2019-01-21
When the European market opens, only German PPI m/m will be released. Today, the US will not publish any economic data, so amid the reports, the EUR/USD pair will move in a low to a medium volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1430. Strong Resistance: 1.1423. Original Resistance: 1.1412. Inner Sell Area: 1.1401. Target Inner Area: 1.1374. Inner Buy Area: 1.1347. Original Support: 1.1336. Strong Support: 1.1325. Breakout SELL Level: 1.1318. (Disclaimer)
EUR/NZD Approaching Resistance, Prepare For Reversal
2019-01-21
The EUR/NZD pair is approaching its resistance at 1.6922 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.6857 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is nearing its resistance at 96% where a corresponding reversal is anticipated.
EUR/NZD is approaching its resistance where we expect to see a reversal.
Sell below 1.6922. Stop loss at 1.6976. Take profit at 1.6857.
NZD/USD Approaching Support, Prepare For Bounce
2019-01-21
The NZD/USD pair is approaching its support at 0.6714 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.6780 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is nearing its support at 1.72% where a corresponding bounce is anticipated.
NZD/USD is approaching its support where we expect to see a bounce.
Buy above 0.6714. Stop loss at 0.6666. Take profit at 0.6797.
Elliott wave analysis of EUR/JPY for January 21, 2019
2019-01-21
The price swing down to 118.72 completed wave (E) of the more than 10 years long triangle consolidation and we should now look for wave (C) towards 203.00
The question is whether wave ii completed already at 123.37 or a more complex correction in wave ii is unfolding and a second dip closer to 122.90 should be expected? As long as resistance at 124.85 is able to cap the upside, a second dip remains preferred. If, however resistance at 124.85 is broken, then wave iii higher to 132.12 already is developing.
R3: 127.11
R2: 126.58
R1: 125.81
Pivot: 124.85
S1: 124.20
S2: 123.37
S3: 122.90
Trading recommendation:
We will buy EUR at 123.00 or upon a clear break above 124.85
Elliott wave analysis of GBP/JPY for January 21, 2019
2019-01-21
GBP/JPY is expected to move higher towards 151.90 as long as it holds above key support at 139.43. Ideally minor support at 140.71 will be able to protect the downside for a break above 141.22 and more importantly above resistance at 141.78 that confirms the next push higher towards 143.81 and 145.17 as the next hurdles on the way higher.
Only a break below key support at 139.43 will force a recount of the rally from 130.70.
R3: 143.81
R2: 142.71
R1: 142.00
Pivot: 141.76
S1: 140.92
S2: 140.71
S3: 140,26
Trading recommendation:
We are long GBP from 140.90 with our stop placed at 139.40.
Technical analysis of EUR/USD for 21/01/2019
2019-01-21
The Risig Wedge price parent that might have been in development between the levels of 1.3171 - 1.1400 has been invalidated. The reason was a very shallow rally towards the nearest technical resistance at the level of 1.1414 that was terminated by the Shooting Star candlestick pattern with a top at the level of 1.1400. Since then the market started to reverse and the next candle has broken below the technical support zone of 1.1371 - 1.1380 with ease and made a new local low at the level of 1.1352. The price has been trying to bounce, but it is still trading below the orange trend line, right at the technical resistance at the level of 1.1380.
Despite the oversold market conditions the bears still have the chance to push the price lower towards the level of 1.1342 - 1.1324 support. As long as the price is trading below the orange trend line, this scenario remains in play.
Recommendations:
Sell order should be in play as long as the orange trend line is not violated. The targets for shorts are seen at the levels of 1.1342, 1.1336, 1.1330 and 1.1324 (big technical support zone marked in green).
Technical analysis for Gold for January 21, 2019
2019-01-21
Gold price dropped last week 0.5% to $1,281 as risk on in equities and stronger Dollar brought sellers in the precious metal pushing prices lower. Technically we were expecting breakout to the upside, but we were also prepared for an exit in case the break out was to the downside.
EUR/NZD Approaching Resistance, Prepare For Reversal
2019-01-21
The EUR/NZD pair is approaching its resistance at 1.6922 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.6857 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is nearing its resistance at 96% where a corresponding reversal is anticipated.
EUR/NZD is approaching its resistance where we expect to see a reversal.
Sell below 1.6922. Stop loss at 1.6976. Take profit at 1.6857.
NZD/USD Approaching Support, Prepare For Bounce
2019-01-21
The NZD/USD pair is approaching its support at 0.6714 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.6780 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is nearing its support at 1.72% where a corresponding bounce is anticipated.
NZD/USD is approaching its support where we expect to see a bounce.
Buy above 0.6714. Stop loss at 0.6666. Take profit at 0.6797.
