2018-11-08
In Asia, Japan will release the Economy Watchers Sentiment, Current Account, Core Machinery Orders m/m, Bank Lending y/y, and BOJ Summary of Opinions. The US will release some economic data as well such as Federal Funds Rate, FOMC Statement, Natural Gas Storage, and Unemployment Claims. 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: 114.18
Resistance 2: 113.95
Resistance 1: 113.74
Support 1: 113.46
Support 2: 113.23
Support 3: 113.01
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 08, 2018
2018-11-08
When the European market opens, a batch of economic data will be released such as French 10-y Bond Auction, Spanish 10-y Bond Auction, EU Economic Forecasts, ECB Economic Bulletin, French Trade Balance, and German Trade Balance. The US is due to release several economic reports such as Federal Funds Rate, FOMC Statement, Natural Gas Storage, and Unemployment Claims. So, amid such a loaded economic calendar EUR/USD will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1491
Strong Resistance:1.1484
Original Resistance: 1.1473
Inner Sell Area: 1.1462
Target Inner Area: 1.1434
Inner Buy Area: 1.1406
Original Support: 1.1395
Strong Support: 1.1384
Breakout SELL Level: 1.1377
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 8, 2018
2018-11-08
EUR/JPY has almost tested our 130.20 target (the high has been seen at 130.15. As long as minor support at 129.37 stays intact, we see the possibility for EUR/JPY to move closer to the 61.8% corrective target at 130.65 from here or upon a break below minor support at 129.37 wave C should take over for a final decline to below 126.62.
R3: 130.65
R2: 130.41
R1: 130.20
Pivot: 129.77
S1: 129.68
S2: 129.37
S3: 129.06
Trading recommendation:
We are long from 127.75. We took profit on 50% of our long position at 130.10. We will move our stop higher to 129.30 for the final 50%. We will take profit on the final 50% at 130.55.
Elliott wave analysis of EUR/NZD for November 8, 2018
2018-11-08
EUR/NZD keeps pushing lower. While still overextended towards the downside, we must accept that as long as minor resistance at 1.6912 is able to cap the upside, more downside pressure towards the next support at 1.6784 .
Only a break above the minor resistance at 1.6912 will ease the downside pressure, while a break above resistance at 1.7074 will confirm that wave a/ or i/ has completed and a rally towards at least 1.7236 should be seen.
R3: 1.7074
R2: 1..6997
R1: 1.6912
Pivot: 1.6858
S1: 1.6807
S2: 1.6784
S3: 1.6733
Trading recommendation:
We will buy EUR upon a break above 1.6912.
Technical analysis for Gold for November 8, 2018
2018-11-08
Gold price challenged the recent highs once again yesterday but got rejected once again. Price pulled back towards its recent lows and the 61.8% Fibonacci retracement support. Price holds above short-term support. No clear trend in the short-term yet. Price moves sideways between $1,236-$1,220.
Magenta rectangle - major supportBlue rectangle- short-term support
Red rectangle - short-term resistance
Gold price has been moving the last two days between the two short-term important levels. As long as we trade above $1,212 I remain optimistic. Breaking above $1,240 is what Gold bulls need to see in order to see a rally towards $1,260 and higher. The resistance at $1,235-40 is confirmed several times. Bulls do not want to move far from it and specially not break below $1,212. Bears on the other hand want to see price break to new lows and confirm the rejection at $1,240 on a weekly basis. This will be a bearish sign and would target Gold towards $1,100 or lower.
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