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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 26, 2012

2012-07-26 15:51:54 (читать в оригинале)

 

 

 

Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which are considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down today after finding bearish rejection off the upper limit of the consolidation zone around 1.0230.
For two consecutive times, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place yesterday towards 1.0230 pushing the USD/CAD pair towards 1.0170 which was broken down opening the way towards 1.0085 as expected.
Price zone between 1.0045 -1.0015 corresponding to the 61.8% Fibonacci & the lower limit of the mid-term bearish channel should be carefully watched for bullish price action in order to catch a profitable BUY trade.
Bearish breakdown of 0.9950 invalidates the bullish scenario in short-term.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for July 26, 2012

2012-07-26 15:49:52 (читать в оригинале)

 

Since July 12, the GBP/USD pair demonstrated an uptrend movement within the depicted blue channel until the last week when the pair managed to break down the lower limit of the channel around 1.5690 and the significant support level around 1.5660 reaching the next support level around 1.5580 which was expected to keep the pair above for some period. However, the bearish movement extended down to 1.5485.
During this week, we had many expected technical patterns, for example, Head & Shoulders reversal pattern and Price Triangle which are broken to the downside and the backside of the broken blue channel. However, none of them was retested until today.
Yesterday, the GBP/USD pair was trapped within the price range between 1.5520 corresponding to 50% Fibonacci level and 1.5475 corresponding to 61.8% Fibonacci level. However, Price level of 1.5485 constituted a strong support for the pair.
As expected yesterday, Bullish breakout above 1.5520 opened the way towards 1.5650.
Price zone 1.5660 - 1.5690 is suggested as a SELL zone with TP levels located at 1.5600, 1.5555 then the final target level at 1.5440.
A breakthrough above 1.5700 invalidates the bearish scenario mentioned above.

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

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USD/CHF Weekly Wave Analysis

2012-07-26 12:48:34 (читать в оригинале)

USD/CHF Elliott Wave
From the beginning of March the USD/CHF pair was trading in an upward move developing impulsive wave 1 (coloured purple). If we take a look at 6 hours chart, we can count 5 completed waves so now we need to be prepared for a next few weeks. Yesterday the USD/CHF pair was trading in a downward move and we think this is a start of the corrective (A) wave (coloured orange) of the bigger wave 2 (coloured purple).In accordance with our wave rules and taking into account that the wave 2 usually retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracements (0.8930-0.9973) with Take Profit 1 at 0.9459 (50% of wave 1) and Take Profit 2 at 0.9327 (61.8% of wave 1). Resistance at 1.0000 level can be used as Stop Loss. Also it is necessary to monitor the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Pending Home Sales m/m and Treasury Sec Geithner Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 0.9809 (S2) 0.9846 (S1) 0.9868 (PP) 0.9904 (R1) 0.9941 (R2) 0.9963 (R3) 0.9999
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9860 with Stop Loss 1.0000, Take Profit 1 at 0.9459 and Take Profit 2 at 0.9327 are recommended.

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

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USD/CAD Ready to Push Higher Wave Analysis for July 26, 2012

2012-07-26 12:34:23 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in a downward move developing corrective wave 2 (coloured blue) of the bigger wave (1) (coloured green). During the European session we could observe strong descending movement towards the 1.0170 level and we can consider this move as the end of the corrective wave (A) (coloured pink). Therefore, during the early New York session the USD/CAD pair started pushing higher but this major only retraces to 1.0200 level before downward move starts again. Today the USD/CAD pair continued trading in a bearish mood and the price is currently trading around 1.0150 level. 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 (1.0065-1.0230-1.0138) with Take Profit 1 at 1.0298 (100% of wave 1) and Take Profit 2 at 1.0400 (161.8% of wave 1). Start of the wave 1 at 1.0065 level can be used as Stop Loss. Also it is necessary to monitor the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Pending Home Sales m/m and Treasury Sec Geithner Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 1.0083 (S2) 1.0118 (S1) 1.0140 (PP) 1.0175 (R1) 1.0210 (R2) 1.0232 (R3) 1.0267
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0165 with Stop Loss 1.0065, Take Profit 1 at 1.0298 and Take Profit 2 at 1.0400 are recommended.

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

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EUR/NZD - Elliott Wave Analysis for July 26 - 2012

2012-07-26 11:34:14 (читать в оригинале)

 

 

Today's Support and Resistance Levels: 

S1: 1.5289                    R1: 1.5372

S2: 1.5262                    R2: 1.5441

S3: 1.5222                    R3: 1.5505

 

 

Technical Overview:
After registering an important low at 1.5131 for the decline, not only from 1.6969 but also from 1.9315 high in March 2011, we should now see a major rally back towards 1.6969 as the first major resistance.
In short-term this new rally is in its infant start and looking at the minor rally from 1.5261 to 1.5443; the following correction has been rather deep, which does open up for two possible scenarios.
The first scenario is shown on the chart above, which counts a series of wave one and two. If this scenario is the correct, one we should soon see a rally above minor resistance at 1.5372 and more important above the minor high at 1.5443 for a continuation towards at least 1.5587.
The second scenario calls for a break below 1.5261 for a move closer to 1.5220 in an expanded flat correction for red wave ii, before the next powerful rally in red wave iii sets in for a rally towards at least 1.5654.

Trading Recommendation:
You should be long EUR against NZD from 1.5250; 1.5265 or 1.5295 with a 1.5125 stop. If you are not long EUR already either buy at 1.5230 or a break above 1.5372 (buy at 1.5380) with the same stop. Once we break above 1.5510, lift stop to 1.5250.

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