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EUR/JPY Pullback Underway - Technical Analysis and Trading Recommendations

2012-07-16 12:46:24 (читать в оригинале)

 

 

Technical Outlook and Chart Setups:
Looking at the wave structure above, we can see that the pullback of the wave 4 seems to be underway now. Minimum expectations are towards 98.00/98.50, which is also the convergence point of the 0.382 Fibonacci retracement and past support turned resistance. It is recommended to stay long with a strict stop, this pullback has just started.
Trading Recommendations:
1. Aggressive strategy: stay long from last Friday recommendations, Stop at 95.00, Target 98.50.
2. Conservative approach: wait to sell at 98.50 level for a down target below 93.00

Good Luck!

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

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USD/CAD Weekly Wave Analysis

2012-07-16 12:43:23 (читать в оригинале)

USD/CAD Elliott Wave
Last week the USD/CAD pair was trading in a downward move developing corrective wave (2) (coloured green) of the bigger wave (3) (coloured orange). During the Friday's Asian and European sessions we could observe a descending movement towards the 1.0150 level (4 days low). Therefore, during the early New York session, we could observe continuation of the bearish mood and the price reached 1.0129 level. We can consider this move as the end of the wave (2) (coloured green). At the moment the USD/CAD pair is trading around 1.0155 level and we are expecting to see the price higher this week. 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 (1.0100-1.0249-1.0129) with Take Profit 1 at 1.0279 (100% of wave 1) and Take Profit 2 at 1.0370 (161.8% of wave 1). Invalidation at 1.0100 point can be used as Stop Loss point. Also it is necessary to monitor the CAD Foreign Securities Purchases and U.S. Core Retail Sales m/m, Retail Sales m/m, Empire State Manufacturing Index, Business Inventories m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.0084 (S2) 1.0112 (S1) 1.0130 (PP) 1.0158 (R1) 1.0186 (R2) 1.0204 (R3) 1.0232
Trading Forecast
Proceeding from Elliott Wave rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.0160 with Stop Loss 1.0100, Take Profit 1 at 1.0279 and Take Profit 2 at 1.0370 are recommended.

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

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AUD/USD Wave Analysis for July 16, 2012

2012-07-16 12:41:06 (читать в оригинале)

AUD/USD Elliott Wave
Last week the AUD/USD pair has finished its developing corrective wave (2) (coloured green), and started developing impulsive wave 1 (coloured blue) of the bigger wave (3) (coloured green). During the Friday's European session we could observe an ascending movement towards the 1.0185 level (new daily high). Therefore, during the New York session the AUD/USD pair continued trading in a bullish mood and the price reached 1.0228 level. Today during the beginning of the session, we could observe the price around 1.0248 level and we can consider this move as the end of the (3) wave (coloured pink) of the bigger wave 1 (coloured blue). At the moment the AUD/USD pair is developing corrective wave 4 and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 5 retraces 61.8% of the wave 3, we can define the potential targets with measuring 3 wave with Take Profit at 1.0273 (61.8% of wave 1). Invalidation Point at 1.0153 point can be used as Stop Loss point. Also it is necessary to monitor the U.S. Core Retail Sales m/m, Retail Sales m/m, Empire State Manufacturing Index, Business Inventories m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.0085 (S2) 1.0126 (S1) 1.0151 (PP) 1.0192 (R1) 1.0233 (R2) 1.0258 (R3) 1.0299
Trading Forecast
Proceeding from Elliott Wave rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.0200 with Stop Loss 1.0153 and Take Profit at 1.0273 are recommended.

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

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GBP/USD - Weekly and Monthly Pivot Points for July 16 - 20, 2012

2012-07-16 12:36:38 (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 GBP/USD are: 1.5516 weekly; 1.5582 monthly.
The British pound is located above the pivot weekly and bellow the Moving Average of 200 periods (blue).
Therefore, the pivot points indicate the following:
1) If the price in September is broken by the pivot point 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 or can be removed which is useful for trading strategy. For example, a sell limit order can be placed on a level support for open if this support is broken and the stop loss can be placed for this order in one of the Resistances.
Signal For 16 - 20 July
Buy long 1.5516 with Take Profit at 1.5704 and with the Stop Loss at 1.5420 or buy rebound 1.5454 with Take Profit at 1.5704.

 

 

____WEEKLY_____
Weekly - R3 = 1.5827
Weekly - R2 = 1.5704
Weekly - R1 = 1.5639
Weekly Pivot = 1.5516
Weekly - S1 = 1.5451
Weekly - S2 = 1.5328
Weekly - S3 = 1.5263

 

_____MONTHLY____
Monthly - R3 = 1.6408
Monthly - R2 = 1.6092
Monthly - R1 = 1.5998
Monthly Pivot = 1.5582
Monthly - S1 = 1.5388
Monthly - S2 = 1.5072
Monthly - S3 = 1.4878 

If you would like to get this indicator, feel free to adress me via e-mail: gerardo.porras@analytics.instaforex.com

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

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EUR/NZD - Elliott Wave Analysis for July 16 - 2012

2012-07-16 12:32:56 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

Support                         Resistance

1: 1.5311                      1: 1.5410

2: 1.5245                      2: 1.5505

3: 1.5200                      3: 1.5602

 

 

Technical Overview:
We still cannot say with any real confidence whether we have seen a bottom of the decline from 1.6969 at the 1.5311 low or we need one more decline into the 1.5205 - 1.5245 target window. A break below 1.5311 will call for one last move lower, while a direct break above 1.5410 will indicate that the bottom is already in place, while a break above 1.5505 will confirm the bottom for a rally towards the 1.5808 - 1.5885 area.

Trading Recommendations:
We are looking for a EUR-buying opportunity as we either have seen the bottom or should be very close to the bottom. We recommend buying EUR at 1.5250 or at 1.5425 - one cancels the other. Stop should be placed at 1.5225.

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