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Elliott Wave Analysis: Tesla In A Turning Area
Latest Elliott Wave view in Tesla (TSLA) suggests that the decline from 2.27.2018 ($359.99) is unfolding as an impulse Elliott Wave structure. Down from 2.27.2018 high, Minor wave 1 ended at $322.97, Minor wave 2 ended at 347.21, and Minor wave 3 ended at $244.59. Minor wave 3 has an extension and also have 5 waves impulsive subdivision. Minute wave ((i)) of 3 ended at $308.76, Minute wave ((ii)) of 3 ended at $322.44, Minute wave ((iii)) of 3 ended at $248.21, Minute wave ((iv)) of 3 ended at $270.96, and Minute wave ((v)) of 3 ended at $244.59.
Minor wave 4 is currently in progress as a zigzag Elliott Wave structure where Minute wave ((a)) ended at $273.35 and Minute wave ((b)) ended at 252. The stock has reached 100% area where Minute wave ((c)) of 4 could complete. It could see sellers at $287.81 – $298.92 area for more downside or at least a 3 waves pullback.
Tesla Elliott Wave 1 Hour Chart
Tesla Elliott Wave Daily Chart
In the larger time frame Daily Chart, Tesla has reached 100% from September 2017 peak thus it has reached the minimum target and does not need to make a new low. It could see a new leg higher from $235.32 – $264.71 that will bring it to new high or at least does a larger 3 waves bounce to correct cycle from September 2017 peak.
Australia’s Services Sector Activity Jumped To Its Highest In 8 Months In March
For the 24 hours to 23:00 GMT, the AUD rose 0.47% against the USD and closed at 0.7723.
LME Copper prices declined 1.9% or $131.0/MT to $6625.0/MT. Aluminium prices declined 1.9% or $38.0/MT to $1972.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7705, with the AUD trading 0.23% lower against the USD from yesterday's close.
Overnight data revealed that Australia's AiG performance of services index registered a rise to a level of 56.9 in March, rising at its fastest pace in 8 months. In the prior month, the index had registered a level of 54.0.
On the contrary, the nation's seasonally adjusted trade surplus narrowed less-than-anticipated to A$825.0 million in February, compared to a revised surplus of A$952.0 million in the previous month, while markets were anticipating the nation's trade surplus to narrow to A$725.00 million.
The pair is expected to find support at 0.7670, and a fall through could take it to the next support level of 0.7634. The pair is expected to find its first resistance at 0.7734, and a rise through could take it to the next resistance level of 0.7762.
The currency pair is trading above its 20 Hr and 50 Hr moving averages
Euro-Zone’s Annual Inflation Picked-Up For The First Time Since November 2017 In March
For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.2285, following impressive set of inflation and employment figures from the Euro-bloc.
Data showed that the Euro-zone's preliminary consumer price index (CPI) rose 1.4% on a yearly basis in March, at par with market expectations and accelerating for the first time in 4 months, thus suggesting that nascent economic recovery across the common currency region is finally pushing inflation towards the central bank's 2.0% target. In the prior month, the CPI had climbed 1.1%. Moreover, the region's unemployment rate declined to a 9-year low level of 8.5% in February, meeting market expectations. In the previous month, the unemployment rate had recorded a reading of 8.6%.
The greenback declined against its major counterparts, after China, in a retaliatory move, announced that it would impose additional tariffs on $50.0 billion worth of US imports.
On the macro front, ADP private sector employment in the US climbed more-than-anticipated by 241.0K in March, after recording a revised gain of 246.0K in the previous month, thus boosting optimism over the health of the nation's labour market. Markets were expecting ADP private sector employment to increase by 210.0K.
On the other hand, the nation's ISM non-manufacturing PMI eased to a level of 58.8 in March, more than market consensus for a drop to a level of 59.0. In the previous month, the PMI had recorded a reading of 59.5. Further, the nation's final Markit services PMI fell more than initially estimated to a level of 54.0 in March, compared to the preliminary print indicating a drop to a level of 54.1. In the previous month, the PMI had recorded a reading of 55.9.
In other economic news, factory orders in the US rebounded 1.2% on a monthly basis in February, undershooting market expectations for a rise of 1.7% and following a revised drop of 1.3% in the prior month. Additionally, the nation's final durable goods orders grew 3.0% on a monthly basis in February, revised slightly lower from a flash estimate indicating a gain of 3.1%. In the previous month, durable goods orders had recorded a revised drop of 3.5%. Meanwhile, the nation's MBA mortgage applications in the US slid 3.3% in the week ended 30 March, after recording a rise of 4.8% in the previous week.
In the Asian session, at GMT0300, the pair is trading at 1.2279, with the EUR trading 0.1% lower against the USD from yesterday's close.
