Global Stocks

European stocks ended under slight pressure on Wednesday as investors digested the latest coming out of the earnings space. The pan-European Stoxx 600 came off its session lows to finish down 0.05 percent provisionally, while sectors pointed in opposite directions by the close. Financials and banking stocks underperformed several sectors Wednesday, on earnings and doubts over U.S. plans to reform the tax system. French bank Credit Agricole fell over 3 percent after posting lower net profits. Italy’s BPM meanwhile sank 7.5 percent, after it was halted during early morning trading, Reuters reported.

U.S. stock indexes finished with small gains Wednesday as video game makers gave technology companies a boost and household goods companies also rose. However a recent decline in interest rates continued to put pressure on banks. Companies that make and sell household goods, like Colgate-Palmolive and Wal-Mart, gained ground as well. Energy companies declined and banks fell again as interest rates have weakened since late October, which makes mortgages and other loans less profitable.

Asian stocks climbed in Thursday trade, following the firmer lead from Wall Street in the last session. Investors in the region also digested the release of Chinese inflation data and kept an eye on President Donald Trump’s stop in Beijing.

Elliott wave analysis of EUR/JPY for November 9, 2017

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Wave summary:

EUR/JPY has tested important resistance at 131.60 again. The failure to break right through indicates a more complex wave ii correction is building in form of a flat correction. This mean a new rally to 131.15 should be expected shortly to complete wave c of ii and set the stage for the next downside pressure in wave iii.

Short-term a break above minor resistance at 132.26 will confirm the expected mini rally to 133.15.

R3: 133.15

R2: 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 and will move our stop lower to 132.30. If our stop is hit, we will sell EUR again at 133.10.

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

Elliott waves for Forex correlation analysis – Bears should come in anytime from now

USDJPY – Down

Bears should come in anytime from now

Wave Analysis:

Just as in the other pairs, the Us dollar is still rallying slightly below the upper resistive trend line. We expected a massive drop in price but as it appears, the Us Dollar could continue to stagnant here before eventually picking a rally to the lower side. During this intraday, as long as this trend line protects the upper side, we expect a possible rebound from this trend line to pick a short position towards 107.14. The anticipated bearish price rally is merely the continuation of the impulsive wave (E) to the lower side but should not break below the lower trend line.

Trade Recommendations:

We’re short with a target at 107.14

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Elliott waves for Forex correlation analysis – Remain long with your target at 1.3477

GBPUSD – Flat

Remain long with your target at 1.3477

Wave Analysis:

Just as in the Euro, the cable is yet to give us a clear direction. We expected a possible bullish price rally towards 1.3477, but as it appears, the cable could stall below 1.3477 before eventually getting a clear direction. That said, we choose to remain on the sidelines and only buy this pair in case its breaks above 1.3477, if you went long prior to last week, just keep the position open. If not, then wait for price to break above 1.3477 then buy the impulsive wave (3) towards 1.4091. This pair will have a similar price action to GBPAUD and EURUSD.

Trade Recommendation:

Remain long with your target at 1.3477 and the next target at 1.4091.

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Elliott waves for Forex correlation analysis – Short towards 1.1120

EURUSD – Up

Short towards 1.1120

Wave Analysis:

Euro is still oscillating within a tight range, not going above 1.1690 or below 1.1580. As long as this pair remains within this range we choose to remain flat. Our expectations is that the price should break clearly below 1.1580 to continue short with the impulsive wave (c) with our target still fixed at 1.1120. If the price can go beyond 1.1690, then an acceleration towards the daily resistance level 1.1873 is anticipated. This pair should be traded alongside CADJPY, NZDJPY and CHFJPY. These pairs have a strong negative correlation to euro and will move in opposite directions:

Trade Recommendations:

Short towards 1.1120

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