2018-11-02
In Asia, Japan will release the Monetary Base y/y. The US is due to release a series of crucial economic reports such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a probability the USD/JPY pair will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 113.35
Resistance 2: 113.12
Resistance 1: 112.90
Support 1: 112.64
Support 2: 112.42
Support 3: 112.20
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 02, 2018
2018-11-02
When the European market opens, some economic data will be released such as Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, French Gov Budget Balance, German Import Prices m/m. The US us due to present data on the labor market of major importance such as Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m as well as Factory Orders m/m, and Trade Balance. So, amid the loaded economic calendar, EUR/USD will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1458
Strong Resistance:1.1451
Original Resistance: 1.1440
Inner Sell Area: 1.1429
Target Inner Area: 1.1402
Inner Buy Area: 1.1375
Original Support: 1.1364
Strong Support: 1.1353
Breakout SELL Level: 1.1346
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 2, 2018
2018-11-02
The corrective rally from 126.64 is developing as expected. We saw a wave rally from 126.64 to 128.54 and wave b dipped to 127.59 and wave c higher to 130.20 and maybe even closer to 130.64 is now unfolding.
Support is now seen at 128.54 and will ideally protect the downside for the expected rally higher to 130.20. Only a break below support at 128.34 will indicate weakness and the possible completion of wave c and B.
R3: 130.20
R2: 129.75
R1: 129.22
Pivot: 128.85
S1: 128.54
S2: 128.34
S3: 128.11
Trading recommendation:
We are long EUR from 127.75 and we will move our stop higher to 128.25. We will take half profit at 130.10.
Elliott wave analysis of EUR/NZD for November 2, 2018
2018-11-02
EUR/NZD is accelerating lower, but we expect support at 1.7010 will be able to act as the first floor for the ongoing decline, which is aimed for 1.6591 as the first major support.
Short term, the decline from 1.7929 is now in five waves. Red wave v will be equal in length to the distance traveled from the top of red wave i through red wave iii measured to the peak of red wave iv at 1.7010. This will normally be the maximum a fifth wave extension will travel. That said, we will stress, that in rare cases a wave five extension can be 1.618 times the length of wave i through wave iii, which in this case would mean a decline to 1.6653. The decline from 1.7929 already is pretty extended, so that is not our preferred count, but it can not be excluded.
R3: 1.7296
R2: 1.7238
R1: 1.7174
Pivot: 1.7140
S1: 1.7101
S2: 1.7060
S3: 1.7010
Trading recommendation:
We will buy EUR at 1.7025 with our stop placed at 1.6950.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment