2018-12-06
EUR/JPY should now see the resistance in the 128.08 - 128.20 area for the next decline through minor support at 127.60, that will call for a decline towards 125.75 on the way lower to the long-term target seen at 123.66. This decline should complete wave [E] of the 10 year long triangle consolidation.
R3: 128.50
R2: 128.20
R1: 128.08
Pivot: 127.68
S1: 127.60
S2: 127.23
S3: 126.62
Trading recommendation:
We will sell EUR at 128.05 or upon a break below 127.60 and we will place our stop at 128.60.
Elliott wave analysis of EUR/NZD for December 6, 2018
2018-12-06
Wave iii have finally bottomed and a correction in wave iv is now expected towards at least 1.6694 and likely even closer to the peak of wave iv at 1.6767.
Short-term support is now seen in the 1.6434 - 1.6464 area, which is expected to protect the downside for the rally higher to 1.6694
R3: 1.6694
R2: 1.6614
R1: 1.6540
Pivot: 1.6470
S1: 1.6464
S2: 1.6434
S3: 1.6407
Trading recommendation:
We are long EUR from 1.6400 and we will place our stop at break-even.
Technical analysis for EUR/USD for December 6, 2018
2018-12-06
EUR/USD remains trapped inside the triangle pattern but it is running out of space. Although the most probable outcome would be to break to the downside towards 1.12-1.11, we should not ignore the upside potential towards 1.15-1.1560.
Red line- resistance
Green line -support
EUR/USD is trading below the Ichimoku cloud and inside a triangle pattern. Resistance is at 1.1370 and support at 1.13. Once any of these two levels is broken, we focus on the confirmation of the signal. This will come with a daily close above 1.1420 or below 1.1270. Target for the break out would be at 1.15-1.1560 for the bullish scenario and 1.12-1.1150 for the bearish scenario.
Technical analysis for Gold for December 6, 2018
2018-12-06
Gold price is at the important resistance area of $1,239-43.50. Trend remains bullish in the short-term as price remains inside the bullish channel.
Green line -support
EUR/USD is trading below the Ichimoku cloud and inside a triangle pattern. Resistance is at 1.1370 and support at 1.13. Once any of these two levels is broken, we focus on the confirmation of the signal. This will come with a daily close above 1.1420 or below 1.1270. Target for the break out would be at 1.15-1.1560 for the bullish scenario and 1.12-1.1150 for the bearish scenario.
Technical analysis for Gold for December 6, 2018
2018-12-06
Gold price is at the important resistance area of $1,239-43.50. Trend remains bullish in the short-term as price remains inside the bullish channel.
Blue area -major resistance
Purple lines - bullish channel
Green line -major trend line support
Blue line - important short-term trend line support
Gold price has not made any progress yesterday as price moved mainly sideways. Gold price remains in a bullish short-term momentum but also below major resistance area. A rejection here could bring Gold price back towards $1,220. Breaking below $1,220 would open the way for a move towards the green trend line support. Bulls are in control of the trend as long as $1,220 holds. The $1,210 low that was made at the end of November is very important support. If broken the upside will be over for Gold and I will focus on the downside.
Purple lines - bullish channel
Green line -major trend line support
Blue line - important short-term trend line support
Gold price has not made any progress yesterday as price moved mainly sideways. Gold price remains in a bullish short-term momentum but also below major resistance area. A rejection here could bring Gold price back towards $1,220. Breaking below $1,220 would open the way for a move towards the green trend line support. Bulls are in control of the trend as long as $1,220 holds. The $1,210 low that was made at the end of November is very important support. If broken the upside will be over for Gold and I will focus on the downside.
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