Daily Wave Analysis from InstaForex

[NDelic]

AUD/USD Elliott Wave

Since our last analysis the AUD/USD pair was trading in a sideways move, impulsive wave 1 and corrective wave 2 (coloured blue) of the bigger wave (3) (coloured green) is developing. During the Friday's Asian session we could observe descending movement towards the 1.0305 level and we can consider this move as the end of the wave 1 (coloured blue). Therefore, during the European and New York sessions this currency pair did not manage to hold this level and price reached a new daily high at 1.0385 level. We can consider this move as the end of the wave 2 (coloured blue). The AUD/USD pair is trading around 1.0347 level at the moment and we are expecting to see continuation of the bearish mood for the next few days. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1.0294 (100% of wave 1) and take profit 2 at 1.0237 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0385 level as stop loss.

Support and Resistance

(S3) 1.0274 (S2) 1.0304 (S1) 1.0323 (PP) 1.0354 (R1) 1.0384 (R2) 1.0403 (R3) 1.0434

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0340 with stop loss 1.0385, take profit 1 at 1.0294, and take profit 2 at 1.0237 are recommended.

[NDelic]

Gold Elliott Wave

Since our last analysis gold was trading in a downward move, corrective wave 2 (coloured blue) of the bigger wave (3) (coloured green) was developing. During the Monday's Asian session we could observe ascending movement from 1,710.19 toward the 1,716.43 level. Therefore, during the European and New York sessions this commodity did not manage to hold this level and price drop to the new daily low at 1,705.20 level. We can consider this move as the end of the 2 wave (coloured blue). At the moment gold is developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) and we are expecting to see price around 1,732.50 level today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1,732.52 (161.8% of wave 1) and take profit 2 at 1,749,25 (261.8% of wave 1). To reduce the risk, we can use invalidation at 1,698.74 level as stop loss.

Support and Resistance

(S3) 1,664.2 (S2) 1,681.4 (S1) 1,696.7 (PP) 1,713.9 (R1) 1,729.2 (R2) 1,746.4 (R3) 1,761.7

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,714.00 with stop loss 1,698.74, take profit 1 at 1,732.52, and take profit 2 at 1,749.25 are recommended.

[NDelic]

AUD/USD Elliott Wave

Yesterday the AUD/USD pair was trading in a downward move, impulsive wave (1) (coloured purple) of the bigger wave 3 (coloured blue) was developing. During the Asian and European sessions we could observe sideways movement between 1.0367 and 1.0342 level. Therefore during the early New York session this currency pair did not manage to hold this level and price started pushing lower, reaching a new low at 1.0325 level. Today the AUD/USD pair finished development of the impulsive wave (1) and currently we are at the end of the corrective wave (2) (coloured purple). In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1.0269 (127.2% of wave 1) and take profit 2 at 1.0237 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0385 level as stop loss.

Support and Resistance

(S3) 1.0299 (S2) 1.0315 (S1) 1.0326 (PP) 1.0342 (R1) 1.0358 (R2) 1.0369 (R3) 1.0385

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0365 with stop loss 1.0385, take profit 1 at 1.0294, and take profit 2 at 1.0237 are recommended.

[NDelic]

EUR/AUD Elliott Wave

For the last few days the EUR/AUD pair was trading in a sideways move, corrective (4) wave (coloured green) of the bigger wave © (coloured orange) was developing. During the Asian session we could observe descending movement towards the 1.2459 level and we can consider this move as the end of the D wave (coloured blue). Therefore, during the European and New York sessions the EUR/AUD pair did not manage to hold this level and the price pushed higher reaching 1.2526. We can consider this move as the end of the E wave (coloured blue) of the bigger (4) wave (coloured green). Today this currency pair is trading around 1.2495 level and we are expecting to see the price around 1.2419 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1.2419 (100% of wave 1) and take profit 2 at 1.2362 (100% of wave 1). To reduce the risk, we can use resistance at 1.2526 level as stop loss.

