.15 and hold above it in order to regain control of the trend.
Technical analysis for Gold for November 16, 2018
2018-11-16
Gold price is bouncing as expected. Price remains below the major resistance at $1,243.50 and is challenging important Fibonacci resistance levels. Gold price will need to break above $1,243.50 for bulls to regain control of the trend. Until then, they are in danger and prices could fall below recent lows.
Red rectangle - major resistance
Blue rectangle - major support
Green rectangle- short-term support
Black rectangle - short-term resistance
Gold price has broken above the 38% Fibonacci retracement resistance. Now it is expected to challenge the black rectangle area and the 61.8% Fibonacci retracement. A rejection at that area is expected. If price however manages to break above it and stay above, then we will have a small win for bulls. But only if the major resistance at $1,243.50 breaks, will bulls control the trend again. Until the they are vulnerable. Support is at also at $1,196 and if broken any chances for breaking above $1,243.50 will be minimized. My first target area is at the blue rectangle. I consider this bounce as a selling opportunity with stops at recent highs.
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