Elliott wave analysis of EUR/JPY for February 24, 2019
2019-01-24
The longer EUR/JPY stays near short-term important resistance at 124.93 the higher the possibility for a push higher towards 126.59 as the next upside target on the way towards 132.12.
Short-term only a dip back below 124.37 will again open up for a deeper correction in wave ii towards 123.37 and maybe even closer to 122.70 to complete wave ii.
R3: 126.59
R2: 125.81
R1: 125.19
Pivot: 124.93
S1: 124.55
S2: 124.10
S3: 123.72
Trading recommendation:
We will buy EUR at 123.00 or upon a break above 124.93
Elliott wave analysis of GBP/JPY for January 24, 2019
2019-01-24
GBP/JPY has rallied nice of the 140.63 low and will ideally stay above minor support at 142.22 for a continuation higher to 143.94 and 146.10 as the next hurdles on the way towards the 161.8% extension target of wave i at 151.90.
Key support has now move higher to 141.65 which should protect the downside at any time.
R3: 146.10
R2: 145.00
R1: 143.94
Pivot: 143.56
S1: 142.94
S2: 142.37
S3: 142.04
Trading recommendation:
We are long GBP from 140.90 and we will raise our stop to 141.50.
Technical analysis for Gold for January 24, 2019
2019-01-24
Although Gold price remains in an upward sloping channel, there is no sign from bulls that the pull back and correction from $1,300 is over. Bulls need to be very cautious at current levels and as long as price is below $1,292.
Green area- line in the sand for bullish trend
Gold price has short-term resistance at $1,292. Breaking above it will increase the chances of moving past $1,300 towards $1,320. Support is at $1,276 (channel support) and if broken we expect price to at least move towards $1,270. Next support is at $1,260 where we find the 38% Fibonacci retracement of the rise from $1,196. Breaking below it will open the way for a test of the major support area at $1,243 shown by the green rectangle. If this area fails to hold, then the bullish view for a move above $1,300 is canceled. For now short-term traders favor the bearish side as it has a better risk reward ratio.
Technical analysis for EUR/USD for January 24, 2019
2019-01-24
EUR/USD has bounced off 1.1330 towards 1.14 but remains below it. This is not something bulls want to see. Bulls want to see price recapturing key resistance levels like 1.14. On the other hand the bearish short-term trend remains intact. Bears remain in control.
Blue dots - medium strength 1 hour support
EUR/USD has stopped making lower lows and lower highs and since it made a low at 1.1336 it shows signs of a reversal. No reversal confirmation yet in the 1-hour chart but a break above 1.14 would be something bulls want to see. Support is found at 1.1360 and a break below it will open the way for a move towards the lows or even provide new lows. Key resistance for the longer-term trend remains at 1.1480. A daily close above this level will increase the chances of breaking above the January high. Until then bears consider any bounce as a selling opportunity.
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