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GBP/JPY Technical Levels and Trading Recommendations for July 20, 2012

2012-07-20 17:16:39 (читать в оригинале)

 

 

Overview

 

Proceeding from today's H4 chart, the pair takes a downward move after its rebound from the Resistance level 123.75. Presently the pair is testing the Support level 122.90 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 122.30 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 121.80.
On the other hand, if the pair fails to break the Support level 122.90 and bounces from it so the pair may reverse its bearish move taking an upward move enabling the Resistance level 123.75. 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 124.20 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 122.90 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels

R3(125.30)
R2(124.20)
R1(123.75)

S1(122.90)
S2(122.30)
S3(121.80)

Trading Recommendations

According to previous analysis, we recommend selling after breaking the Support level 122.90 and closing 4H below with TP 122.40; 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 20, 2012

2012-07-20 16:20:10 (читать в оригинале)

 

The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the 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 1.0250.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0270.
Fibonacci level 50% is located at price levels of 1.0120 (R1) which was broken down on Wednesday and 61.8% is located at 1.0045 (S1) which is considered as a strong Support level 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 as it may constitute a solid resistance zone for the USD/CAD pair.
On the short-term, price level of 1.0045 constitutes an intraday support which is expected to push USD/CAD to the upside towards 1.0175 then 1.0235 with SL below 0.9990.
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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The material has been provided by Instaforex Company - instaforex.com

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GBP/USD Intraday Technical Analysis and Trading Recommendations for July 20, 2012

2012-07-20 16:18:28 (читать в оригинале)

 

The GBP/USD currency pair has been making higher highs and lows within the bullish channels depicted on the chart since last Friday.
The movement channels are directed to the upside with variable bullish tendency. However, the GBP/USD pair has broken down the lower limit of the Violet channel at 1.5715, then the mid-line of the Yellow channel which indicates a possible bearish retracement in the upcoming movement to be targeting at the lower limit of the Yellow channel at 1.5625.
Price level of 1.5622 corresponding to the average daily range of the GBP/USD pair for today and also corresponding to the lower limit of the Yellow channel is considered as a valid low-risk buy entry with SL located below 1.5575.
Price zone 1.5755 - 1.5765 corresponding to the upper limit of the Yellow channel and the backside of the broken Violet channel is considered as a valid low-risk sell entry with SL located above 1.5790.

 

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

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USD/CAD Weekly Wave Analysis

2012-07-20 13:40:35 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday we preformed short term analysis for the USD/CAD pair and today we want to examine a larger time frame for swing traders. Yesterday during the Asian and European sessions we could observe a descending movement towards the 1.0065 level. Therefore, during the New York session the USD/CAD pair did not manage to hold this level and the price started trading in a sideways move. At the moment price is still trading in a sideways move and we are expecting to see the last push to the downside today. In accordance with our wave rules and taking into account that the wave 3 retraces minimum 100% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9800-1.0445-1.0050) wave with Take Profit 1 at 1.0660(100% of wave 1) and Take Profit 2 at 1.1057(161.8% of wave 1). Invalidation at 0.9800 point can be used as Stop Loss. Also it is necessary to monitor the CAD Core CPI m/m and CPI m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.0039 (S2) 1.0055 (S1) 1.0065 (PP) 1.0081 (R1) 1.0097 (R2) 1.0107 (R3) 1.0123
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0050 with Stop Loss 0.9800 Take Profit 1 at 1.0660 and Take Profit 2 at 1.1057 are recommended.

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

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AUD/USD Wave Analysis July 20, 2012

2012-07-20 13:37:29 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in an upward move developing impulsive wave (3) (coloured pink). Yesterday during the European session we could observe an ascending movement towards the 1.0444 level and we can consider this move as the end of the (3) wave. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and price fell back to 1.0400 level. At the moment the price is testing 1.0395 level and we are expecting to see the price around 1.0500 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 1 at 1.0518(127.2% of wave 1) and Take Profit 2 at 1.0595(161.8% of wave 1). Support at 1.03640 point can be used as Stop Loss.
Support and Resistance
(S3) 1.0321 (S2) 1.0354 (S1) 1.0375 (PP) 1.0409 (R1) 1.0442 (R2) 1.0463 (R3) 1.0497
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0430 with Stop Loss 1.0345 Take Profit 1 at 1.0518 and Take Profit 2 at 1.0595 are recommended.

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