2018-11-12
Overview:
The NZD/USD pair continues to move upwards from the level of 0.6696. Last week, the pair rose from the level of 0.6696 to a top around 0.6779. Today, the first resistance level is seen at 0.6823 followed by 0.6867, while the daily support 1 is seen at 0.6696 (last bearish wave). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6779 and 0.6867; so we expect a range of 88 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.6779, we should see the pair climbing towards the resistance of 0.6823 to test it. Therefore, buy above the level of 0.6779 with the first target at 0.6823 in order to test the daily resistance 1 and further to 0.6867. Also, it might be noted that the level of 0.6867 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6696, a further decline to 0.9789 can occur which would indicate a bearish market on the H4 chart.
EUR/USD approaching support, prepare for a bounce
2018-11-12
EUR/USD is approaching its support at 1.1306 (61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1.1397 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.5% where a corresponding bounce could occur.
EUR/USD is approaching its support where we expect to see a bounce.
Buy above 1.1306. Set stop loss at 1.1234 and take profit at 1.1397.
Technical analysis of GBP/USD for November 12, 2018
2018-11-12
Overview:
Last week, the GBP/USD pair broke resistance, which turned into strong support at 1.2925. Right now, the pair is trading above this level. It is likely to trade in a higher range as long as it remains above the support (1.2925), which is expected to act as a major support today. Therefore, there is a possibility that the GBP/USD pair will move upwards and the structure does not look corrective. The trend is still below the 100 EMA, so the bullish outlook remains the same as long as the 100 EMA is headed to the upside. From this point of view, the first resistance level is seen at 1.3072 followed by 1.3176, while daily support 1 is seen at 1.3000 (50% Fibonacci retracement). According to the previous events, the GBP/USD pair is still moving between the levels of 1.3000 and 1.3176; so we expect a range of 176 pips. Consequently, buy above the level of 1.3000 with the first target at 1.3072 so as to test the daily resistance 1 and further to 1.3176. Besides, the level of 1.3176 is a good place to take profit because it will form a double top. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3000, a further decline to 1.2925 can occur, which would indicate a bearish market. Overall, we still prefer the bullish scenario, which suggests that the pair will stay below the zone of 1.2843 this week.
Elliott wave analysis of EUR/JPY for November 12, 2018
2018-11-12
Our preferred count shows that the wave B completed with the test of 130.15 and wave C lower to the equality target at 123.66 is developing now. In the short term we expected a minor rebound toward the resistance in the 129.41 - 129.58 area before more downside pressure is applied.
A clear break below support at 128.57 confirms that wave B has completed and wave C lower towards 123.66 is developing.
R3: 130.82
R2: 129.58
R1: 129.41
Pivot: 129.19
S1: 128.84
S2: 128.85
S3: 128.57
Trading recommendations:
We are looking to sell EUR at 129.50 or upon a a break below 128.57.
Elliott wave analysis of EUR/NZD for November 12, 2018
2018-11-12
A decline from 1.7929 continues to push lower, but now it is extremely extended. We expect wave i/ or a/ to see a low soon for a corrective rally towards at least 1.7212 and more likely closer to the 50% corrective target of a decline from 1.7929 to 1.6769 seen at 1.7349.
In the short term, a break above minor resistance at 1.6884 will indicate that wave i/ or a/ has completed and a correction in wave ii/ or b/ has begun.
R3: 1.7080
R2: 1.6974
R1: 1.6884
Pivot: 1.6832
S1: 1.6769
S2: 1.6710
S3: 1.6646
Trading recommendation:
We will buy EUR upon a break above minor resistance at 1.6884.
Technical analysis for EUR/USD for November 12, 2018
2018-11-12
EUR/USD is making new lows towards 1.1280 as expected from last week. The rejection at 1.15 and the break below 1.1380 were the important points of last week that showed us that the longer-term bearish trend was intact and that the short-term bounce was over. New lows were expected and no trader should be surprised.
Green lines - bearish channel
Black dots - medium strength resistance
Red dots - maximum strength resistance
The short-term bounce was short lived. Resistance at 1.15-1.1470 was never broken on a daily basis. Instead the rejection was a bearish sign. Price is now making new 2018 lows and is heading towards 1.10-1.08. Yes we might see a bounce but as long as price is below 1.15 we remain bearish. Short-term resistance is at 1.1380 and next at 1.1420. We might see a back test of the 1.1380-1.1350 area but overall trend remains bearish.
Technical analysis for Gold for November 12, 2018
2018-11-12
Gold price has broken through all support levels and the bullish scenario for a move towards $1,260 has been canceled. Gold price was very weak and the rejection at $1,240 has cost bulls a lot. Trend is bearish for the short-term again as the sideways range trading has broken to the downside.
Red rectangle - resistance area
Magenta rectangle- support (broken)
Blue rectangle- next support/target area
Gold price is making new lows. Short-term trend is bearish. Price has broken through the $1,212 support. This implies that any bounce should be seen as a selling opportunity as long as price is below $1,240. As long as we remain below the resistance we should expect Gold price to move towards the blue target area. Short-term resistance levels for Gold are at $1,217 and next at $1,225. Support is at $1,206. So from current levels we could see a bounce in Gold price early this week. If not, then this is another weakness sign.
Magenta rectangle- support (broken)
Blue rectangle- next support/target area
Gold price is making new lows. Short-term trend is bearish. Price has broken through the $1,212 support. This implies that any bounce should be seen as a selling opportunity as long as price is below $1,240. As long as we remain below the resistance we should expect Gold price to move towards the blue target area. Short-term resistance levels for Gold are at $1,217 and next at $1,225. Support is at $1,206. So from current levels we could see a bounce in Gold price early this week. If not, then this is another weakness sign.
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