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29 May 2015, 10:52 UTC+00
A break above minor resistance at 1.5109 warned us that the correction in wave (ii) has already terminated at 1.4927 and a new impulsive rally in wave (iii) is developing. The first target for wave (iii) is seen at 1.6310 where the wave (iii) will be equal in length to the wave (i). This means that as an expanded flat wave (ii) is seen, we should look for an extension in wave (iii) with the first target at 1.7154. So, that will be the first target to look for.
29 May 2015, 10:38 UTC+00
The rally of a low of 133.07 continues to unfold impulsively. In the short term, we will ideally see minor support at 135.43 protecting the downside for a continuation higher to 136.50 and even 137.17 before a correction of the first impulsive cycle, which is expected.
29 May 2015, 10:11 UTC+00
Technical analysis and trading recommendations for EUR/JPY for May 29, 2015. The EUR/JPY pair is trading around the levels of 135.60/70 at the moment, after pulling back from 136.00.
29 May 2015, 10:07 UTC+00
Apart from the Elliott wave count there is another important pattern emerging in the H4 time frame: head and shoulders reversal pattern with clearly defined levels. Currently, the price is consolidating around the left shoulder and 61%Fibo zone. So, the possibility of a downside move from the current level is quite high. Only a clear breakout above the recent high at the level of 136.94 invalidates both the count and technical pattern.
29 May 2015, 09:52 UTC+00
A corrective cycle has been extended to the upside a little bit, but overall wave progression is still indicating an uncompleted downward cycle labeled as wave c purple on the chart. Two first target levels are already projected: the first one is the intraday support at the level of 1.2395 and the second one is grey rectangle area between the levels of 1.2356 - 1.2376. Any breakout lower would mean that the technical support at the level of 1.2312 will be tested.
29 May 2015, 09:49 UTC+00
Technical analysis and trading recommendations for GBP/CHF for May 29, 2015. The GBP/CHF pair dropped lower towards the level of 1.4400 and is trading at 1.4450 now.
29 May 2015, 08:30 UTC+00
Support is found at 1.2400 and 1.2380, resistance is seen at 1.2430 an 1.2455. The pair hit a lower low in the H1 chart after 15 days.
29 May 2015, 07:31 UTC+00
As we have been expecting, USDX is currently doing a corrective move in favor of the bullish trend at the daily chart. it also formed a fractal around the resistance level at 98.08, which could be advising us about a possible sideways consolidation for a few days.
29 May 2015, 07:30 UTC+00
GBP/USD is still trading lower, but there are no clear bearish patterns on the daily chart. That's why we would like to see a consolidation before a fall to the support level at 1.5199 in the medium term.
29 May 2015, 06:57 UTC+00
Intraday support is found at 1.5300 and 1.5250. We recommend safe selling at 1.5240.
29 May 2015, 06:52 UTC+00
Intraday support is found at 1.0950, 1.0925, and 1.0900. The real selling will emerge only below 1.0785.
29 May 2015, 06:50 UTC+00
We expect big moves towards $1,230/$1,243 or $1,143.00 in June.
29 May 2015, 06:30 UTC+00
When the European market opens, economic data on the Italian Prelim CPI m/m, Private Loans y/y, M3 Money Supply y/y, Spanish Flash CPI y/y, French Consumer Spending m/m, are German Retail Sales m/m are due today.The US will release economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So amid the reports, EUR/USD will move low to medium volatility during this day.
29 May 2015, 06:29 UTC+00
In Asia, Japan will release the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US is expected to publish data on Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Prelim GDP Price Index q/q, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.
29 May 2015, 06:17 UTC+00
The EUR/JPY pair got above the demand zone at 135.00 generating a ‘buy’ signal. Bulls have started pushing the price upwards and they could attain the supply zones at 136.00 and 136.50. This could be the beginning of a long-term rally.