Elliott wave analysis of EUR/JPY for February 13, 2019
2019-02-13
EUR/JPY has finally broken clearly above minor resistance at 125.07 as we were looking for to confirm that wave ii has completed with the test of 124.18 and wave iii higher to 133.54 now is developing.
Support is now seen at the former resistance at 125.07, which ideally will protect the downside for a rally to and above the former top at 125.95 that calls for a continuation higher to 129.48 and then the 161.8% extension target at 133.54.
R3: 127.09
R2: 126.59
R1: 125.95
Pivot: 125.07
S1: 124.75
S2: 124.45
S3: 124.18
Trading recommendation:
We are long EUR from 124.65 and we will move our stop higher to 124.15.
Elliott wave analysis of GBP/JPY for February 13, 2019
2019-02-13
GBP/JPY has now broken above minor resistance at 142.63 confirming that wave iv/ completed with the test of 141.12 and wave v/ higher to 151.50 now is developing.
The first hurdle to look for is seen at 144.18, but a clear break above here will just add to our preferred count that wave v/ is unfolding and headed higher towards the 161.8% extension target for wave iii at 151.50.
Support is now seen at the former resistance at 142.63, which ideally will protect the downside for the rally to and above 144.18.
R: 144.84
R2: 144.18
R1: 143.13
Pivot: 142.63
S1: 142.33
S2: 141.85
S3: 141.12
Trading recommendation:
We bought GBP at 142.65 and we have placed our stop at 141.65
Technical analysis for Gold for February 13, 2019
2019-02-13
Gold price is still vulnerable to a move towards $1,300 and I remain bearish biased as long as price is below $1,317. Medium-term trend remains bullish as long as price is above $1,280-75 area.
Purple lines - bullish channel
Yellow rectangle -important short-term support
Black rectangle - resistance
Gold price has short-term resistance at $1,317. A break above it will open the way for new highs towards $1,330-40 and maybe towards our longer-term target of $1,350. Failure to break above $1,317 over the next couple of sessions, might lead to another pullback towards the short-term support at $1.300. Breaking below it might push price towards $1,280-75 major support area and lower boundary of the channel. Currently I prefer to be neutral or bearish as long as price is below $1,317.
Technical analysis for EUR/USD for February 13, 2019
2019-02-13
EUR/USD finally bounced by one day delay. Price reached very close to our first target at the 38% Fibonacci retracement of the entire decline from 1.15. The bullish divergence signs have given us the warning signals that a bounce was coming. I believe the bounce is not finished.
Green line - major support trend line
Black lines - bullish divergence
Black rectangles - bounce target areas
EUR/USD has bounced off the 1.1260 area towards the 38% Fibonacci retracement. The 1.13-1.1330 area used to be an important support area so the struggle here between bulls and bears is intense. Breaking above 1.1350 will push price towards 1.14 and the 61.8% Fibonacci retracement where I believe we should expect to see another lower high. Major stop for bulls is at recent low while bears remain comfortable in control of the trend as long as price is below the red trend line resistance.
Technical analysis of EUR/USD for 13/02/2019
2019-02-13
Technical analysis of EUR/USD for 13/02/2019
Finally, the market makes a corrective bounce higher.
Technical market overview:
The EUR/USD pair has bounced from the level of 1.1258 after some sort of a Pin Bar candlestick pattern was made, which looked more like an indecision pattern than a reversal pattern. Nevertheless, the bulls have managed to push the prices towards the technical resistance zone and made a new local high at the level of 1.1341. The price is currently trading inside of the resistance zone and if the bulls will not push higher, the bears will take back the control over the market and push the prices back to the downtrend. Please notice that the momentum remains neutral on the way up, so the bounce is really corrective in nature and a reversal might happen any time now.
Weekly Pivot Points:
WR3 - 1.1528
WR2 - 1.1495
WR1 - 1.1390
Weekly Pivot - 1.1351
WS1 - 1.1247
WS2 - 1.1212
WS3 - 1.1101
Trading recommendations:
The short-term sell orders for daytraders did not hit the projected take profit level and the small loss was made, but earlier we made huge profits on the longer-term sell orders anyway. Currently, it is better to trade with the dominant trend and again only the sell orders should be opened with a protective stop loss above the level of 1.1342. Potential targets are swing lows around 1.1289.
Technical analysis of GBP/USD for 13/02/2019:
2019-02-13
Technical market overview:
The GBP/USD pair has made an indecision candlestick pattern with a low at the level of 1.2832 and then the price has bounced towards the nearest technical resistance zone located between the levels of 1.2920 - 1.2928. The momentum remains neutral on the way up and the price seems to be reversing again, so the first technical assistance has capped the bullish attempt to rally. The question remains whether the market will continue the downtrend straight on or we will have to wait until some kind of horizontal correction completes first. So far, the first option is more probable.
Weekly Pivot Points:
WR3 - 1.3314
WR2 - 1.3207
WR1 - 1.3066
Weekly Pivot - 1.2955
WS1 - 1.2817
WS2 - 1.2712
WS3 - 1.2570
Trading recommendations:
Day traders should try to open sell orders again as close as possible to the level of 1.2920 with a protective SL just above the level of 1.2929. The target is seen at the levels of 1.2860 and 1.2853. Please notice that currently, this is not the best level to open long-term sell orders as the corrective bounce might be still developing.
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