 

Support and Resistance

(S3) 1.2425 (S2) 1.2451 (S1) 1.2467 (PP) 1.2493 (R1) 1.2519 (R2) 1.2535 (R3) 1.2561

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2480 with stop loss 1.2526, take profit 1 at 1.2419, and take profit 2 at 1.2362 are recommended.

[NDelic]

USD/SGD Elliott Wave

Last week the USD/SGD pair was trading in a downward move, impulsive wave (5) (coloured green) of the bigger wave (3) (coloured orange) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 1.2222 towards the 1.2195 level. Therefore, during the New York session the USD/SGD pair continued trading in a bearish mood and the price reached a new daily low at 1.2185 level. Today this exotic pair is trading around 1.2205 level and we are expecting to see the price around 1.2160 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1.2160 (100% of wave 1) and take profit 2 at 1.2114 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2234 level as stop loss.

Support and Resistance

(S3) 1.2162 (S2) 1.2177 (S1) 1.2187 (PP) 1.2203 (R1) 1.2218 (R2) 1.2228 (R3) 1.2244

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2195 with stop loss 1.2234, take profit 1 at 1.2160, and take profit 2 at 1.2114 are recommended.

[NDelic]

USD/CAD Elliott Wave

For the last few week the USD/CAD pair was trading in an upward move, corrective wave © (coloured orange) of the bigger 4 wave (coloured purple) was developing. Yesterday during the Asian session we could observe ascending movement towards the 1.0018 level and we can consider this move as the end of the impulsive (5) wave (coloured green) of the bigger wave © (coloured orange). Therefore, during the European and New York sessions this major pair started pushing lower when development of the final impulsive 5 wave (coloured purple) starts. At the moment the USD/CAD pair is trading around 0.9990 level and we are expecting to see price around 0.9560 level in the next few weeks. In accordance with our wave rules and taking into account that the wave 5 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 0.9736 (100% of wave 1) and take profit 2 at 0.9560 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0019 level as stop loss.

 

Support and Resistance

(S3) 0.9963 (S2) 0.9976 (S1) 0.9985 (PP) 0.9999 (R1) 1.0012 (R2) 1.0021 (R3) 1.0035

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9880 with stop loss 1.0019, take profit 1 at 0.9736, and take profit 2 at 0.9560 are recommended.

[NDelic]

Gold Elliott Wave

Since our last analysis gold was trading in an upward move like we expected, impulsive 3 wave (coloured blue) of the bigger

(3) wave (coloured green) was developing. During the Asian and European sessions we could observe slight ascending movement from 1,704.35 towards the 1,714.40 level. Therefore, during the early New York session gold did not manage to hold this level and price started pushing lower reaching 1,708.20 level. Today this commodity is trading around 1,711.50 level and we are expecting to see continuation of the bullish mood for the next few days. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1,732.52 (161.8% of wave 1) and take profit 2 at 1,749,25 (261.8% of wave 1). To reduce the risk, we can use invalidation at 1,698.74 level as stop loss.

 

Support and Resistance

(S3) 1,694.1 (S2) 1,699.6 (S1) 1,704.6 (PP) 1,710.1 (R1) 1,715.1 (R2) 1,720.6 (R3) 1,725.6

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,712.00 with stop loss 1,698.74, take profit 1 at 1,732.52, and take profit 2 at 1,749.25 are recommended.

[NDelic]

USD/CAD Elliott Wave

Last week the USD/CAD pair was trading in a downward move, impulsive (3) wave (coloured green) of the bigger (1) wave (coloured red) was developing. During the Friday's Asian and European sessions we could observe ascending movement from 0.9960 towards the 0.9984 level and we can consider this move as the end of the 2 wave (coloured blue). Therefore, during the early New York session the USD/CAD pair did not manage to hold this level and the price started pushing lower reaching a new 6 days low at 0.9921 level. This major pair is trading around 0.9940 level at the moment and we are expecting to see price around 0.9898 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 0.9898 (161.8% of wave 1). To reduce the risk, we can use resistance at 0.9990 level as stop loss.

