2018-12-03
We continue to look for wave D moving higher towards the 130.89 - 130.99 resistance zone before a possible minor peak is in place and a final dip in wave E sets in. A strong break above resistance at 129.23 confirms the expected rally into the 130.89 - 130.99 target zone for wave D.
Support is now seen at 128.62 and important short-term support is located at 128.23, which needs to protect the downside to keep this count alive.
R3: 130.89
R2: 130.06
R1: 129.62
Pivot: 129.25
S1: 128.84
S2: 128.64
S3: 128.22
Trading recommendation:
We are long EUR from 129.25 with our stop placed at 128.00.
Elliott wave analysis of EUR/NZD for December 3, 2018
2018-12-03
EUR/NZD has extended its decline and has tested 1.6384 as its lowest point. We currently see positive divergence between the 1.6384 low and the 1.6553 low. This indicate a loss of downside momentum, but to indicate a low is in place, we need a break above minor resistance at 1.6477 and more importantly a break above resistance at 1.6542 that calls for a rally back towards resistance near 1.6767.
As long as minor resistance at 1.6477 is able to cap the upside, we can not exclude more downside pressure, but the loss of downside momentum indicates a limited downside pressure at best.
R3: 1.6627
R2: 1.6542
R1: 1.6515
Pivot: 1.6477
S1: 1.6417
S2: 1.6384
S3: 1.6345
Trading recommendation:
WE bought EUR at 1.6480 and we will placed our stop at 1.6380.
USD/CAD Approaching Support, Prepare For A Bounce
2018-12-03
USD/CAD is approaching its support at 1.3227(100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.3323 (76.4% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.9% where a corresponding bounce could occur.
USD/CAD is approaching its support where we expect to see a bounce.
Buy above 1.3227. Stop loss at 1.3179. Take profit at 1.3323.
Technical analysis for Gold for December 3, 2018
2018-12-03
Gold price has made a pull back last week towards $1,217 but respected the recent low at $1,211 and is now challenging once again the recent highs and important short-term resistance at $1,230.
Red rectangle - important short-term resistance
Blue rectangle - major resistance
Green line - trend line support
As we repeated in our last analysis, bulls have hopes for a break out above resistance as long as price does not break below the green trend line support. Gold's price behavior so far is supportive as price held above the 61.8% Fibonacci retracement level and despite last Friday's pull back, we see price once again challenging the important resistance area marked as red in the chart above. Bears want another rejection here and a move below $1,210. Bulls want to see a daily close above $1,230 and this will open the way for a bigger bounce towards $1,250-60.
Technical analysis for EUR/USD for December 3, 2018
2018-12-03
EUR/USD got rejected at the upper trend line resistance of 1.14 on Friday and pulled back towards 1.13. Price is now bouncing back up again but so far we have no break out. Longer-term trend remains bearish. Short-term trend is neutral.
Red line - major resistance
Green line - major support
EUR/USD is challenging Ichimoku cloud resistance but even if it breaks above the cloud, the most important resistance to break is the red trend line. So far price has been rejected twice. Will we see a third and final rejection or will we see a breakout and a move to 1.16? As long as we trade below last week's highs bears have the upper hand. Important short-term support is found at Friday's lows. Breaking below this level will push price below the green trend line support and most probably towards 1.11-1.12. Being trapped inside this triangle offers no clear view for the medium-term trend in EUR/USD. Traders need to be patient.
Green line - major support
EUR/USD is challenging Ichimoku cloud resistance but even if it breaks above the cloud, the most important resistance to break is the red trend line. So far price has been rejected twice. Will we see a third and final rejection or will we see a breakout and a move to 1.16? As long as we trade below last week's highs bears have the upper hand. Important short-term support is found at Friday's lows. Breaking below this level will push price below the green trend line support and most probably towards 1.11-1.12. Being trapped inside this triangle offers no clear view for the medium-term trend in EUR/USD. Traders need to be patient.
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