The pair is expected to find support at 1.2252, and a fall through could take it to the next support level of 1.2226. The pair is expected to find its first resistance at 1.2310, and a rise through could take it to the next resistance level of 1.2342.
Moving ahead, investors would focus on the final Markit services PMIs for March, scheduled to release across the Euro-zone in a few hours. Additionally, the Euro-zone's retail sales and Germany's factory orders, both for February, will be eyed by investors. Later in the day, the US initial jobless claims as well as trade balance data for February, will be closely monitored by market participants.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
UK’s Construction Sector Contracted For The First Time Since September 2017 In March
For the 24 hours to 23:00 GMT, the GBP rose 0.15% against the USD and closed at 1.4085.
Macroeconomic data indicated that Britain's Markit construction PMI declined more-than-estimated to a level of 47.0 in March, dragged by severe weather disruptions and slipping into the contraction territory for the first time in 6 months, thus indicating that construction sector would likely act as a drag on the nation's economic growth. Market participants had envisaged the PMI to ease to a level of 51.0, after recording a reading of 51.4 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4076, with the GBP trading 0.06% lower against the USD from yesterday's close.
The pair is expected to find support at 1.4028, and a fall through could take it to the next support level of 1.3981. The pair is expected to find its first resistance at 1.411, and a rise through could take it to the next resistance level of 1.4145.
Moving ahead, investors would closely monitor UK's Markit services PMI for March, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Japanese Yen Trading On A Weaker Footing This Morning
For the 24 hours to 23:00 GMT, the USD rose 0.23% against the JPY and closed at 106.78.
In the Asian session, at GMT0300, the pair is trading at 106.99, with the USD trading 0.20% higher against the JPY from yesterday’s close, after the US expressed willingness to negotiate a resolution to an intensifying trade conflict with China, thus soothing fears over a trade war.
The pair is expected to find support at 106.32, and a fall through could take it to the next support level of 105.66. The pair is expected to find its first resistance at 107.32, and a rise through could take it to the next resistance level of 107.66.
Going ahead, traders would keep a close watch on Japan’s flash leading economic and coincident indices for February, slated to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Swiss Franc Trading Lower, Ahead Of Swiss Inflation Data
For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CHF and closed at 0.9603.
In the Asian session, at GMT0300, the pair is trading at 0.9613, with the USD trading 0.1% higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9572, and a fall through could take it to the next support level of 0.9531. The pair is expected to find its first resistance at 0.9634, and a rise through could take it to the next resistance level of 0.9655.
Ahead in the day, market participants will look forward to Switzerland’s consumer price inflation data for March.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Loonie Trading A Tad Lower In The Asian Session
For the 24 hours to 23:00 GMT, the USD declined 0.3% against the CAD and closed at 1.2761.
The Canadian Dollar gained ground against the USD, amid growing optimism over a North American Free Trade Agreement (NAFTA) trade deal.
In the Asian session, at GMT0300, the pair is trading at 1.2764, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2724, and a fall through could take it to the next support level of 1.2684. The pair is expected to find its first resistance at 1.2826, and a rise through could take it to the next resistance level of 1.2888.
Moving ahead, Canada’s international merchandise trade balance data for February, scheduled to release later today, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Trading On A Weaker Footing This Morning
For the 24 hours to 23:00 GMT, Gold rose 0.07% against the USD and closed at USD1337.60 per ounce, as renewed concerns over global trade war led to decline in the greenback and increased demand for the safe haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1334.30, with gold trading 0.25% lower against the USD from yesterday’s close, as fears over US-China trade war eased, after US agreed to negotiate on tariffs with China.
The pair is expected to find support at 1327.63, and a fall through could take it to the next support level of 1320.97. The pair is expected to find its first resistance at 1346.73, and a rise through could take it to the next resistance level of 1359.17.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading Lower In The Asian Session
For the 24 hours to 23:00 GMT, Silver declined 0.58% against the USD and closed at USD16.31 per ounce, extending its previous session losses.
In the Asian session, at GMT0300, the pair is trading at 16.27, with silver trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 16.16, and a fall through could take it to the next support level of 16.04. The pair is expected to find its first resistance at 16.45, and a rise through could take it to the next resistance level of 16.63.
The white metal is trading below its 20 Hr and 50 Hr moving averages.
Oil Extends Its Gains In The Morning Session
For the 24 hours to 23:00 GMT, Crude Oil rose 0.08% against the USD and closed at USD63.63 per barrel, after the Energy Information Administration (EIA) report showed that US crude oil stockpiles surprisingly fell by 4.6 million barrels to 425.3 million barrels in the week ended 30 March.
In the Asian session, at GMT0300, the pair is trading at 63.67, with oil trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 62.56, and a fall through could take it to the next support level of 61.44. The pair is expected to find its first resistance at 64.29, and a rise through could take it to the next resistance level of 64.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
