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EUR/NZD - Elliott Wave Analysis for July 23 - 2012

2012-07-23 12:30:23 (читать в оригинале)

                                                                                                      EUR/NZD - Daily

 

                                                                                                   EUR/NZD - 4 Hour

 

Today's Support and Resistance Levels:

 

Support                         Resistance

1: 1.5177                      1: 1.5293

2: 1.5131                      2: 1.5371

3: 1.5100                      3: 1.5450

 

 

Technical Overview:
Looking at the long term picture (see the upper daily chart), we can see that we are now at the end of the diagonal support line near 1.5140. We have been trying to find a bottom here and it now seems that it is in place with the test of 1.5131 or is very close to it. As long as minor resistance at 1.5293 and more importantly 1.5450 has been broken to the upside, we should allow for more pressure towards the downside that said there is not much more room towards the downside.
Zooming in on the last decline from the 1.6969 high (see the 4 hourly chart), we can see that we are hitting the end of the diagonal support line near 1.5140, but we also retested the falling channel, which has contained most of the decline since the 1.6923 all pointing towards a bottom forming in this area. This situation proves that we must allow for slightly more downside pressure as long as minor resistance at 1.5293 is not broken towards the upside. A break above 1.5293 will ease the downside pressure and a break above 1.5450 will signal that an important bottom is in place.

Trading Recommendation:
We are long from 1.5250 with a 1.5095 stop. We will move stop up to 1.5125 upon a break above 1.5293. If you are not long EUR already, then wait for a break above 1.5293 before buying with a stop at 1.5125.

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

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EUR/JPY - Elliott Wave Analysis for July 23 - 2012

2012-07-23 12:09:00 (читать в оригинале)

                                                                                            EUR/JPY - Weekly

 

                                                                                            EUR/JPY - 4 Hour  

Today's Support at Resistance Levels:

Support                      Resistance 

1: 94.14                     1: 94.75

2: 94.00                     2: 95.24

3: 93.75                     3: 95.64

 

 

Technical Overview:
First, looking at the long term picture, (the upper weekly chart) we can see, that we have now reached the end of the diagonal support line near 94.00 and we should expect this support line to protect the downside. As it is seen, we could be very close to the major bottom for the decline since the July 2007 high at 168.90. Therefore, we should begin to change our mind set from bearish to a more bullish one.
We have now reached the ideal long term target at 94.58 (pretty close to the ending of the diagonal support line near 94.00), and we should be looking for a bottom to form very soon. In short term we should allow a move that is slightly lower than the ideal 94.58 target. Looking at the internal wave relationship from wave 5 down from 101.62, we could see a move closer to 94.14 and maybe even 93.75. That indicates that we should expect a strong support in the 94.00 - 94.14 area to protect the downside, but must be flexible too.

Trading recommendation:
Our take profit in the 94.70 - 94.75 was hit in early Asian trading, and we could book a nice profit between 140 - 150 pips. As we should be very close to the bottom, we will be looking for a EUR-buying opportunity near 94.14 (buy at 94.20 with a 93.50 stop.

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

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USD/CAD Wave Analysis July 23, 2012

2012-07-23 12:03:08 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in an upward move developing impulsive wave 1 (coloured blue) of the bigger wave (1) (coloured green).During the Friday’s Asian and European sessions we could observe an ascending movement towards the 1.0130 level where this major pair found resistance and price started pushing lower. Therefore, during the New York session the USD/CAD pair didn't manage to hold this level and the price continued trading in a bullish mood till the end of the session. Today we could observe the price trading around 1.0160 level, and we can consider this level as the end of the wave 1 (coloured blue). In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracement (1.0065-1.0160) with Take Profit 1 at 1.0111 (50% of wave 1) and Take Profit 2 at 1.0100 (61.8% of wave 1). Resistance at 1.0185 point can be used as Stop Loss.
Support and Resistance
(S3) 1.0045 (S2) 1.0069 (S1) 1.0083 (PP) 1.0107 (R1) 1.0131 (R2) 1.0145 (R3) 1.0169
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0150 with Stop Loss 1.0185, Take Profit 1 at 1.0111 and Take Profit 2 at 1.0100 are recommended.

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

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GOLD Intraday Technical Analysis

2012-07-23 12:00:11 (читать в оригинале)

 

 

Gold is currently testing the upper limit of its medium term bearish channel at 1 585 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.
Technical indicators do not provide clear signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to the previous events, the market will provide a bullish opportunity as soon as the gold breaks through its resistance of 1 585 with the 1st objective at 1 595 and then at 1 600. A break through 1 582 will invalidate this scenario.

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

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EUR/USD Under 1.2000 Today - Analysis July 23, 2012

2012-07-23 11:45:45 (читать в оригинале)

EUR/USD Elliott Wave
Last week the EUR/USD pair was trading in an upward move developing corrective wave (4) (coloured green) of the bigger (5) wave (coloured orange). During the Friday's European and New York sessions we could observe a strong descending movement towards the 1.2142 level. Today this major pair opened Asian session with 20 pips gap and price is currently trading around 1.2110 level. At the moment the EUR/USD pair is developing the last (5) wave (coloured green) of the bigger (5) (coloured orange) and we are expecting to see price under 1.2000 level today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets by measuring 1 wave with Take Profit at 1.1983 (100% of wave 1). Resistance at 1.2175 point can be used as Stop Loss. Also it is necessary to monitor the EU Consumer Confidence data that can change the rate of the pair.
Support and Resistance
(S3) 1.2057 (S2) 1.2110 (S1) 1.2142 (PP) 1.2195 (R1) 1.2248 (R2) 1.2280 (R3) 1.2333
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2105 with Stop Loss 1.2175 and Take Profit at 1.1983 are recommended.

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