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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 19, 2012

2012-07-19 17:32:09 (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 price level of 1.0250.
Since June 4, the USD/CAD pair movement is maintained within the midterm 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 yesterday 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 which was broken yesterday.
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/JPY Technical Levels and Trading Recommendations for July 19, 2012

2012-07-19 16:52:32 (читать в оригинале)

 

 

 

Overview

 

Proceeding from today's H4 chart, the pair takes a downward move after breaking the upward trend line but it bounced again from the Support level 122.90 to take a slightly upward move. Presently the pair is testing the Resistance level 123.30 trying to break it through in order to continue its bullish move. Given that the pair manages to break this Resistance level, it will provide more bullish move and open the way towards the strong Resistance level 123.75. Then we should wait for breaking this Resistance level to continue the bullish move. If the pair is able to break this Resistance level and close 4H above, this will denote a good opportunity for more bullish signals which enable the Resistance level 124.20 as a level target.
On the other hand, if the pair fails to break the Resistance level 123.30 and bounces from it, this will be a strong indicator for a bearish move enabling the Support level 122.90. Then we should wait for breaking this Support level to continue the bearish move. In case the pair manages to break this Support level, this will indicate a bearish strength providing new sell signals and enabling the Support level 122.30 as a level target. Based on the given H4 chart, the technical indicators provide more bearish 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 Level

R3(124.20)
R2(123.75)
R1(123.30)

S1(122.90)
S2(122.30)
S3(122.00)

Trading Recommendations

According to previous analysis, we recommend selling after breaking the Support level 122.90 with TP1 122.35 and TP2 122.10; 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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AUD/USD Wave Analysis July 19, 2012

2012-07-19 12:33:32 (читать в оригинале)

AUD/USD Elliott Wave
The AUD/USD pair was trading in a strong upward move for the last few weeks developing impulsive wave (3) (coloured green). Yesterday during the European session we could observe a descending movement towards the 1.0287 level where this currency pair found support and the price started pushing higher. Therefore, during the New York session we could see a strong ascending move that brought the AUD/USD pair to the new high around 1.0375 level. Today this currency pair continued trading in a bullish mood and we are expecting to see the price above 1.0500 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 (1.0100-1.0248-1.0204) with Take Profit 1 at 1.0445 (161.8% of wave 1) and Take Profit 2 at 1.0502(200% of wave 1). Support at 1.0330 point can be used as Stop Loss. Also it is necessary to monitor the U.S. Unemployment Claims, Existing Home Sales and Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.0256 (S2) 1.0289 (S1) 1.0309 (PP) 1.0341 (R1) 1.0374 (R2) 1.0394 (R3) 1.0426
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0390 with Stop Loss 1.0330 Take Profit 1 at 1.0445 and Take Profit 2 at 1.0502 are recommended.

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

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USD/CAD Wave Analysis July 19, 2012

2012-07-19 12:07:24 (читать в оригинале)

USD/CAD Elliott Wave
For the last few weeks the USD/CAD pair was trading in a downward move developing corrective wave (2) (coloured orange). Yesterday during the Asian and European sessions we could observe an ascending movement towards the 1.0148 level where this major pair found resistance and price started pushing down. Therefore, during the New York session we could observe continuation of the bearish mood and the price reached a new 9 days low at 1.0100 level. At the moment the USD/CAD pair is developing corrective wave C (coloured blue) of the bigger (C) wave (coloured green). In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets by measuring A wave with Take Profit 1 at 1.0042 (78.6% of wave A) and Take Profit 2 at 0.9986 (100% of wave A). Resistance at 1.0115 point can be used as Stop Loss. Also it is necessary to monitor the CAD Wholesale Sales m/m, U.S. Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.0068 (S2) 1.0086 (S1) 1.0098 (PP) 1.0117 (R1) 1.0135 (R2) 1.0147 (R3) 1.0166
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0085 with Stop Loss 1.0115 Take Profit 1 at 1.0042 and Take Profit 2 at 0.9986 are recommended.

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

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Silver Continues Consolidation....

2012-07-19 12:05:02 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
There is no change in the trading structure and setup since our last analysis. Scalping remains the best suggested trading strategy for now, with the price range getting narrower with every day. The metal is bullish above 28.00 level and extremely bearish and vulnerable to fresh lows below 26.50/26.00 levels. We remain cautiously bearish with a strict risk at 28.00.
Trading Recommendations:
Trade according to breakout as it is depicted above. Aggressive trading strategy would be to go short with stop at 28.00, target open.

Good Luck!

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