Technical analysis: Intraday level for USD/JPY, Feb 01, 2019
2019-02-01
In Asia, Japan will release the Final Manufacturing PMI, Unemployment Rate and the US will also publish some economic data such as Total Vehicle Sales, Revised UoM Inflation Expectations, ISM Manufacturing Prices, Revised UoM Consumer Sentiment, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with a medium to a high volatility during this day. TODAY'S TECHNICAL LEVEL: Resistance. 3: 109.43. Resistance. 2: 109.21. Resistance. 1: 109.00. Support. 1: 108.75. Support. 2: 108.54. Support. 3: 108.32. (Disclaimer)
Technical analysis: Intraday Level For EUR/USD, Feb 01, 2019
2019-02-01
When the European market opens, some economic data will be released such as Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, and French Gov Budget Balance. The US will also publish the economic data such as Total Vehicle Sales, Revised UoM Inflation Expectations, ISM Manufacturing Prices, Revised UoM Consumer Sentiment, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m, so amid the reports, the EUR/USD pair will move with a medium to a high volatility during this day. TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1516. Strong Resistance: 1.1509. Original Resistance: 1.1496. Inner Sell Area: 1.1483. Target Inner Area: 1.1453. Inner Buy Area: 1.1423. Original Support: 1.1410. Strong Support: 1.1397. Breakout SELL Level: 1.1390. (Disclaimer)
Elliott wave analysis of EUR/JPY for February 1, 2019
2019-02-01
EUR/JPY is still working on the wave ii/ correction, but this corrective decline should be complete soon and a new impulsive rally through minor resistance at 125.23 and confirm the next impulsive rally higher towards 132.12 is unfolding.
Support is seen at in the 124.36 – 124.72 area and will ideally be able to protect the downside for the expected break above 125.23 for the next impulsive rally higher.
R3: 125.95
R2: 125.23
R1: 124.97
Pivot: 124.72
S1: 124.58
S2: 124.24
S3: 123.78
Trading recommendation:
We are long EUR from 124.65 with our stop placed at 123.70
Elliott wave analysis of GBP/JPY for February 1, 2019
2019-02-01
With the break below Key support at 142.69 a decline to maximum 142.22 should be seen. Support at 142.22 needs to protect the downside, or I will need to make a re-count of the short-term count
Under the expectation that support at 142.22 Will protect the downside for a break above 143.21 to confirm that wave iv/ has completed and wave v/ higher towards 146.10 is developing.
Should support at 142.22 be broken, that will call for a decline to 141.88 before the recovery, but it will alter the short-term count slightly, but only slightly. The overall count calling for more upside remains well in place.
R3: 144.02
R2: 143.37
R1: 142.69
Pivot: 142.22
S1: 141.88
S2: 141.42
S3: 141.01
Trading recommendation:
Our stop at 142.50 was hit and profit of 160 pips was booked. We will re-buy GBP upon a break above 143.20.
Technical analysis of GBP/USD for 01/02/2019
2019-02-01
Technical analysis of GBP/USD for 01/02/2019:
Not much momentum left on the way up, another weakness indicators
Technical market overview:
The GPB/USD pair is struggling to break out above the local resistance zone at the level of 1.3155 and the market has made a series of pin bars like candles in form of Shooting Star and Doji candlestick patterns. This indicates that another wave of weakness is coming to the market soon. Moreover, the price is trading below the local trend line resistance (marked in orange) which adds concern to the overall picture. On the other side, the market is still defending the technical support zone located between the levels of 1.3047 - 1.3071 and the price is trading inside of the channel zone. The technical resistance zone between the levels of 1.3047-1.3055 is the key technical support zone for bulls, so it is worth to keep an eye on this zone.
Weekly Pivot Points:
WR1 - 1.3382
Weekly Pivot - 1.3106
WS1 - 1.2995
WS2 - 1.2720
Trading recommendations:
All buyers should keep an eye on the current market developments as there are strong indications of a possible correction coming soon. The correction downward might accelerate once the key technical support zone is violated.
More aggressive traders with higher risk tolerance might enter the sell orders already with the protective SL above the level of 1.3155 and open target level for now ( below 1.3047 anyway).
AUD/USD Approaching Support, Prepare For A Bounce
2019-02-01
AUD/USD is approaching its support at 0.7232 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 0.7289 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
AUD/USD is approaching its support where we expect to see a bounce.
Buy above 0.72321. Stop loss at 0.71955. Take profit at 0.7289.
Technical analysis for Gold for February 1, 2019
2019-02-01
Gold price has reached our target area and has stopped its rise after reaching $1,326. Gold price is now expected to move lower towards $1,300. Gold price has already lost 10$ from its highs but I believe we should expect more downside.
Gold price remains in a bullish trend. Price continues to make higher highs and higher lows but I now expect Gold to make a pull back. Support is found at $1,300 and next at $1,280. As long as Gold price is above $1,280 the medium-term bullish trend is intact and our next target is at $1,350. Gold price however at least in the short-term is expected to make a pull back towards the previously resistance level of $1,300 as a back test. If price holds above $1,300 and starts a bounce, this would be a bullish sign implying we could be heading towards $1,350. If price breaks below $1,300 we should keep a close look on $1,280 because if we break the bullish channel then the entire bullish trend will be over.
Technical analysis for EUR/USD for February 1, 2019
2019-02-01
EUR/USD briefly peaked above 1.15 and as expected has turned lower. Like in early January as I explained in our last analysis, with the Daily RSI overbought and price at the 78.6% Fibonacci retracement level, the chances for a rejection and reversal were high.
Red line - short-term support trend line
Green rectangles - reversal pattern repeating
EUR/USD got rejected at the 78.6% Fibonacci level and has also broken the short-term trend line support. Major support is found at 1.14. If we break and close the day below it, then we could talk about a similar reversal and bearish move starting like in early January when EUR/USD peaked at 1.1570. As long as EUR/USD is above 1.14 the battle between bulls and bears is still on. A lower high could have formed and this would be confirmed on a break below 1.14. This would be a very bearish sign. On the other hand, bulls want to see EUR/USD price break above yesterday highs and hold above 1.14. So far this pullback can be seen as a backtest of the break out area at 1.14-1.1430. Holding above it will support the bullish scenario. Breaking below it will open the way for a move towards 1.13 and lower.
GBP/USD Approaching Support, Prepare For A Bounce
2019-02-01
GBP/USD is approaching its support at 1.3003 (100% Fibonacci extension, 50%, 38.2% & 23.6% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.3154 (78.6% Fibonacci retracement, Horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
GBP/USD is approaching its support where we expect to see a bounce.
Buy above 1.3003. Stop loss at 1.2888. Take profit at 1.3154.
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