2018-12-12
The b-wave has turned into a triangle, which completed with the test of 128.98 and the final five wave decline in wave c towards 123.66 is now developing.
In the short term we are looking for minor resistance at 128.67, which we expect will cap the upside for the next decline below 128.15 for a further fall to below 127.78 as wave c unfoldes towards the long-term target near 123.66.
Only an unexpected break above 128.98 will invalidate our bearish outlook.
R3: 129.37
R2: 128.98
R1: 128.67
Pivot: 128.44
S1: 128.15
S2: 127.78
S3: 127.22
Trading recommendation:
We are short on EUR from 128.05 and we will move our stop lower to 129.05.
Elliott wave analysis of EUR/NZD for December 12, 2018
2018-12-12
The corrective decline from 1.6641 has been much deeper than expected. Support at 1.6495 held at first for a rally through minor resistance at 1.6545 for a continuation higher to 1.6586, but found strong resistance here, that caused a new decline to below 1.6495 for a continuation lower to 1.6426. This should be enough to complete wave b and set the stage for the final rally in wave c into the resistance-zone between 1.6694 - 1.6760 from where the next decline towards 1.6169 is expected.
R3: 1.6586
R2: 1.6508
R1: 1.6495
Pivot: 1.6459
S1: 1.6426
S2: 1.6398
S3: 1.6378
Trading recommendation:
Our buy from 1.6545 was stopped out at 1.6485 for a minor loss. We will re-buy EUR upon a break above 1.6479 and place our stop at 1.6420
Technical analysis for EUR/USD for December 12, 2018
2018-12-12
EURUSD once again got rejected at the 1.14-1.1420 resistance area and is now pulling back towards 1.13 short-term support. So far every new low after the May low at 1.1510, has been weaker according to the Daily RSI. For this bullish pattern to be confirmed bulls will need to break above 1.14 and stay above it.
Green lines - bullish divergence
Red line - trend line resistance
EURUSD is trading above 1.13. Support is here and next at 1.1270. Losing 1.1270 could push price towards 1.1170. Resistance remains at 1.14-1.1420. Breaking above it would be a bullish reversal signal and could push prices towards 1.16 at least. Trend is bearish below 1.14 and bullish above it. Simple as that.
Technical analysis for Gold for December 12, 2018
2018-12-12
Gold price is trading inside a bullish channel. Daily trend is bullish. Gold is making higher highs and higher lows since last August and could see $1,250-60 area over the next couple of weeks.
Red line - trend line resistance
EURUSD is trading above 1.13. Support is here and next at 1.1270. Losing 1.1270 could push price towards 1.1170. Resistance remains at 1.14-1.1420. Breaking above it would be a bullish reversal signal and could push prices towards 1.16 at least. Trend is bearish below 1.14 and bullish above it. Simple as that.
Technical analysis for Gold for December 12, 2018
2018-12-12
Gold price is trading inside a bullish channel. Daily trend is bullish. Gold is making higher highs and higher lows since last August and could see $1,250-60 area over the next couple of weeks.
Green lines - bullish channel
Blue rectangle - short-term support
With short-term support and previous short-term high at $1,230, we could see a pull back towards that area before the resumption of the up trend we are currently in. Gold bulls do not want to see price break out and below the $1,210 channel support. A bearish confirmation will come with the break of $1,196. On the other hand bulls want to see this price action of higher highs and higher lows continue. Resistance is at $1,264.
Blue rectangle - short-term support
With short-term support and previous short-term high at $1,230, we could see a pull back towards that area before the resumption of the up trend we are currently in. Gold bulls do not want to see price break out and below the $1,210 channel support. A bearish confirmation will come with the break of $1,196. On the other hand bulls want to see this price action of higher highs and higher lows continue. Resistance is at $1,264.
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