2018-12-04
GBP/USD is approaching its support at 1.2660(61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1.2820 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.5% where a corresponding bounce could occur.
GBP/USD is approaching its support where we expect to see a bounce.
Buy above 1.2660. Stop loss at 1.2564. Take profit at 1.2820.
Elliott wave analysis of EUR/JPY for December 4, 2018
2018-12-04
EUR/JPY was once again rejected near short-term important resistance at 129.23. This resistance need to be broken to confirm the next rally into the 130.89 - 130.99 target-zone.
Support is now seen at 128.49 and the at 128.30, The later should be able to protect the downside for the expected rally into the 130.89 - 130.99 target-zone. A break below 128.30 will dealy the move higher for a decline towards 127.81 first.
R3: 130.89
R2: 130.06
R1: 129.62
Pivot: 129.23
S1: 128.84
S2: 128.64
S3: 128.30
Trading recommendation:
We are long EUR from 129.25 with our stop placed at 128.00
Elliott wave analysis of EUR/NZD for December 4, 2018
2018-12-04
The decline from 1.7929 has more downside to cover and broke below support at 1.6384 for a dip to 1.6335. A clear loss of downside momentum (positive divergence for RSI), should limit the potential downside. A break above minor resistance at 1.6396, will be the first good indication that a low is in place and a corrective rally towards 1.6791 has begun. While a break above resistance at 1.6471 confirms the low and the corrective rally higher.
R3: 1.6542
R2: 1.6471
R1: 1.6396
Pivot: 1.6375
S1: 1.6334
S2: 1.6298
S3: 1.6237
Trading recommendation:
Our stop at 1.6380 was hit. We will re-buy EUR upon a break above 1.6396.
Technical analysis for Gold for December 4, 2018
2018-12-04
Gold price has broken through short-term resistance and is now looking for a move higher towards $1,250-60 if the major resistance and October highs are broken. So far price action has respected support levels and bulls remain in control.
Blue rectangle -major resistance
Green line -trend line support
Gold price has held above the critical short-term trend line support and has started making higher highs and higher lows again. Price is now testing the 38% long-term Fibonacci level and October highs. Breaking above this level opens the way for a move towards the 61.8% Fibonacci retracement but our first targets are at $1,250-60. Support is now found at $1,216-20 area and as long as price is above that level, bulls will remain in control of the trend.
Technical analysis for EUR/USD for December 4, 2018
2018-12-04
EUR/USD remains inside the triangle pattern formation and below critical trend line resistance. So far any pullback towards 1.13 has been met with buyers and price remains supported. Buyers are still too weak to break the major resistance area of 1.14-1.1420 but if this happens, we will then expect price to move towards 1.15-1.16.
Green line -trend line support
Gold price has held above the critical short-term trend line support and has started making higher highs and higher lows again. Price is now testing the 38% long-term Fibonacci level and October highs. Breaking above this level opens the way for a move towards the 61.8% Fibonacci retracement but our first targets are at $1,250-60. Support is now found at $1,216-20 area and as long as price is above that level, bulls will remain in control of the trend.
Technical analysis for EUR/USD for December 4, 2018
2018-12-04
EUR/USD remains inside the triangle pattern formation and below critical trend line resistance. So far any pullback towards 1.13 has been met with buyers and price remains supported. Buyers are still too weak to break the major resistance area of 1.14-1.1420 but if this happens, we will then expect price to move towards 1.15-1.16.
Red line - major trend line resistance
Green line - major trend line support
EUR/USD got rejected yesterday at cloud resistance but as we said in our last analysis, the major levels we will need to keep an eye on are the two trend lines. As long as price is trapped inside the triangle traders better stay neutral. If the resistance breaks, combined with the fact that price is trading above the Kumo (cloud), we should be bullish for a move at least towards 1.15-1.16 area. If we see another rejection and a break below the Kumo (cloud) at 1.1320, we should be bearish as then the chances of breaking below the green trend line will have increased dramatically. Key support below 1.1320 is at 1.1270. If broken we have confirmation that price is heading towards 1.11.
Green line - major trend line support
EUR/USD got rejected yesterday at cloud resistance but as we said in our last analysis, the major levels we will need to keep an eye on are the two trend lines. As long as price is trapped inside the triangle traders better stay neutral. If the resistance breaks, combined with the fact that price is trading above the Kumo (cloud), we should be bullish for a move at least towards 1.15-1.16 area. If we see another rejection and a break below the Kumo (cloud) at 1.1320, we should be bearish as then the chances of breaking below the green trend line will have increased dramatically. Key support below 1.1320 is at 1.1270. If broken we have confirmation that price is heading towards 1.11.
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