Today's Support and Resistance Levels:
R3: 131.37
R2: 131.04
R1: 130.56
Current Spot: 130.27
S1: 129.67
S2: 129.30
S3: 129.00
Technical Summary:
We saw short term important resistance at 130.56 protect the upside for one more decline towards support near 129.25. The low for now has been at 129.30 and we could have seen the final low for wave e of the symmetric B-wave triangle in place. If wave e of the B-wave triangle is in place at 129.30 we should soon see a break above short term important resistance at 130.56 for a rally higher towards the triangle resistance-line near 132.10. A break above the triangle resistance-line will be the first good indication, that wave C higher is developing, but a break above 132.42 (the top of wave d of the triangle) is needed to confirm, that wave C is developing for a rally higher towards 139.21 as the next major upside target.
However, at long as important short term resistance at 130.56 protect the upside we must allow the possibility of a deeper wave e towards 129.25 and maybe even 129.00, but under no circumstance can a break below 127.94 (the low of wave c of the triangle) be allowed.
Today's Support and Resistance Levels:
R3: 1.7116
R2: 1.7071
R3: 1.7013
Current Spot: 1.6954
S1: 1.6943
S2: 1.6912
S3: 1.6869
Technical Summary:
Minor wave four of the c wave became it self an complex expanded flat correction (see the 15M chart below), with a b-wave low at 1.6960 and a c-wave high at 1.7116. The big question whether wave five of c is in place at 1.6939 or we need a little more downside pressure towards 1.6912 or even 1.6869 in its extreme? Before the c-wave of the larger expanded flat wave ii correction is finally over. A break above minor resistance at 1.7013 will be the first indication, that wave ii has ended, while a break above 1.7116 is needed to confirm the final low and that wave iii higher towards 1.7239 and 1.7800 is developing. Longer term I'm still looking for much higher levels in this cross.
Hi EWS, Thanks for the heads up on the economy. Are you still bearish Gold? If so what will it take for you to turn bullish?
ReplyDeleteThanks,
Duane
hello,
ReplyDeletethanks for your answer .... very good work .... I think your EW-analysis for Gbp/Aud, Gbp/Cad & Gbp/Nzd would be an absolute gift for me and all your readers.
Many thanks in advance
Hi Duane,
ReplyDeleteYes I'm still bearish looking for a new low below 1,180.20. A break above 1,488 will be the first bullish sign and a break above 1,532.59 will prove me wrong and call for a new bull-run.
Kind regards
EWS
Hi Paulina,
ReplyDeleteI don't know when I will get the time to look at the crosses you suggest, but when I do I will take a look at them and post an update.
Kind regards
EWS
EUR/USD you look at downside with target by 1.2993 to 1.1896 and EUR/JPY above 132.42 a rally higher towerds 139.21.
ReplyDeleteCan you give an explanation how is such a huge discrepancy possible between these two pairs? Have there been similar times?
Kind regards
so, with that comment I wanted to ask if you have a short scenario for EUR/JPY also?
ReplyDeleteHi Paulina,
DeleteI have had a similar question many times and it's all about speed. The different currency pairs don't move at the same speed and because of that there is no magic in expecting a decline in EUR/USD towards 1.1896 and EUR/JPY towards 132.42.
All it would take is a rally in USD/JPY towards 111.31 and you got a target of 132.42 EUR/JPY. However it could also be that USD/JPY rallies to 107.50, while EUR/USD "only" declines to 1.2318. It is all about speed.
I think you mean my short term view on USD/JPY. I expect USD/JPY to rally higher and we should soon see a break above 103.73 for a move higher towards 105.99 and likely also 107.47 as the next short term targets.
Kind regards
EWS
what do you think about that? :
ReplyDeletehttp://redaktion.boerse-go.de/cms/gallery/0000095449.jpg
your view would be interesting!