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EurJpy, Sell Entries Sought Between 98.00 and 98.50

2012-07-17 12:06:10 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
The single currency pair registered an intraday low yesterday before pulling back. As depicted above, yesterday’s candle is a "Hammer". We are still not ruling out of a pullback rally to materialize towards the retracement levels of at least 98.00/98.50. Fresh sell entries will be triggered there. Intermediary low is placed at the last swing low near 95.50 level while resistance starts from 98.00 level.
Trading Recommendations:
1. Aggressive long positions can be held for now with stop at 95.00. Target 98.50. Reverse entry on stop trigger.
2. Conservative approach would be to wait for a sell entry at 98.50.

Good Luck!

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

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EUR/USD Intraday Technical Analysis

2012-07-17 12:06:08 (читать в оригинале)

 

At the moment the spot rate is testing the intermediate resistance of its medium term bearish channel at 1.2330 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1.2430.

Technical indicators provide buy-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 previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2330 with the 1st objective at 1.2390 and then at 1.2430. A break through 1.2310 will invalidate this scenario.

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

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USD/JPY Intraday Technical Levels for July 17, 2012

2012-07-17 12:05:28 (читать в оригинале)

TODAY's   TECHNICAL   LEVELS:

Resistance. 3: 79.31.

Resistance. 2: 79.15.

Resistance. 1: 78.99.

Support. 1: 78.83.

Support. 2: 78.67.

Support. 3: 78.51.

 

DESCRIPTION:

Please, pay attention to the levels of support. 3 (78.51) and resistance. 3 (79.31), in general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.
 

 

Best regards,

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for July 17, 2012

2012-07-17 12:04:50 (читать в оригинале)

 

On the midterm scale, the GBP/USD currency pair is moving sideways in a slightly bearish channel since it managed to break through the midterm uptrend line on July 5.
Price levels of 1.5460 and 1.5520 which correspond to 61.8% and 50% of Fibonacci levels are based on the previous bullish swing 1.5266 up to 1.5774.

On the intraday scale the price zone of 1.5400 corresponds to the lower limit of the long-term channel which constituted a very strong support zone which was able to push the GBP/USD pair to the upside to 1.5650 corresponding to the upper limit of the bearish channel and the backside of the broken uptrend line mentioned above.

The pair is probably forming a midterm bearish Head & Shoulders reversal pattern with its right shoulder located around R1 (1.5650) which is rendered a valid sell entry with SL located above 1.5728.

TP Levels for the SELL Entry should be located around 1.5640, 1.5720 and 1.5770.

The Following Price Levels: 1.5400,1.5460 and 1.5520 are considered as Intraday Support levels while 1.5640, 1.5720 and 1.5770 are considered Intraday Resistance Levels for the GBP/USD pair.

 

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 17, 2012

2012-07-17 11:07:45 (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 1.0310.
Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0300.
Fibonacci level 50% and 61.8% are located at Price levels of 1.0120 and 1.0045 respectively which are regarded as strong Support levels for USD/CAD which are expected to constitute a proper BUY entry with SL located below 1.0030.
During 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 reaching Fibonacci level 50% around 1.0120.
On the short-term price level of 1.0120 constitutes an Intraday support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0250 with SL below 1.0080.
Price zone between 1.0270 -1.0290 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