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GBP/JPY Technical Levels and Trading Recommendations for November 23, 2012

2012-11-23 16:55:37 (читать в оригинале)

Overview

Proceeding from today's 4H chart, the pair is still trading between the Support level 130.75 and the Resistance level 131.75 after its failure to break the Support level yesterday. Given that the pair continues its bullish move and manages to break the Resistance level 131.75, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 132.20 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 133.00.

 

On the other hand, if the pair fails to break the Resistance level of 131.75 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 130.75. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 130.00 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 131.75 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

 

Resistance and Support Levels

 

R3 (133.00) R2 (132.20) R1 (131.75) S1 (130.75) S2 (130.00) S3 (129.05) 

 

Trading Recommendations

 

According to the previous analysis, we recommend buying after breaking the Resistance level of 131.75 and closing 4H above with TP 132.30; SL closing 4 hours below the Resistance level will be appropriate.   

The material has been provided by Instaforex Company - instaforex.com

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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 23, 2012

2012-11-23 16:54:57 (читать в оригинале)

 

The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
Then the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780.
The false breakout above the short-term descending resistance depicted on the 4H chart was maintained at Daily Resistance Level 1.6160. It activated the bearish scenario, which anticipated further downside pressure supported by the breakdown below 50% Fibonacci (1.5930) that took place a week ago. It's important to notice that on Wednesday the pair managed to re-consolidate above this level again which is being tested as newly-established support today.

 

Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.

Price levels around 1.5970 constituted a strong DAILY resistance, hence providing a valid long-term SELL entry with SL located just above 1.6050.

 

SUPPORT:  1.5920, 1.5830,1.5800, 1.5760, and 1.5670.
Resistance:  1.5970, 1.6000, and 1.6030.  

The material has been provided by Instaforex Company - instaforex.com

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USD/CAD Intraday Technical Analysis and Trading Recommendations for November 23, 2012

2012-11-23 16:53:18 (читать в оригинале)

Last week, in the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.

Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action which is manifest in the giant bullish engulfing daily candlestick.

On Friday the USD/CAD pair expressed strong bearish reaction towards 1.0020-1.0050, failing to consolidate above 1.0040 (the high of Thursday's DAILY candlestick). This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart shows a narrow consolidation range 0.9950-0.9980, in which the USD/CAD pair has been trapped for 3 days so far. Breakdown of 0.9950 opens the way directly towards 0.9900 - 0.9860 where price action should be watched for further decisions.

Support: 0.9945, 0.9925, and 0.9875.
Resistance: 0.9980, 1.0010, 1.0040, and 1.0080.

• Recommendation

Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060.
Now 0.9980 is still considered to be another valid SELL entry on retesting targeting 0.9900 - 0.9860 initially. 

The material has been provided by Instaforex Company - instaforex.com

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USD/JPY Wave Analysis for November 23, 2012

2012-11-23 13:22:30 (читать в оригинале)

USD/JPY Elliott Wave
Since our last analysis the USD/JPY pair was trading in a downward move, corrective A wave (coloured blue) of the bigger (B) wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 82.82 towards the 82.25 level. Therefore, during the New York session the USD/JPY pair continued trading in a bearish mood and the price reached a new daily low at 81.18 level. At the moment this major pair is trading around 82.14 level and we are expecting to see the price around 80.50 level soon. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 80.51 (61.8% of wave A). To reduce the risk, we can use resistance at 82.80 level as stop loss.

Support and Resistance
(S3) 81.95 (S2) 82.17 (S1) 82.30 (PP) 82.52 (R1) 82.74 (R2) 82.87 (R3) 83.09

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the downward movement. That is why short positions at level 82.10 with stop loss 82.80 and take profit at 81.51 are recommended.

 

The material has been provided by Instaforex Company - instaforex.com

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EUR/USD Wave Analysis for November 23, 2012

2012-11-23 13:20:43 (читать в оригинале)

EUR/USD Elliott Wave 
For the last few days the EUR/USD pair was trading in a strong upward move, impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the European session we could observe descending movement from 1.8977 towards the 1.2855 level. Therefore, during the New York session the EUR/USD pair did not manage to hold this level and the price retraced back to the level 1.2897. At the moment this major currency pair is trading around 2.8840 level and we are expecting to see the price lower today when 4 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 1.2858 (38.2% of wave 3). To reduce the risk, we can use resistance at 1.2960 level as stop loss.

Support and Resistance
(S3) 1.2796 (S2) 1.2824 (S1) 1.2841 (PP) 1.2869 (R1) 1.2897 (R2) 1.2914 (R3) 1.2942

Trading Forecast 

Proceeding from Elliott Wave rules today, the price is expected to begin the downward movement. That is why short positions at level 1.2938 with stop loss 1.2960 and take profit at 1.2858 are recommended.

The material has been provided by Instaforex Company - instaforex.com