Content courtesy of Tallinex Limited https://www.tallinex.com
Here is our latest market analysis update:
- NZD/JPY reached buy target 78.00
- Next buy target – 79.30
NZD/JPY recently broke through the resistance zone lying at the intersection of the key resistance level 78.00 (which reversed the previous waves A and (4) and which was set as the buy target in our previous forecast for this currency pair) and the 61.8% Fibonacci correction of the earlier extended downward impulse from last December, as can be seen below. The breakout of this resistance zone accelerated the active minor impulse wave 5, which belongs to the intermediate (C)-wave of the primary ABC correction ② from the end of June. NZD/JPY is likely to rise to the next buy target at 79.30 (top of wave 4).
- AUD/USD reversed from pivotal support level 0.7320
- Next buy target – 0.7450
AUD/USD continues to rise after the earlier upward reversal from the pivotal support level 0.7320 (which also earlier reversed the price sharply in June, as can be seen below). The support zone near the support level 0.7320 was strengthened by the lower daily Bollinger Band. The upward reversal from 0.7320 created the daily Japanese candlesticks reversal pattern Piercing Line. Given the strength of the support level 0.7320 and the bearish reading on the daily Stochastic indicator - AUD/USD can be expected to correct up to the next buy target at the resistance level 0.7450 (former powerful support level from July and September).
- USD/TRY reached buy target 3.3500
- Next buy target – 3.4500
USD/TRY recently broke through the resistance level 3.3500, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level is likely to accelerate the active minor impulse wave (v), which belongs to the wave 3 of the intermediate impulse (3) from the end of April. With the daily Momentum recently reaching the yearly highs - USD/TRY can be expected to rise further toward the next buy target at the next resistance level 3.4500 (target price calculated for the completion of the active impulse wave 3).
- AUD/CHF reversed from support zone
- Next buy target – 0.7570
AUD/CHF recently reversed up from the support zone lying between the following support levels – support trendline of the daily up channel from June, the lower daily Bollinger Band, 61.8% Fibonacci correction level of the previous sharp B-wave from the middle of September and the support level 0.7400. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line. AUD/CHF is likely to rise to the next buy target at the resistance level 0.7570. Buy stop-loss can be placed below the support level 0.7400.
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
Privacy:You have been sent this email because of your existing relationship with Tallinex Limited - a company registered in St Vincent and the Grenadines (No. 22199 IBC 2014). We will send you similar updates periodically.
HIGH RISK WARNING:Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
ADVISORY WARNING:Tallinex Limited provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects but does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and Tallinex Limited specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Tallinex Limited expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never guarantee of future results.