Elliott wave analysis of EUR/JPY for September 17 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 139.46

R2: 139.29

R1: 139.17

Current spot: 139.07

S1: 138.94

S2: 138.76

S3: 138.46

Technical summary:

We think that red wave ii still is unfolding. We would like to see resistance at 139.17 protecting the upside for a final decline to 138.46 and maybe even slightly below, but this is not a correction to be trended (correction of this degree never is). So, we have nothing to do than to wait for a level where to buy EUR for the next impulsive rally higher to 143.79. In the short term, a break below minor support at 138.94 will be the first indication, that the final leg in this correction is developing for the decline to 138.46 before higher again.

Trade recommendation:

We are long in EUR from 135.95 with stop placed at 137.50. If you are not long in EUR yet, then buy near 138.46 with the same stop at 137.50.

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Technical analysis of USD/CAD for September 17, 2014 Market Analysis Review

General overview for 17/09/2014 11:20 CET

The alternative count has been invalidated due to wave 1 and wave 4 red overlaps and now the main count is in play. The pair has fallen out of the golden channel and now the main important question is whether the current wave progression is still a part of an impulsive wave 3 green to the upside (main count) or if the current wave progression is a part of a more complex and time-consuming corrective cycle in green wave 2 labeled as an alternative count. It seems there are two key levels on the chart, that might help to give more clues for a further wave development. To follow the main count, the market must now develop an impulsive five wave rally to the upside, that will clearly break the key level at the technical resistance at the level of 1.1027. However, if the level of 1.0931 is broken first, the chances are high, that market is following the alternative count of an unfinished irregular flat correction, labeled as alt:A and alt.B green.



Support/Resistance:

1.1097 - Swing Top

1.1037 - Weekly Pivot

1.1027 - Technical Resistance|Key Level|

1.0978 - WS1

1.0963 - Intraday Resistance

1.0931 - Intraday Support|Key Level|

Trading recommendations:

As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised. For day traders the SL level would be below the level of 1.0930 and TP level is currently open.

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GBP/USD intraday technical levels and trading recommendations for September 17, 2014 Market Analysis Review

In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted pattern.

Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.

Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Temporary breakdown took place last week as depicted on the chart. However, bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).

We expect the GBP/USD pair to retrace towards the price zone of 1.6330-1.6400 where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.

This price zone corresponds to the upper limit of the depicted bearish channel as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.

Today's daily closure should be considered. A bullish candlestick will probably allow the bulls to retest 1.6330-1.6400 again before further decline can take place.

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Technical analysis of EUR/JPY for September 17, 2014 Market Analysis Review

General overview for 17/09/2014 11:10 CET

The corrective cycle in shape of an abc irregular flat is looking completed and a downtrend should resume soon now. Please notice, that any breakout higher above the level of 139.17 will invalidate the green bearish count and will make another high in black wave B possible. On the other hand, the downside will be confirmed if the grey area labeled as a supply breakthrough zone will be clearly violated. Otherwise the corrective cycle might get more complex and time-consuming.

Support/Resistance:

139.16 - 139.25 - Technical Resistance Zone |Intraday Resistance|Key Level|

138.77 - Intraday Support

138.42 - Intraday Support

138.30 - Weekly Pivot

138.25 - Technical Support

137.48 - WS1

Trading recommendations:

Swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16.

Day traders that went short recently should place the SL order above the level of 139.17 with TP open for now. New high invalidates this idea.

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Technical analysis of EUR/USD for September 17, 2014 Market Analysis Review

Overview :

• Due to the previous events, the price is still between the levels of 1.3009 and 1.2933, so it is recommended to be careful while making deals in this area. Also, It should be noted that the market showed the signs of instability because the trend movement was controversial as it took place in the narrow sideways channel. So, the market was in an uptrend for a short term. Moreover, it might be noticed that the price of EUR/USD pair has been rebounding higher towards the level of 1.2973. Also, note that we expect a range of 70 pips today and the level of 1.2933 will act as a key level to confirm the bullish market. Therefore, buy above the level of 1.2933 (1.2929: 23.6% of Fibonacci retracement levels), with the first target of 1.2983, it might resume to the 1.3009 price in order to form a double top in H1 chart. Conversely, the price may close below 1.3009 (50% of Fibonacci retracement levels) in H1 chart. Consequently, the price will call for a bearish market to go further towards the level of 1.3009. However, it should be always noted that the stop loss should never exceed your maximum exposure amounts.

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Intraday analysis of EUR/USD for September 17, 2014 Market Analysis Review

The pair has been making lower lows for trading 6 sessions. The pair is facing strong resistance at 1.30 and 1.3060 (20Dsma). Until the price closes below 1.3060, sell on an upmove will be preferable in the near term. Fresh selling will trigger below 1.2924 towards 1.2909 and on positional basis 1.2765 is the medium-term strong support and an open target with 1.3060 on a closing basis. On the other side, if the pair manages to close above 1.3060, it can fly up to 1.3160 and 1.32 but chances are very remote.

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Intraday trading recommendations on USD/CAD for September 17, 2014 Market Analysis Review

The pair made a double top at 1.11 (rounded) in the weekly chart, the pair has support between 1.1030-1.1026, below these it has support at 1.1 and 1.0950 50.0 fib level. For the short term, it has support at the 1.0858 and 1.0832 levels. In the near term, the pair has support at 1.0944, so bulls need to worry only about closing below this. We recommend fresh buying above 1.11 for an upside target at the 1.1150,1.20 and 1.1225 levels. The pair has a long list of supports to save bulls.

Support 1.1026 1.0950 1.0834

Resistance 1.11 1.1150 1.1225

For an intraday basis, the pair is trading at 1.972 level at an Asian session. The pair has support at 1.0967 levels. The price closed far below 35DEMA and 12ema and represents some weakness on hourly basis. We recommend fresh selling only below 1.0965 for a downside target 1.0956, 1.0934, and 1.0920. Safe traders can sell below 1.0967. Until the pair trades below 1.1045, selling on the rise will mint the money.

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