Instaforex Analysis

[InstaForex Gertrude]

Elliott wave analysis of EUR/NZD for January 17, 2017

Wave summary:
We continue to look for evidence that the double zig-zag correction from 1.5235 is complete. The first solid evidence, will be a break above minor resistance at 1.5007, while a break above resistance at 1.5193 confirms that the wave iii/ higher toward 1.5837 and above longer term has taken over. That said, we have to acknowledge the risk of a third zig-zag unfolding. If this is the case, then more downside toward 1.4778 could be seen before the next impulsive rally finally takes over.

R3: 1.5193
R2: 1.5050
R1: 1.5007
Pivot: 1.4895
S1: 1.4841
S2: 1.4810
S3: 1.4778

Trading recommendation:
We will only buy a break above 1.500

More analysis - at instaforex.com

[InstaForex Gertrude]

Technical analysis of USD/JPY for Jan 19, 2017

In Asia, today Japan will not release any Economic Data, but the US will release some Economic Data, such as Crude Oil Inventories, Natural Gas Storage, Housing Starts, Unemployment Claims, Philly Fed Manufacturing Index, Building Permits and the Fed Chair Yellen Speaks. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 115.28.
Resistance. 2: 115.05.
Resistance. 1: 114.83.
Support. 1: 114.55.
Support. 2: 114.32.
Support. 3: 114.10.

More analysis - at instaforex.com