Support and Resistance

(S3) 0.9889 (S2) 0.9913 (S1) 0.9928 (PP) 0.9952 (R1) 0.9976 (R2) 0.9991 (R3) 1.0015

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9935 with stop loss 0.9990 and take profit at 0.9898 are recommended.

[NDelic]

AUD/USD Elliott Wave

For the last few weeks the AUD/USD pair was trading in a strong upward move, corrective ( wave (coloured red) of the bigger E wave (coloured purple) was developing. During the early Asian session we could observe price reaching a new 2 weeks high at 1.0419 level and we can consider this move as end of the ( wave (coloured red). Therefore, during the European and New York sessions the AUD/USD pair started pushing lower reaching a new daily low at 1.0330 level. The price is trading around 1.0364 level at the moment and we are expecting to see the price around 0.9944 level in the next few weeks. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9944 (100% of wave A). To reduce the risk, we can use resistance at 1.0476 level as stop loss.

Support and Resistance

(S3) 1.0273 (S2) 1.0307 (S1) 1.0328 (PP) 1.0362 (R1) 1.0396 (R2) 1.0417 (R3) 1.0451

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0330 with stop loss 1.0476 and take profit at 0.9944 are recommended.

[NDelic]

USD/CAD Elliott Wave

Yesterday the USD/CAD pair was trading in an upward move, corrective 2 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian session we could observe descending movement from 0.9958 towards the 0.9940 level and we can consider this move as the end of the wave B of the bigger 2 wave (coloured blue). Therefore, during the European and New York sessions the USD/CAD pair did not manage to hold this level and the price reached a new daily high at 0.9976 level. We can consider this move as the end of the 2 wave (coloured blue). This currency pair is trading around 0.9955 level at the moment and we are expecting to see the price around 0.9830 level when the development of the 3 impulsive wave starts. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9831 (161.8% of wave 1). To reduce the risk, we can use resistance at 0.9977 level as stop loss.

Support and Resistance

(S3) 0.9923 (S2) 0.9937 (S1) 0.9946 (PP) 0.9960 (R1) 0.9974 (R2) 0.9983 (R3) 0.9997

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9945 with stop loss 0.9977 and take profit at 0.9831 are recommended.

[NDelic]

USD/CHF Elliott Wave

From the early November the USD/CHF pair was trading in an upward move, corrective © wave (coloured green) of the bigger

( wave (coloured red) was developing. Yesterday during the European and New York sessions we could observe strong ascending movement from 0.9398 towards the 0.9448 level and we can consider this move as the end of the 3 wave of the bigger 5 wave (coloured blue).

Today the USD/CHF pair continued trading in a bullish mood and the price is currently testing yesterday’s high at 0.9448 level, we expect to see the price lower when development of the final © wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave B, we can define the potential targets with measuring wave B with take profit at 0.9214 (100% of wave . To reduce the risk, we can use resistance at 0.9485 level as stop loss.

 

Support and Resistance

(S3) 0.9379 (S2) 0.9397 (S1) 0.9409 (PP) 0.9428 (R1) 0.9446 (R2) 0.9458 (R3) 0.9477

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9425 with stop loss 0.9485 and take profit at 0.9214 are recommended.

[NDelic]

USD/CHF Elliott Wave

This week the USD/CHF pair was trading in an upward move, corrective © wave (coloured green) of the bigger wave ( (coloured red) was developing. Yesterday during the Asian session we could observe descending movement from 0.9448 toward the 0.9380 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price started pushing higher reaching a new high at 0.9471 level. We can consider this move as the end of the corrective ( wave (coloured red). Today the USD/CHF pair is trading lower and we are expecting to see the price around 0.9150 level when development of the © wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9153 (78.6% of wave 1). To reduce the risk, we can use invalidation at 0.9471 level as stop loss.

Support and Resistance

(S3) 0.9343 (S2) 0.9378 (S1) 0.9399 (PP) 0.9433 (R1) 0.9468 (R2) 0.9489 (R3) 0.9523

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9415 with stop loss 0.9471 and take profit at 0.9153 are recommended.

