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USD/JPY - Weekly and Monthly Pivot Points for July 23 - 27, 2012

2012-07-23 18:11:19 (читать в оригинале)

 

The pivot point is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for USD/JPY are: 78.72 weekly; 79.35 monthly.
The Japanese yen is located below the pivot weekly and bellow the Moving Average of 200 periods (blue).
Therefore, taking into account the pivots points, we can conclude the following:
1) If the price set by the pivot point is broken in an upward motion, the market is bullish and, conversely, if the pivot point is broken in a downward motion, the market is bearish.
2) They can provide points of market entry and exit that can be quite useful for trading strategy. For example, a limit sell order can be placed on a level support for open if this support is broken and can put the stop loss for this order in one of the resistances.
Signal For 23 - 27 July
1) Buy long 78.09 with Take Profit at 79.85 and with Stop Loss at 77.80.

 

____WEEKLY_____
Weekly - R3 = 79.88
Weekly - R2 = 79.57
Weekly - R1 = 79.03
Weekly Pivot = 78.72
Weekly - S1 = 78.18
Weekly - S2 = 77.87
Weekly - S3 = 77.33

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 ____MONTHLY____
Monthly - R3 = 84.01
Monthly - R2 = 82.31
Monthly - R1 = 81.05
Monthly Pivot = 79.35
Monthly - S1 = 78.09
Monthly - S2 = 76.39
Monthly - S3 = 75.13

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EUR/USD Technical Levels and Trading Recommendations for July 23, 2012

2012-07-23 17:54:37 (читать в оригинале)

 

Overview

 

Proceeding from today's H4 chart, the pair is taking a downward move after breaking the Support level 1.2180. Presently the pair is testing the Support level 1.2080 and is trying to break it to continue its bearish move. Given that the pair manages to break this Support level and closes 4H below, we will get a good opportunity for more bearish signals enabling the Support level 1.2040. Then we should wait for breaking this Support level to provide more bearish move. In case of breaking this Support level, we will receive a strong indicator for the bearish move enabling the Support level 1.2000 as a level target.

On the other hand, if the pair fails to break the Support level 1.2080 and bounces from it, this will indicate a strong bullish move which enables the Resistance level 1.2150. Then we should wait for breaking this Resistance level to provide new bullish signals above the Resistance level and enabling the Support level 1.2200 as a level target. Based on the given H4 chart, the technical indicators provide sell signals but as long as the Support level1.2080 is unbroken, the upward move is still expected and invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

R3(1.2295)
R2(1.2200)
R1(1.2150)

S1(1.2080)
S2(1.2040)
S3(1.2000)

Trading Recommendations

According to previous analysis, we recommend selling in case of closing 4H below the Support level 1.2080 with TP 1.2045; SL closing 4 hours above the Support level will be appropriate.

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

2012-07-23 17:51:58 (читать в оригинале)

 

Overview

 

 

Proceeding from today's H4 chart, the pair is taking a downward move after breaking the Support level 122.05. Presently the pair is testing the Support level 121.05 and trying to break it through to continue its bearish move. Given that the pair manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which enable the Support level 120.25 as a level target. Then we should wait for breaking this Support level to continue the downward move and open the way towards the Support level 119.55.
On the other hand, if the pair fails to break the Support level 121.05 and bounces from it, the pair may reverse its bearish move taking an upward move enabling the Resistance level 121.45. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level 122.05 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 121.05 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels

R3(122.60)
R2(122.05)
R1(121.45)

S1(121.05)
S2(120.25)
S3(119.55)

Trading Recommendations

According to the previous analysis, we recommend selling after breaking the Support level 121.05 and closing 4H below with TP 120.34; SL closing 4 hours above the Support level will be appropriate.

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

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

2012-07-23 16:46:04 (читать в оригинале)

 

The USD/CAD pair is demonstrating a continuation of the Flag Pattern after long bullish swing initiated around the price level of 0.9797 on the 1st of May which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above the price level of 1.0245.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0255.
Fibonacci level 50% is located at the price level of 1.0120 (S1) and 61.8% is located at 1.0045 (S1) which are considered as strong Support levels also corresponding to the lower limit of the bearish channel depicted on the chart.
During the last week, 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 as well Fibonacci level 50% around 1.0120, thus, it's important to watch this price zone when re-visited which is taking place now as it may constitute a solid resistance zone for the USD/CAD pair.
On the short-term, price level of 1.0060 constituted an intraday support which managed to push USD/CAD to the upside towards 1.0175 and 1.0235.
Price zone between 1.0230 -1.0250 should be carefully watched for price action in order to take a profitable trade at this key level.

 

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EUR/USD: Weekly Technical Levels for July 23 - 27, 2012

2012-07-23 14:46:44 (читать в оригинале)

Weekly Technical Levels:

 

Tip (s):

 

R3 and S3 are considered as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Observation (s):

• If the trend is of upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
  

 

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