NZD/USD breaks target level 0.8155; set to fall to next target 0.7995 in 14 days
NZD/USD recently broke through the target level 0.8155 that was given for this currency pair in the following trade opportunity alert that I received last Monday. NZD/USD continued to fall sharply from the time this alert was generated by Autochartist, only correcting shortly up on Wednesday – before it fell sharply down below the target level 0.8155 on Friday. The pair is set to fall further in line with the next more recent alert that I received for NZD/USD.
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As can be seen from the next, more recent, trade alert for NZD/USD, the pair recently broke the 4-hour key support level 0.8170 identified by Autochartist. The price earlier cut sharply down through the cluster of the upward-sloping support trendlines (as can be seen on the third chart below) – which should intensify the bearish pressure on the pair while it falls in the direction of the next target level 0.7995 in the next 14 trading days.
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The daily NZD/USD chart below displays the aforementioned technical price levels:
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GBP/USD: Bullish above 1.5220
Market is trying to digest Japanese Economy Minister Amari’s words, who hit the wires stating that “yen strength has been largely corrected” at the beginning of the week. But with half local markets on holiday, volume remains shallow across the board, with majors mostly ranging. GBP/USD traded as high as 1.5217, finding resistance in the 50% retracement of the latest bullish run from 1.4830 to 1.5605 and currently retracing from the level, half way towards its daily low of 1.5157. Technical readings in the 4 hours chart show 20 SMA converging with the Fibonacci level reinforcing the resistance around 1.5210/20, while technical readings remain in negative territory, all of which suggest is not yet time to buy: price needs to overcome the resistance area and settle above to trigger an upward continuation rally, with scope then to extend towards 1.5260/1.5300 area.*On the other hand, a break below mentioned daily low should put the bears back in control, looking then for 1.5130, 61.8% retracement of the same rally.
View Live Chart for GBP/USD
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EURUSD: All Eyes On The 1.2750 Level And Below
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EURUSD: All Eyes On The 1.2750 Level And Below.
EURUSD - Having sold off for a second-week in a row, there is risk of further declines as we enter a new week . Support lies at the 1.2800 level and next the 1.2750/35 levels, its key support levels. Further down, support comes in at the 1.2600 level. Its weekly RSI is bearish and pointing lower supporting this view. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance resides at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias.
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USD/CHF 1H Chart Emerging Pattern: Rising Wedge
USD/CHF has formed a Rising Wedge pattern on the 4H chart. The pattern has 51% quality and 48% magnitude in the 120-bar period.
The pattern began on 10th of May when the pair peaked to 0.9628; at the moment it is at 0.9698. Trading volume seems to be holding at the same level in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 4H and 1D horizon suggesting it should maintain bullish trend. Long traders could focus on the daily pivot (PP)/20-bar SMA at 0.9709/13, Bollinger band at 0.9742, pattern’s resistance/daily pivot (R1) at 0.9770/80 and daily pivots at 0.9833 (R2) and 0.9904 (R3).
Technical indicators on aggregate point at depreciation of the pair oh 1H horizon suggesting it should continue moving towards the pattern’s support. Short traders could focus on the Bollinger band at 0.9684, daily pivot (S1) at 0.9856, pattern’s support at 0.9834, daily pivot (S2)/200-bar SMA at 0.9585/69 and daily pivot (S3)/20-day SMA at 0.9532/494.
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EUR/NZD 1H Chart
Emerging Pattern: Channel Up
Throughout the last 230 bars EUR/NZD has been trading strictly within the upward-sloping channel. However, it has just reached the upper edge of the pattern, meaning there is going to be a correction, presumably down to 1.5695 or 1.5658, before the bullish move is renewed. In the meantime, there is no one dominant view on further development of the pair among market participants, as the difference between the numbers of long and short positions is insignificant.
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NZD/CAD 1H Chart
Emerging Pattern: Channel Down
Position of the currency pair on the chart, technical indicators and traders’ sentiment, all are suggesting that the New Zealand Dollar will not be able to overcome resistances at 0.8362 and 0.8383, but is on the verge of a decline. First of all, NZD/CAD had been in a down-trend for 136 hours and is facing the bearish resistance line. Secondly, 4H and daily indicators are showing strong ‘sell’ signals. And finally, an overwhelming majority (73%) of traders are holding short positions.
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EUR/AUD 1H Chart
Emerging Pattern: Channel Up
While there appear to be almost no reasons to doubt bearishness of NZD/CAD (see previous slide), a situation with EUR/AUD is not as unambiguous. While formation of the channel up implies further appreciation of the Euro (also suggested by daily indicators), there are only few people (one out of four) supporting such a scenario.
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EURUSD Could Reverse Into A Correction In Coming Days-Elliott Wave
EURUSD once broke lower on Friday and hit 1.2800 level that we were focusing on already a week back. Now we can count five waves down in wave 3 from 1.3195 peak which means that bottom could be near. Notice that price also tested 200% extension level of wave 1 measured from wave 2 high which could also react as a support in wave 3. With that in mind, EURUSD could make a corrective bounce this week in wave 4, back to 1.2935 before new sell-off occurs. If 1.2800 is out then watch out for the next number at 1.2750. From a larger perspective EURUSD remains in downtrend mode as long as price trades beneath 1.3033 level, because that was wave 1 low, and we know that upcoming wave 4 must not trade into a territory of a wave 1 otherwise impulse wave count would become invalid.
EURUSD 4H Elliott Wave Analysis Chart
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What is an Impulse?
Impulse is the most common motive wave and indicates a primary or current direction of a trend.
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GBP/NZD to fall to 1.8514 in 7 hours
GBP/NZD continues to decline toward the hourly Key Support Level 1.8514 (type Approach) identified by Autochartist– in line with the following trade alert that I received today for this currency pair via Autochartist’ email subscription. GBP/NZD earlier reversed down (at A) from the resistance zone consisting of the round resistance at 1.8800, 50% Fibonacci Correction of the previous downward price thrust from the December of 2012 as well as the resistance trendline of the weekly Down Channel from May of 2012. GBP/NZD is set to reach the target level 1.8510 in the next 7 hours.
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The daily GBP/NZD chart below highlights aforementioned resistance levels:
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