Today's Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current spot: 130.02
S1: 129.88
S2: 129.65
S3: 129.24
Technical Summary:
The price action here has been almost none existent. We have been trading sideways in a narrow range between 129.64 - 130.56. As long as minor resistance at 130.56 protects the upside, we could see one last decline closer to important support near 129.24, but from there or upon a break above resistance at 130.56 we should see a powerful thrust out of the triangle towards the upside for a rally towards our next major target at 139.21. Longer term we are looking for much higher levels near 170.00.
Today's Support and Resistance Levels:
R3: 1.7144
R2: 1.7095
R1: 1.7066
Current Spot: 1.7033
S1: 1.7005
S2: 1.6968
S3: 1.7005
Technical Summary:
With the break below 1.6996 we knew, that wave ii had not finished yet and that it was an expanded flat correction (the top of wave b ended higher than the top of wave a and the bottom of wave c was lower than the low of wave a). The impulsive rally that follows an expanded flat correction will be an extended wave, so once wave ii is finished we should expect a very powerful wave iii higher. Short term I'm looking for a decline towards 1.6989 and maybe even lower towards 1.6912 as long as resistance at 1.7066 and more importantly resistance at 1.7095 protects the upside. However, a break above 1.7095 indicates, that wave c of the expanded flat correction is in place and wave iii has taken over for a rally towards at least 1.7166 and more likely higher towards 1.7274.
Hi EWS great call on Gold 1430 what do you expect from hear also could you give a veiw on ZAR are we still looking for higher 10.60 to 11.00
ReplyDeleteBest Regards jt
Hi JT,
ReplyDeleteIn Gold I will be looking for a break below 1,389.35 and more importantly a break below 1,333.63, that confirms that this minor wave iv correction is over and wave v to below 1,180 is developing.
No change in my USD/ZAR view. That said it's clear that we are closing in on a top.
Kind regards
EWS
Thanks for your view EWS and have a great weekend
ReplyDeleteBest Regards jt
HI EWS
ReplyDeleteThanks a lot for the update on Reliance And Would you reckon wave iii of eur/usd has started and powerful rally from 1.3390 tells us that it has to be wave 3 but we need a confirmation below 1.3165 and then we will see the bottom of wave 3 around 1.2660 area I fell and then I think you can draw the result of wave V .
Thanks a lot for the updates
Kindest regards
Looking for pound to rally soon
Hi Aman,
DeleteYes I think that wave iii lower in EUR/USD has begun and that we are developing a powerful decline towards 1.2994 and 1.2753 as the first downside targets.
For the short term I expect a decline towards 1.3150 followed by a correction higher towards 1.3244 and then Down Again.
For cable we just need a break below 1.5422 to confirm the next powerful decline towards 1.5100.
Kind regards
EWS