[NDelic]

USD/JPY Elliott Wave

For the last few days the USD/JPY pair was trading in a downward movement, corrective wave © (coloured green) of the bigger wave (4) (coloured red) was developing. Yesterday after the bearish mood in the Asian session we could observe strong ascending movement from 79.80 towards the 80.39 level when European session stats. Therefore, during the early New York session the USD/JPY pair did not manage to hold this level and the price started pushing lower reaching a new daily low at 79.75 level. At the moment this major pair is trading around 79.85 level and we are expecting to see the price around 81.80 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 81.81 (100% of wave 1). To reduce the risk, we can use support at 79.50 level as stop loss.

Support and Resistance

(S3) 79.38 (S2) 79.64 (S1) 79.79 (PP) 80.05 (R1) 80.31 (R2) 80.46 (R3) 80.72

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 80.10 with stop loss 79.50 and take profit at 81.81 are recommended.

[NDelic]

USD/CHF Elliott Wave

Yesterday the USD/CHF pair was trading in an upward move, impulsive 5 wave (coloured blue) of the bigger wave © (coloured green) was developing. During the Asian session we could observe descending movement from 0.9463 toward the 0.9440 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price reached a new high at 0.9482 level. We can consider this move as the end of the © wave (coloured green) of the bigger ( wave (coloured red). At the moment the USD/CHF pair is trading around 0.9444 level and we are expecting to see continuation of the bearish mood for the next few days. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9153 (78.6% of wave 1). To reduce the risk, we can use invalidation at 0.9482 level as stop loss.

 

Support and Resistance

(S3) 0.9419 (S2) 0.9434 (S1) 0.9444 (PP) 0.9460 (R1) 0.9475 (R2) 0.9485 (R3) 0.9501

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9440 with stop loss 0.9482 and take profit at 0.9153 are recommended.

[NDelic]

USD/JPY Elliott Wave

Since our last analysis the USD/JPY pair was trading in a downward movement, impulsivee 3 wave (coloured blue) of the bigger © wave (coloured green) was developing. During the Asian and European sessions this major pair was trading in a sideways movement between 79.95 and 70.80 level and we can consider this movement as end of the corrective 2 wave (coloured blue). Therefore, during the early New York session the USD/JPY pair did not manage to hold this level and the price pushed lower reaching a new daily low at 79.32 level. We can consider this move as the end of the 3 impulsive wave (coloured blue). At the moment this currency pair is trading around 79.49 level and we are expecting to see the price higher when development of the 4 wave ends. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 81.41 (100% of wave 1). To reduce the risk, we can use support at 79.10 level as stop loss.

 

Support and Resistance

(S3) 78.92 (S2) 79.18 (S1) 79.34 (PP) 79.60 (R1) 79.86 (R2) 80.02 (R3) 80.28

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 79.60 with stop loss 79.10 and take profit at 81.41 are recommended.

[NDelic]

GBP/JPY Elliott Wave

For the last few days the GBP/JPY pair was trading in a downward move, impulsive 3 wave (coloured blue) of the bigger wave (3) (coloured green) was developing. Yesterday, during the Asian session we could observe a descending movement from 126.53 towards the 125.97 level. Therefore, during the European and half of the New York sessions this exotic currency started pushing higher reaching a new session high at 125.64 level. Today the GBP/JPY pair is trading around 125.83 level and we are expecting to see the price higher when development of the corrective wave 4 (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 126.51 (38.2% of wave 3). To reduce the risk, we can use support at 125.40 level as stop loss.

