2018-12-24
After breaking below the triangle support line at 127.70, the EUR/JPY pair has declined and now it should continue to move lower towards the long-term target at 123.66. This decline should complete the wave C of (E) and the more than 10 year long triangle consolidation.
Short-term minor resistance is seen at 126.68 and important resistance is now placed at 127.69, which should cap the upside at anytime for further movement lower towards 124.89 and 123.66.
R3: 127.69
R2: 127.15
R1: 126.68
Pivot: 126.27
S1: 125.85
S2: 125.51
S3: 124.89
Trading recommendation:
We are short EUR from 128.05 and we will move our stop lower to 127.85.
Elliott wave analysis of EUR/NZD for December 24, 2018
2018-12-24
Wave iv does look complete, with the peak at 1.6986. We could see a final spike higher to 1.7015 to complete the wave iv, but all the requirements has been fulfilled and we are looking for a break below support at 1.6850 to confirm the completion of the wave iv, as well as the onset of the wave v towards 1.6185 and maybe even closer to 1.6000 before completing the impulsive decline from 1.7929.
R3: 1.7071
R2: 1.7015
R1: 1.6965
Pivot: 1.6921
S1: 1.6850
S2: 1.6777
S3: 1.6725
Trading recommendation:
We will sell EUR at 1.7010 or after a break below support 1.6850.
Technical analysis of USD/CHF for December 24, 2018
2018-12-24
Overview:
Pivot : 0.9951.
The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, and the price is moving in a bullish channel now. There are no changes in our technical outlook. The bias remains bullish in the nearest term, testing 1.0142 or higher. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times, confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended to be placed above the spot of 1.0058/0.9951 with the first target at the level of 1.0142; and then towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
Pivot : 0.9951.
The USD/CHF pair continues to trade upwards from the level of 0.9951 on the H4 chart. Today, the first support level is currently seen at 0.9951, and the price is moving in a bullish channel now. There are no changes in our technical outlook. The bias remains bullish in the nearest term, testing 1.0142 or higher. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times, confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended to be placed above the spot of 1.0058/0.9951 with the first target at the level of 1.0142; and then towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.
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