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USD/CAD Intraday Technical Analysis and Trading Recommendations for August 16, 2012

2012-08-16 16:28:55 (читать в оригинале)

The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within the transverse direction of the Yellow & Blue channels depicted on the chart. In fact, still there was no significant price action until Friday when the USD/CAD pair has broken its Resistance level around 0.9920 which was followed by another sluggish movement during this week.
Price zone of 0.9920 was regarded as an intraday Support level for the pair where a BUY entry was suggested yesterday. However, the pair went down towards the lower limit of the Yellow channel around 0.9880 which still constitutes a strong Intraday Support level.
The USD/CAD pair has a significant intraday Resistance level around 0.9900 corresponding to the midline of the Yellow channel which needs to be broken in order to resume the bullish movement aiming at higher targets towards 0.9930 initially.
Bearish breakdown of 0.9880 currently invalidates the bullish scenario.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 16, 2012

2012-08-16 16:27:29 (читать в оригинале)

 

On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Price level of 1.5767 which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair as expected.
Recently, the GBP/USD pair has found a significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick followed by days of indecision as depicted on the chart.
Yesterday, GBP/USD tested the upper limit of the depicted triangle around the price level of 1.5730 showing a significant bearish price action manifested in the inverted hammer daily candlestick which enhances the bearish view of the pair in the midterm. However, today the pair found support at the lower limit of the channel around 1.5635 expressing obvious bullish price action as well.

 

 

During the last week, GBP/USD was moving within the bullish 4H channel depicted on the chart after finding support around price level of 1.5490.
On Friday, price level of 1.5577 expressed a significant bullish action pushing the GBP/USD pair higher towards 1.5730 which is a significant intraday Resistance level mentioned this week.
Today, the GBP/USD pair found support at the lower limit of the channel around 1.5635 expressing obvious bullish price action which weakens the bearish scenario. However, the view remains bearish as long as the pair is trading below 1.5750.
The market still offers SELL entry around the price level of 1.5730 with tight Stop Loss located above 1.5750.
Breakdown of support level 1.5666 opens the way for the GBP/USD pair to resume its bearish movement towards 1.5630 and 1.5580.

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

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GBP/JPY Wave Analysis for August 16,2012

2012-08-16 13:54:45 (читать в оригинале)

GBP/JPY Elliott Wave
For the last few days the GBP/JPY pair was trading in an upward move, developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green). Yesterday during the Asian and European sessions we could observe an ascending movement towards the 124.93 level where this exotic currency found resistance. Therefore, during the early New York session the GBP/JPY pair did not manage to hold this level and the price slipped towards the 123.30 level (new daily low). At the moment the price is trading around 124.20 level and we are expecting to see it around 125.20 level soon. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (121.07-123.25-131.78) with Take Profit at 125.22 (161.8% of wave 1). To reduce the risk, we can use support point at 123.60 as Stop Loss. Also it is necessary to monitor the GBP Retail Sales m/m data that can change the rate of the pair.
Support and Resistance
(S3) 122.97 (S2) 123.26 (S1) 123.43 (PP) 123.71 (R1) 124.00 (R2) 124.17 (R3) 124.45
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 124.40 with Stop Loss 123.60 and Take Profit 125.22 are recommended.

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

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EUR/USD Wave Analysis for August 16,2012

2012-08-16 13:31:59 (читать в оригинале)

EUR/USD Elliott Wave
Yesterday the EUR/USD pair was trading in a downward move, developing final C wave of the bigger (2) wave (coloured purple). During the early European session we could observe strong descending movement from 1.2343 towards the 1.2263 level. Therefore, during the New York session this major pair did not manage to hold this level and the price pushed higher. Today during the Asian session we could observe continuation of yesterday's bearish mood that brings the EUR/USD pair to the new low at 1.2255 level, and we can consider this move as the end of the corrective (2) wave (coloured purple). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.2240-1.2385-1.2255) with Take Profit 1 at 1.2488 (161.8% of wave 1) and Take Profit 2 at 1.2632(261.8% of wave 1). To reduce the risk, we can use invalidation point at 1.2240 as Stop Loss. Also it is necessary to monitor the EU CPI y/y, Core CPI y/y and U.S. Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.2219 (S2) 1.2249 (S1) 1.2267 (PP) 1.2298 (R1) 1.2328 (R2) 1.2346 (R3) 1.2377
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2290 with Stop Loss 1.2240, Take Profit 1 1.2488, and Take Profit 2 1.2632 are recommended.

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

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EUR/NZD - Elliott Wave Analysis for August 16 - 2012

2012-08-16 13:28:27 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 1.5197                    R1: 1.5236

S2: 1.5164                    R2: 1.5266

S3: 1.5147                    R3: 1.5298

 

 

Technical Overview:
The reaction from the 1.5335 high has been deeper than first expected and it enabled the possibility of a slightly deeper correction towards 1.5164 before the next upside pressure takes over again. From 1.5164 or a direct break above 1.5262 we should see a new rally above 1.5335 towards 1.5440, which is the first target for blue wave iii. In long term we are looking for much higher levels, as we regard the entire decline from 1.9550 with the test of 1.4968.

Trading Recommendation:
You should be long EUR against NZD at 1.5210 with a stop at 1.5190. If this stop is triggered then re-buy at 1.5170 with a stop at 1.5090.

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