Elliott wave analysis of EUR/JPY for January 21, 2019
2019-01-21
The price swing down to 118.72 completed wave (E) of the more than 10 years long triangle consolidation and we should now look for wave (C) towards 203.00
The question is whether wave ii completed already at 123.37 or a more complex correction in wave ii is unfolding and a second dip closer to 122.90 should be expected? As long as resistance at 124.85 is able to cap the upside, a second dip remains preferred. If, however resistance at 124.85 is broken, then wave iii higher to 132.12 already is developing.
R3: 127.11
R2: 126.58
R1: 125.81
Pivot: 124.85
S1: 124.20
S2: 123.37
S3: 122.90
Trading recommendation:
We will buy EUR at 123.00 or upon a clear break above 124.85
Elliott wave analysis of GBP/JPY for January 21, 2019
2019-01-21
GBP/JPY is expected to move higher towards 151.90 as long as it holds above key support at 139.43. Ideally minor support at 140.71 will be able to protect the downside for a break above 141.22 and more importantly above resistance at 141.78 that confirms the next push higher towards 143.81 and 145.17 as the next hurdles on the way higher.
Only a break below key support at 139.43 will force a recount of the rally from 130.70.
R3: 143.81
R2: 142.71
R1: 142.00
Pivot: 141.76
S1: 140.92
S2: 140.71
S3: 140,26
Trading recommendation:
We are long GBP from 140.90 with our stop placed at 139.40.
Technical analysis of EUR/USD for 21/01/2019
2019-01-21
The Risig Wedge price parent that might have been in development between the levels of 1.3171 - 1.1400 has been invalidated. The reason was a very shallow rally towards the nearest technical resistance at the level of 1.1414 that was terminated by the Shooting Star candlestick pattern with a top at the level of 1.1400. Since then the market started to reverse and the next candle has broken below the technical support zone of 1.1371 - 1.1380 with ease and made a new local low at the level of 1.1352. The price has been trying to bounce, but it is still trading below the orange trend line, right at the technical resistance at the level of 1.1380.
Despite the oversold market conditions the bears still have the chance to push the price lower towards the level of 1.1342 - 1.1324 support. As long as the price is trading below the orange trend line, this scenario remains in play.
Recommendations:
Sell order should be in play as long as the orange trend line is not violated. The targets for shorts are seen at the levels of 1.1342, 1.1336, 1.1330 and 1.1324 (big technical support zone marked in green).
Technical analysis for Gold for January 21, 2019
2019-01-21
Gold price dropped last week 0.5% to $1,281 as risk on in equities and stronger Dollar brought sellers in the precious metal pushing prices lower. Technically we were expecting breakout to the upside, but we were also prepared for an exit in case the break out was to the downside.
Green rectangles - support areas
Purple lines - bullish channel
Black lines -triangle pattern
In our previous post we mentioned the price levels that would trigger a break out either to the upside or the downside. Gold price broke to the downside once the $1,290 level failed to hold. We also warned that a break to the downside would push prices towards $1,280 in the beginning and then we would expect price to move towards the 38% Fibonacci retracement level of the upward move from $1,232. So our short-term target and important short-term support level is around $1,272, Resistance is at $1,293 and any break above this level will open the way for $1,320 and higher.
Technical analysis for EUR/USD for January 21, 2019
2019-01-21
EUR/USD continued its move lower and reached 1.1353. Our past analysis explained that a break below 1.14-1.1380 would push prices towards 1.1320 and the longer-term upward sloping trend line support. Price continues to make lower lows and lower highs but we remain above the critical support area of 1.1320-1.13.
Purple lines - bullish channel
Black lines -triangle pattern
In our previous post we mentioned the price levels that would trigger a break out either to the upside or the downside. Gold price broke to the downside once the $1,290 level failed to hold. We also warned that a break to the downside would push prices towards $1,280 in the beginning and then we would expect price to move towards the 38% Fibonacci retracement level of the upward move from $1,232. So our short-term target and important short-term support level is around $1,272, Resistance is at $1,293 and any break above this level will open the way for $1,320 and higher.
Technical analysis for EUR/USD for January 21, 2019
2019-01-21
EUR/USD continued its move lower and reached 1.1353. Our past analysis explained that a break below 1.14-1.1380 would push prices towards 1.1320 and the longer-term upward sloping trend line support. Price continues to make lower lows and lower highs but we remain above the critical support area of 1.1320-1.13.
Red rectangle- weekly resistance
Black line - trend line support
EUR/USD has made no real progress over the last two months. Bulls tried to break above 1.15 but no weekly close was seen above the resistance area. The fake break out and reversal back below 1.14 is a bearish sign. Bulls continue to hope for another leg higher towards 1.17 as long as we trade above 1.13. Breaking below 1.13 will open the way for a move towards 1.11-1.10.
Black line - trend line support
EUR/USD has made no real progress over the last two months. Bulls tried to break above 1.15 but no weekly close was seen above the resistance area. The fake break out and reversal back below 1.14 is a bearish sign. Bulls continue to hope for another leg higher towards 1.17 as long as we trade above 1.13. Breaking below 1.13 will open the way for a move towards 1.11-1.10.
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