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March 22, 2019

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The material has been provided by InstaForex Company - www.instaforex.com

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Elliott wave analysis of EUR/JPY for April 24, 2019

The EUR/JPY pair is testing the support line from 118.72 which is currently located near 125.20. This support should ideally be able to protect the downside for renewed strength through the minor resistance at 125.88 to continue the upward movement to 127.50 on the way higher to 129.30. A breakout below 125.20 will be frustrating. Only a breakout below support at 124.87 will shift the bias towards the downside. R3: 126.10 R2: 125.87 R1: 125.60 Pivot: 125.42 S1: 125.25 S2: 124.87 S3: 124.37 Trading recommendation: We are long EUR from 125.65 with our stop loss order placed at 125.25. The material has been provided by InstaForex Company - www.instaforex.com

Where will the market go in the coming days?

The market is now at a crossroads. Possible explosive growth and its further strengthening or decline. This situation developed at the end of the Friday session, when there was an increase in risk appetite. Positive data on China came out, and it was not without Donald Trump, who reiterated his discontent with the Fed's policy. Over the course of many months, assets do not show a pronounced movement. This is due to the fact that traders can not decide what to do with the dollar and other risky currencies. It is worth noting that at the moment the situation for taking risks is more favorable than ever. The global risk index is at the most positive level since the moment preceding the collapse in early 2018. The AUDUSD has been changing its direction for almost the past week, now it is just below the 200-day moving average. Meanwhile, the US stock market is less than 2% of a record peak, and the treasury yields are at reversal levels. Thus, the "10-year" is slightly hig

XAU/USD approaching support, potential bounce!

XAUUSD is approaching our first support at 1283.93 (horizontal swing low support, 61.8% Fibonacci extension ) where a strong bounce might occur to our first resistance at 1300.42 (61.8% Fibonacci extension , 61.8% Fibonacci retracement ). Stochastic is also approaching support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks. The material has been provided by InstaForex Company - www.instaforex.com

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