Elliott wave analysis of EUR/JPY for January 25, 2019
2019-01-25
Finally, EUR/JPY dipped towards support in the 122.70 – 123.37 area, from where the next impulsive rally towards 132.12 is expected to take hold.
Only a direct break above minor resistance at 124.65, will indicate wave ii to be complete and wave iii developing towards the 132.12 target.
R3: 125.19
R2: 124.93
R1: 124.65
Pivot: 124.21
S1: 124.10
S2: 123.78
S3: 123.37
Trading recommendation:
We will buy EUR at 123.40 or upon a break above 124.65
Elliott wave analysis of GBP/JPY for January 25, 2019
2019-01-25
GBP/JPY continues to rally as expected. It respects the uptrend from 130.70 nicely and the next upside target to look for is seen at 146.10 as wave iii extends to the 161.8% extension target of wave i at 151.90.
Support is now seen at 143.35 with key support at 142.69.
R3: 146.10
R2: 145.54
R1: 144.28
Pivot: 143.60
S1: 142.69
S2: 141.91
S3: 141.34
Trading recommendation:
We are long GBP from 140.90 and we will raise our stop to 142.50
Technical analysis of EUR/USD for 25/01/2019
2019-01-25
Technical analysis of EUR/USD for 25/01/2019:
The market bounces from the support, but for how long?
Market technical overview:
The EUR/USD pair made a new swing low at the level of 1.1289, which is technical support as well. Then the market has bounced towards the technical resistance zone at the levels of 1.1324 - 1.1335 but is still trading below this zone. Moreover, the price is trading below the short-term trend line marked in orange, so the bearish pressure is still high.
As long as the price is trading below the trendline, the outlook remains bearish, despite the oversold market conditions. The weak and negative momentum supports this view as well.
Recommendations:
The bearish pressure is still continuing, so the sell order should be still kept open. There is another zone of opportunity that can be used to add to the sell orders or open new ones and this is 1.1324 - 1.1335 zone. The other level is around 1.1355, just below the trend line. Only a sustained breakout through the orange trendline would change the short-term outlook to more bullish and in that case, the target for bulls would be at the level of 1.1380 and in a case of a further extension at the level of 1.1395.
Technical analysis for Gold for January 25, 2019
2019-01-25
Gold price remains near its highs of $1,298.50 consolidating in a sideways movement. Medium-term trend remains bullish and a break above $1,292 will increase the chances of a move towards $1,320. Support remains intact at $1,276-78 as every time we reach that area prices bounce.
Red lines - bearish scenario if support fails to hold
Gold price should move towards the 38% Fibonacci retracement support around $1,260 if support at $1,276 fails to hold. Resistance is found at $1,292 and bulls need to break this level in order to cancel any possibility for a move towards $1,260 or lower. So far this sideways consolidation between $1,290-$1,276 favors bulls.
Technical analysis GBP/USD for 25/01/2019
2019-01-25
Market technical overview:
The GBP/USD pair has broken above the technical resistance zone located at 1.3047 - 1.3071 zone and is on its way towards the projected Fibonacci target at 1.3165 - 1.3175 zone (orange rectangle). Currently, the pair is experiencing a slight pull-back after hitting the local resistance at the level of 1.3132, but it should reverse soon and continue the rally.
The market conditions are now overbought, but the momentum is still strong and positive albeit it shows the first indication of a bearish divergence between the momentum and price. In a case of a deeper pull-back, the key technical support is seen between the levels of 1.3047 - 1.3071
Recommendations:
The bearish bullish is still continuing, so the all of the buy orders should be still kept open with a projected target at the level of 1.3165 - 1.3175 zone. Please beware of the local pull-backs on the way up due to the building bearish divergence.
Technical analysis for EUR/USD for January 25, 2019
2019-01-25
EUR/USD has broken below the 1.13-1.1320 support yesterday. Today is the last trading day of the week and the weekly close is eagerly anticipated as it will give us more clues on what to expect next. A weekly close below 1.1320 would be bearish. A weekly close above 1.1350 could signal that this break down was a false one.
Black line - trend line support
Despite the bullish divergence signs, EUR/USD shows no sign of a larger trend reversal to the upside and more signs of weakness and possible move to 1.11-1.10. Will a new low be followed by a new bullish divergence in the weekly RSI? If this happens we should get ready for a strong move higher. So far, price has made a failed break out above 1.15 and is breaking every support level it has tested. Price does not make any strong bounce that would challenge resistance levels. All signs remain bearish for EUR/USD. Price yesterday broke down below the black trend line support and it is important to see where this weeks candle will close. So far the most probable outcome would be to see price move towards 1.10-1.11 over the coming weeks.
NZD/USD Approaching Support, Prepare For A Bounce
2019-01-25
NZD/USD is approaching its support at 0.6715 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.6770 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 2% where a corresponding bounce could occur.
NZD/USD is approaching its support where we expect to see a bounce.
Buy above 0.6715. Stop loss at 0.6682. Take profit at 0.6770.
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