2018-12-07
EUR/JPY remain indecisive in the 127.60 - 128.46 range and could move slightly higher to 128.50 before tuning lower again towards minimum 125.75 and ideally closer to the long-term ideal target at 123.66 to complete the 10 year triangle consolidation.
Only an unexpected break above resistance at 129.05 will invalidate our bearish outlook.
R3: 128.50
R2: 128.20
R1: 128.08
Pivot: 127.68
S1: 127.60
S2: 127.23
S3: 126.62
Trading recommendation:
We sold EUR at 128.05 and we will place our stop at 129.10.
Elliott wave analysis of EUR/NZD for December 7, 2018
2018-12-07
EUR/NZD has rallied nicely as wave iv. Wave a of iv likely completed with the test of 1.6575 and we should expect a temporary set-back close to 1.6423 before the next rally higher to at least 1.6668 and ideally closer to 1.6767 before being ready to turn lower in wave v.
Short-term a break below minor support at 1.6511 will call for a dip to 1.6469 and ideally closer to 1.6423 in wave b of iv.
R3: 1.6620
R2: 1.6575
R1: 1.6547
Pivot: 1.6511
S1: 1.6469
S2: 1.6423
S3: 1.6395
Trading recommendation:
We are long EUR from 1.6400 and we will move our stop higher to 1.6510 and if done, we will try to re-buy EUR at 1.6435.
Technical analysis for EUR/USD for December 7, 2018
2018-12-07
EUR/USD continues to trade near the upper triangle boundary resistance at 1.1380-1.14. Short-term trend remains neutral as long as price remains inside the triangle pattern.
Red lines - triangle pattern
EUR/USD has resistance at 1.1380-1.14 and support at 1.12 on a daily chart. Shorter-term support is found at 1.1310. If this level is broken, we expect price to move towards the lower triangle boundary at 1.12. Breaking below 1.12 would push prices even lower towards 1.08-1.09 at first. Breaking and closing above 1.14 would be a bullish sign that could push prices towards 1.15-1.16. Non-farm payrolls in the US are announced today and we expect volatility to rise after the news announcement. A break of resistance or support is highly likely today.
Technical analysis for Gold for December 7, 2018
2018-12-07
Gold price has made a new higher high yesterday but price is still stuck around the 38% Fibonacci retracement level. Price is challenging the short-term bullish channel. Trend remains bullish but a break below $1,220 would bring bears back in the game.
EUR/USD has resistance at 1.1380-1.14 and support at 1.12 on a daily chart. Shorter-term support is found at 1.1310. If this level is broken, we expect price to move towards the lower triangle boundary at 1.12. Breaking below 1.12 would push prices even lower towards 1.08-1.09 at first. Breaking and closing above 1.14 would be a bullish sign that could push prices towards 1.15-1.16. Non-farm payrolls in the US are announced today and we expect volatility to rise after the news announcement. A break of resistance or support is highly likely today.
Technical analysis for Gold for December 7, 2018
2018-12-07
Gold price has made a new higher high yesterday but price is still stuck around the 38% Fibonacci retracement level. Price is challenging the short-term bullish channel. Trend remains bullish but a break below $1,220 would bring bears back in the game.
Purple lines - bullish channel
Green line - major trend line support
Blue line - short-term trend line support
So far price is making higher highs and higher lows. As long as price is above the blue trend line support, we target $1,250-60 area. Bulls remain in control of the trend as long as price is above the green trend line. Breaking below this trend line would be a very bearish sign. Any pull back towards $1,225-30 is considered a buying opportunity with stops at $1,220-19 area. The 61.8% Fibonacci retracement level is an important target if bulls manage to stay above the 38% Fibonacci level.
Green line - major trend line support
Blue line - short-term trend line support
So far price is making higher highs and higher lows. As long as price is above the blue trend line support, we target $1,250-60 area. Bulls remain in control of the trend as long as price is above the green trend line. Breaking below this trend line would be a very bearish sign. Any pull back towards $1,225-30 is considered a buying opportunity with stops at $1,220-19 area. The 61.8% Fibonacci retracement level is an important target if bulls manage to stay above the 38% Fibonacci level.
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