Daily Technical Levels

Daily Technical Of Major Pairs

EUR / USD Bullish Bounce at 50% Fibonacci and 1.1750 Support  (17-Nov-2017 at 10:38:11)

 The EUR / USD returned to support levels of 1.1750 and recovered. The course then 

broke over the resistance trend line (dotted red) and therefore could extend the wave 

3 (pink).

 Elliott Wave View: SPX (17-Nov-2017 at 10:30:50)

The short-term SPX Elliott wave view indicates that the 2597.02 rally ended the 

intermediate wave (3). The pullback of the intermediate shaft (4) ended at 2557.45 as 

a double three-Elliott wave structure. 

From 2597.02, the sub-wave W of (4) ended at 2566.33, the sub-wave X of (4) ended at 2587.66 and the sub-wave Y of (4) ended at 2557.45. From there, the rally seems to unfold as a momentum Elliott Wave structure. 

The minute wave ((i)) ended at 2572.84, the minute wave ((ii)) ended at 2563.3 and the 

minute wave ((iii)) ended at 2590.09. Expect index to see another leg higher in minute 

wave ((iv)) of 1 before ending cycle from the low of 11/15. Thereafter, Index should 

retreat into minor wave 2 to correct the 11/15 lows cycle in 3, 7, or 11 swing before 

rallying resumes. A breakthrough across the intermediate wave (3) at 2597.02 will 

add the conviction that the intermediate wave (4) has ended at 2566.3. We do not like 

selling the index.

Market Morning Briefing: The Aussie has immediate support near 0.7560 (17-Nov-2017 at 08:49:21)

The Aussie (0.7593) has immediate support near 0.7560 and while that holds the 

price could gradually rise towards 0.7622-0.7650. If it does not go beyond 0.7560, it 

could be lower to test 0.75.

USD / CAD Continues Upward from Major Canadian Inflation Data (17-Nov-2017 at 07:57:47)

In another week of relatively weak economic data, Canada releases consumer

price index inflation data Friday morning and expectations are not high.

After missing forecasts for the past two months, the monthly CPI for October is

expected to be + 0.1%. In advance of this important release, the Canadian dollar

continued to be under pressure, as was the case in the past two months. This

pressure has contributed to a USD / CAD uptrend that has continued since the

September 1 low of 1.2060.