Support and Resistance

(S3) 125.67 (S2) 125.88 (S1) 126.02 (PP) 126.23 (R1) 126.44 (R2) 126.58 (R3) 126.79

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 125.80 with stop loss 125.40 and take profit at 126.51 are recommended

[NDelic]

USD/JPY Elliott Wave

Since our last analysis the USD/JPY pair was trading in a downward move like we expected, impulsive (5) wave (coloured purple) of the bigger 3 wave (coloured blue) was developing. During the Asian session we could observe descending movement toward the 79.35 level. Therefore� during the European and New York sessions the USD/JPY pair did not manage to hold this level and the price pushed higher reaching a new daily high at 79.63 level. We can consider this move as the end of the corrective (4) wave (coloured purple). At the moment this currency pair is trading around 79.26 level and we are expecting to see the price higher when development of the 4 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 79.54 (38.2% of wave 3). To reduce the risk, we can use support at 78.80 level as stop loss.

Support and Resistance

(S3) 79.25 (S2) 79.33 (S1) 79.38 (PP) 79.46 (R1) 79.54 (R2) 79.59 (R3) 79.67

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 79.00 with stop loss 78.80 and take profit at 79.54 are recommended.

[NDelic]

USD/CHF Elliott Wave

Since our last analysis the USD/CHF pair was trading in a downward movement like we expected, impulsive wave 1 (coloured green) of the bigger wave C (coloured red) was developing. Yesterday during the European session we could observe ascending movement towards the 0.9512 level and we can consider this move as the end of the corrective B wave (coloured red). Therefore, during the New York session when development of the impulsive 1 wave started this major pair started pushing lower reaching a new daily low at 0.9464 level. At the moment the USD/CHF pair is trading around 0.9450 level and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9379 (261.8% of wave 1). To reduce the risk, we can use resistance at 0.9500 level as stop loss.

Support and Resistance

(S3) 0.9436 (S2) 0.9454 (S1) 0.9465 (PP) 0.9483 (R1) 0.9501 (R2) 0.9512 (R3) 0.9530

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9440 with stop loss 0.9500 and take profit at 0.9379 are recommended.

[NDelic]

EUR/JPY Elliott Wave

For the last few days the EUR/JPY pair was trading in a downward move, impulsive 3 wave (coloured blue) of the bigger C wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 101.20 towards the 100.33 level and we can consider this move as the end of the impulsive 3 wave (coloured blue). Therefore, during the early New York session the EUR/JPY pair started pushing higher and the price retraced back to 101.20 level. At the moment this currency pair is trading around 101.80 level and we are expecting to see the price lower when development of the final impulsive 5 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 99.41 (100% of wave 1). To reduce the risk, we can use invalidation at 102.17 level as stop loss.

Support and Resistance

(S3) 99.88 (S2) 100.23 (S1) 100.45 (PP) 100.80 (R1) 101.15 (R2) 101.37 (R3) 101.72

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 101.50 with stop loss 102.17 and take profit at 99.41 are recommended.

[NDelic]

USD/JPY Elliott Wave

Since our last analysis the USD/JPY pair was trading in an upward move, corrective wave A (coloured green) of the bigger wave Y (coloured red) was developing. During the Wednesday’s European session we could observe strong ascending movement that bring this major pair to the 80.00 level. Therefore, during the New York session the USD/JPY pair continued trading in a bullish mood and the price reached a new 5 days high at 80.31 level. We can consider this move as the end of the 3 wave (coloured purple).Today this currency pair is trading around 80.90 level and we are expecting to see the price lower when development of the corrective 4 wave starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 80.28 (38.2% of wave 3). To reduce the risk, we can use resistance at 81.20 level as stop loss.

Support and Resistance

(S3) 79.05 (S2) 79.40 (S1) 79.62 (PP) 79.97 (R1) 80.32 (R2) 80.54 (R3) 80.89

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 81.00 with stop loss 81.20 and take profit at 80.28 are recommended.

[NDelic]

GOLD Elliott Wave

Last week Gold was trading in a slight downward movement, corrective 2 wave (coloured green) of the bigger wave 1 (coloured red) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 1,728.84 towards the 1,720.31 level. Therefore, during the New York session this commodity started pushing higher reaching a new 2 days high at 1,733.33 level. We can consider this move as the end of the corrective B wave (coloured blue). At the moment Gold is trading around 1,724.10 level and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 2 should retrace 50% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,705.88 (61.8% of wave 1). To reduce the risk, we can use resistance at 1,734.20 level as stop loss.

