USD/CAD Approaching Resistance, Prepare For Reversal
2019-02-15
USD/CAD is approaching its resistance at 1.3372 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.3262 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is nearing its resistance at 97% where a corresponding reversal is anticipated.
USD/CAD is approaching its resistance where we expect to see a reversal.
Sell below 1.3372. Stop loss at 1.3441. Take profit at 1.3262.
EUR/GBP Approaching Resistance, Prepare For Reversal
2019-02-15
EUR/GBP is approaching its resistance at 0.8854 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 0.8790 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is nearing its resistance at 96% where a corresponding reversal is anticipated.
EUR/GBP is approaching its resistance where we expect to see a reversal.
Sell below 0.8854. Stop loss at 0.8913. Take profit at 0.8790.
Elliott wave analysis of EUR/JPY for February 15, 2019
2019-02-15
EUR/JPY has failed to stay above support at 124.83, which does question our previous assumption that wave ii had completed. As long as support at 124.15 holds firm, it's still a possibility that wave iii is developing, but the odds for wave ii still being in motion has increased significantly and a second decline closer to 123.77 and likely even closer to 123.20 is now much more likely.
Only a direct break back above resistance at 124.46 will confirm that wave iii is unfolding and a rally higher to 125.95 and 129.48 is well under way.
R3: 125.54
R2: 125.09
R1: 124.74
Pivot: 124.37
S1: 124.15
S2: 123.77
S3: 123.20
Trading recommendation:
We are long EUR from 124.65 with our stop placed at 124.15
Elliott wave analysis of EUR/JPY for February 15, 2019
2019-02-15
Another rejection of Ms. May's Brexit proposal disappointed the market and sent GBP lower. The break below support at 141.65 was a clear signal that wave ii still is in motion and likely headed lower towards 140.30 before completing wave ii.
Short-term, we should see a minor pop to 141.67 before moving lower to the ideal target at 140.30 to complete wave ii and set the stage for another impulsive rally.
R3: 143.03
R2: 142.42
R1: 141.67
Pivot: 141.29
S1: 141.04
S2: 140.74
S3: 140.30
Trading recommendation:
Our stop at 141.65 was hit for a loss. We will re-buy GBP at 140.40 and place our stop at 139.90
Technical analysis for EUR/USD for February 15, 2019
2019-02-15
EUR/USD made another touch at the important support trend line at 1.1250 and bounced. I continue to expect price to move towards 1.1350-1.14 area for a lower high. Trend remains bearish but in the short-term I expect a bounce.
Green line - important support trend line
Black lines - bullish divergence
Black rectangles - bounce targets
EUR/USD has support at 1.1250 and resistance at 1.1350-1.14. EUR/USD is still providing bullish divergence signs in the 4-hour RSI and this is an important warning for bears. Price is expected to bounce towards 1.1350 at least over the coming sessions. Ideal target would be at 1.14 and to test the downward sloping red trend line resistance. As long as price is below 1.15 medium-term trend remains bearish.
Technical analysis for Gold for February 15, 2019
2019-02-15
Gold price continues to trade inside the trading range of $1,300-$1,1317. Medium-term trend remains bullish as long as price is inside the bullish channel and above $1,280-75. After topping at $1,326 ($1,320 was my target) I expected a pullback towards $1,300 minimum. The pullback we got was a sharp move to $1,302 and so far price continues to respect support.
Yellow rectangle- support
Black rectangle- resistance
Gold price is trading between $1,302 and $1,317. A clear break out above resistance will open the way for a move towards $1,326 highs and will most probably break above that level. Our next target is at $1,330-40 area. If support fails to hold at $1,300 we should expect a move towards $1,280. Medium-term trend remains bullish as long as price is inside the bullish channel we show in the Daily chart above.
Technical analysis of GBP/USD for 15/02/2019
2019-02-15
Technical analysis of GBP/USD for 15/02/2019:
Another lower low was made and the downtrend continues.
Technical market overview:
The GBP/USD pair has made a new local low at the level of 1.2772 after the technical support at the level of 1.2812 had been violated. The market bounced after the Pin Bar candle was made, but the pull-back was shallow and the price is starting to reverse again after hitting the level of 1.2812 (high at 1.2821). The nearest technical support is seen at the level of 1.2788 and the key technical support is seen at 1.2772. The market conditions remain bearish and the momentum is weak and negative. Lower prices are expected again soon.
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:
All sell orders from yesterday have hit the projected take profit level at 1.2812. Please notice that currently, this is not the best level to open long-term sell orders as the corrective bounce might be still developing and head towards the level of 1.2832 before the downtrend resumes. This is why the level of 1.2832 is the next good level to open the sell orders and join the downtrend.
Technical analysis of EUR/USD for 15/02/2019
2019-02-15
Technical analysis of EUR/USD for 15/02/2019
Another short-lived bounce was capped at the resistance level
Technical market overview:
The EUR/USD pair has bounced from the support at the level of 1.1249 and then bounced toward the level of 1.1309. Then the market reversed quickly as the bounce was very short-lived and the bears have managed to break throught he support at the level of 1.1284 again. Currently, the price is still trading around this level, but due to the weak and negative momentum, the outlook remains bearish and new lows should be expected soon. No candlestick trend reversal pattern was present up to the time of writing the analysis article.
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:
All sell orders from yesterday should still be kept open with the same short-term target of 1.1239, but any breakout above the technical resistance at the level of 1.1309 should be a signal to close the sell orders as the correction is getting bigger. The key technical resistance zone is still located between the levels of 1.1321 - 1.1341.
