Sample Category Title

EUR/USD

Current level - 1.1657

The bias is bearish, for a test of 1.1600 support zone and the latter should provide a reliable base for an upswing towards 1.1720.

USD/JPY

Current level - 109.85

My outlook is bearish, for a break through 109.80, towards 108.60. Initial intraday resistance  lies at 110.20.

GBP/USD

Current level - 1.3225

Intraday allow a dip to 1.3150, followed by a rise towards 1.3350. The latter should mark the final leg of the consolidation above 1.3100.

Nikkei short-term Elliott Wave view suggests that the index is correcting the cycle from 3/23/2018 low (20190) in 3, 7 or 11 swings. Rally to 23005 high ended Minor wave X of a possible double correction lower. Down from there, Minor wave Y remains in progress with lesser degree cycle showing another double correction structure.

Below from 23005 high, the decline to 22270 low ended Minute wave ((w)) as Elliott Wave Zigzagstructure. The internals of that decline ended Minutte wave (a) at 22585 low, Minutte wave (b) ended at 22710 high and Minutte wave (c) of ((w)) ended at 22105. Up from there, Minute wave ((x)) ended as double three at 22769 high. The internals of that bounce ended Minutte degree wave (w) at 22585. Minutte degree wave (x) ended at 22390 low and Minutte wave (y) of ((x)) ended at 22769 high. Down from there, Minute wave ((y)) is taking place with another double correction lower. The internals of that decline ended Minutte wave (w) at 22025 low and bounce to 22405 high ended Minutte wave (x).

Near-term, while rally stays below 22405 high, and more importantly the pivot at 22769 high stays intact, index is expected to turn lower 1 more time within Minutte wave (y) of ((y)) of Y lower approximately towards 21537 – 21811, which is the 100%-123.6% Fibonacci extension area of Minute wave ((w))-((x)). Afterwards, expect Index to resume higher or or bounce in 3 waves at least. We don’t like selling it and expect buyers to appear in 21537 – 21811 area above.

Nikkei Elliott Wave 1 Hour Chart

Pivot (invalidation): 69.40

Our preference Long positions above 69.40 with targets at 71.45 & 72.10 in extension.

Alternative scenario Below 69.40 look for further downside with 68.25 & 67.15 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 16.3000

Our preference Short positions below 16.3000 with targets at 16.1200 & 16.0500 in extension.

Alternative scenario Above 16.3000 look for further upside with 16.3500 & 16.4400 as targets.

Comment The RSI advocates for further decline.

Pivot (invalidation): 1259.00

Our preference Short positions below 1259.00 with targets at 1252.00 & 1247.00 in extension.

Alternative scenario Above 1259.00 look for further upside with 1262.50 & 1267.00 as targets.

Comment The RSI has broken down its 30 level.

Daily Pivots: (S1) 144.88; (P) 145.58; (R1) 146.46; More...

Intraday bias in GBP/JPY remains neutral for the moment. On the downside, below 144.37 will target 143.18 first. Break will resume larger decline from 156.59 and target 139.25/47 cluster support level. However, break of 148.10 will resume the rebound from 143.18 and that will also be the first sign of near term reversal.

In the bigger picture, no change in the view that decline from 156.59 is a corrective move. In case of another fall, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. Meanwhile, break of 153.84 should confirm that the correction is completed and target 156.59 and above to resume the medium term up trend.

Daily Pivots: (S1) 127.78; (P) 128.15; (R1) 128.50; More....

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, break of 130.33 resistance will confirm resumption of rise from 124.61. That will also revive the case of near term reversal and turn bias to the upside for 133.47 key resistance. On the downside, break of 126.63 will bring retest of 124.61 low instead.

In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.

Our pivot (invalidation) point stands at 1.1526.

Our preference Rebound.

Alternative scenario Below 1.1526, expect 1.1501 and 1.1487.

Comment The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the pair stands above its 20 MA (1.1544) but below its 50 MA (1.1547).

Daily Pivots: (S1) 0.8798; (P) 0.8810; (R1) 0.8823; More...

EUR/GBP is still bounded in sideway trading inside 0.8693/8844. Intraday bias remains neutral and more consolidations could be seen. But after all, as long as 0.8693 minor support holds, further rally is in favor. On the upside, break of 0.8844 will resume the rebound from 0.8620 for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8693 will bring deeper fall back to retest 0.8620 low.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we'd be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

Pivot (invalidation): 0.8800

Our preference Long positions above 0.8800 with targets at 0.8820 & 0.8840 in extension.

Alternative scenario Below 0.8800 look for further downside with 0.8780 & 0.8765 as targets.

Comment A support base at 0.8800 has formed and has allowed for a temporary stabilisation.