Support and Resistance

(S3) 1,708.8 (S2) 1,714.6 (S1) 1,722.4 (PP) 1,728.2 (R1) 1,736.0 (R2) 1,741.8 (R3) 1,749.6

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1,722.00 with stop loss 1,734.20 and take profit at 1,705.88 are recommended.

[NDelic]

EUR/USD Elliott Wave

Since our last analysis the EUR/USD pair was trading in a downward movement, corrective wave (2) (coloured green) of the bigger (1) wave (coloured red) was developing. During the Friday’s Asian and European sessions we could observe strong descending movement from 1.2783 towards the 1.2723 level. Therefore, during the early New York session this major pair continued trading in a bearish mood and the price reached a new 3 days low at 1.2690 level. We can consider this move as the end of the wave (2) (coloured green). At the moment the EUR/USD pair is trading around 1.2760 level and we are expecting to see the price around 1.2900 level when development of the (3) wave (coloured green) starts. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2907 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2690 level as stop loss.

Support and Resistance

(S3) 1.2644 (S2) 1.2680 (S1) 1.2702 (PP) 1.2738 (R1) 1.2774 (R2) 1.2796 (R3) 1.2832

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2740 with stop loss 1.2690 and take profit at 1.2907 are recommended.

[NDelic]

GOLD Elliott Wave

Since our last analysis gold was trading in a sideways movement, impulsive (3) wave (coloured green) started to develop. During the Friday’s European session we could observe descending movement from 1,715.88 towards the 1,705.43 level. Therefore, during the New York session this commodity did not manage to hold this level and the price retraced back to 1,715.90 level. At the moment gold is trading around 1,720.50 level and we are expecting to see the price around 1,811.00 level this week. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,811.90 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1,704.86 level as stop loss.

Support and Resistance

(S3)1,696.2 (S2) 1,700.9 (S1) 1,707.8 (PP) 1,712.5 (R1) 1,719.4 (R2) 1,724.1 (R3) 1,731.0

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,716.00 with stop loss 1,704.86 and take profit at 1,811.90 are recommended.

[NDelic]

USD/JPY Elliott Wave

For the last few days the USD/JPY pair was trading in a sideways move, corrective 4 wave (coloured blue) of the bigger (A) wave (coloured green) was developing. Yesterday during the European session we could observe price trading between 81.33 and 81.10 level. Therefore, during the New York session this major pair started pushing higher and price reached 81.42 level. We can consider this move as the end of the ( wave (coloured purple) of the bigger 4 wave. Today the USD/JPY pair is trading around 81.20 level and we are expecting to see the price at 80.62 soon. In accordance with our wave rules and taking into account that the wave C should retrace 161.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 80.62 (161.8% of wave A). To reduce the risk, we can use invalidation at 81.43 level as stop loss.

Support and Resistance

(S3) 80.85 (S2) 81.04 (S1) 81.16 (PP) 81.36 (R1) 81.55 (R2) 81.67 (R3) 81.87

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 81.10 with stop loss 81.43 and take profit at 80.62 are recommended.

[NDelic]

EUR/USD Elliott Wave

Since our last analysis the EUR/USD pair was trading in an upward movement, impulsive wave (1) (coloured purple of the bigger 3 wave (coloured blue) was developing. During the Monday's Asian and European sessions we could observe ascending movement from 1.2740 towards the 1.2787 level. Therefore, during the New York session this major pair continued trading in a bullish mood and the price reached a new high at 1.2819 level. We can consider this move as the end of the (1) wave. At the moment the EUR/USD pair is trading around 1.2800 level and we are expecting to see the price at 1.2911 level today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2911 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2765 level as stop loss.

Support and Resistance

(S3) 1.2711 (S2) 1.2741 (S1) 1.2760 (PP) 1.2791 (R1) 1.2821 (R2) 1.2840 (R3) 1.2871

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2820 with stop loss 1.2765 and take profit at 1.2911 are recommended.