2018-12-05
EUR/JPY failed to push above resistance at 129.23 and has instead broken below support at 128.30, which has reinstated our prior bearish view for a decline towards at least 125.75 and possibly even lower to 123.66 to complete wave C and (E) of the 10 year long triangle consolidation.
Resistance is now seen near 128.45. This resistance will ideally cap the upside for a decline through support at 127.77 for more downside pressure towards 125.75.
R3: 129.15
R2: 128.89
R3: 128.45
Pivot: 127.87
S1: 127.47
S2: 127.25
S3: 126.62
Trading recommendation:
Our stop at 128.00 has been hit. We will stay sidelined for now.
Elliott wave analysis of EUR/NZD for December 5, 2018
2018-12-05
We continue to look for evidence, that the decline from 1.7929 has found a temporary bottom for a corrective rally towards at least 1.6707 and maybe even higher. To confirm that a low has been seen, we need to see a clear break above 1.6396 that will call for a rally to 1.6624 as the first hurdle on the way higher to 1.6707.
As long as resistance at 1.6396 is able to cap the upside, we need to allow for a final spike to just below 1.6330, but the clear loss of downside momentum, indicates a low should be seen shortly.
R3: 1.6624
R2: 1.6471
R1: 1.6396
Pivot: 1.6375
S1: 1.6330
S2: 1.6298
S3: 1.6237
Trading recommendation:
We will buy EUR upon a break above resistance at 1.6396
Technical analysis for EUR/USD for December 5, 2018
2018-12-05
EUR/USD showed strength early in the day yesterday but at the end of the day the break out above 1.14-1.1420 was gone and prices were challenging and breaking below daily lows. This reversal and fake breakout is a bearish, but as long as price holds above 1.13 bulls still have hopes.
Today we take a look at the weekly chart of EUR/USD. The decline that started at 1.2550 has stopped at the 61.8% Fibonacci retracement. Recent weekly price action shows a falling wedge formation. Price remains trapped inside the boundaries of the wedge and as long as there is no break out to the upside, a move to new short-term lows towards 1.12 are very possible. Breaking and closing above 1.14-1.1420 would be a break out signal and a bullish sign implying that the entire downward move from 1.2550 might be complete. Longer-term trend remains bearish from 1.2550 and will change only with the break out of the wedge pattern. The 61.8% Fibonacci level offers a great level for a reversal. So far we have seen a bounce from 1.1215 to 1.1475 but still inside the boundaries of this pattern. Bulls will need to break above 1.1475 for a confirmation of the breakout.Technical analysis for Gold for December 5, 2018
2018-12-05
Gold price is moving higher as expected after breaking above $1,230. Short-term trend remains bullish as price challenges the October highs. Price got rejected at the October highs and is pulling back. There no change in short-term trend as long as price remains inside the bullish channel.
Blue rectangle - major resistance
Green line - major trend line support
Blue line - short-term trend line support
Purple channel - bullish short-term channel
Gold price is making higher highs and higher lows. Price remains in a short-term channel respecting support levels so far. The most probable outcome would be a break to new short-term highs towards $1,250-60 area. As long as price is above the green trend line the medium-term bullish trend started back in August lows is safe. Short-term critical support is at the blue trend line. Bulls do not want to see the support at $1,220 broken.
Green line - major trend line support
Blue line - short-term trend line support
Purple channel - bullish short-term channel
Gold price is making higher highs and higher lows. Price remains in a short-term channel respecting support levels so far. The most probable outcome would be a break to new short-term highs towards $1,250-60 area. As long as price is above the green trend line the medium-term bullish trend started back in August lows is safe. Short-term critical support is at the blue trend line. Bulls do not want to see the support at $1,220 broken.
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