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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 12, 2012

2012-07-12 14:16:09 (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 1.0310 (61.8% Fibonacci Level).
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0300.
Fibonacci level 50% & 61.8% are located at Price levels of 1.0270 & 1.0310 respectively which are regarded as strong Resistance levels for USD/CAD that need to be broken in order to confirm the Flag Pattern mentioned above.
Since Yesterday, USD/CAD has been trapped within a narrow-ranged price zone between 1.0160-1.0230 which needs to be broken in order to determine the next termination of the pair.
On the short-term Price level of 1.0160 constitutes a strong Intraday Support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0270 with SL below 1.0090.
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

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AUD/USD Wave Analysis for July 12, 2012

2012-07-12 12:45:24 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in an upward move developing corrective wave B (coloured blue) of the bigger wave (2) (coloured green). During the European session we could observe an ascending movement towards the 1.0280 level and we can consider this move as the end of the B wave (coloured blue). Therefore, during the New York session the AUD/USD pair started pushing lower trying to develop the final C wave (coloured blue) of the bigger (2) wave (coloured green). Today during the early Asian session we could observe continuation of the bearish mood from yesterday's NY session and the price reached 1.0175 level. At the moment we can observe the price trading around 1.0150 level and we are expecting to see the price around 1.0100 level today. 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 retracements (0.9968-1.0328) with Take Profit at 1.0105 (61.8% of wave 1). Resistance point at 1.0180 can be used as Stop Loss point. Also it is necessary to monitor the U.S. Unemployment Claims, Import Prices m/m, Federal Budget Balance and FOMC Member Williams Speaks data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.0133 (S2) 1.0173 (S1) 1.0197 (PP) 1.0236 (R1) 1.0276 (R2) 1.0300 (R3) 1.0339
Trading Forecast
Proceeding from Elliott Wave rules this week, the trend is expected to begin the downward movement. That is why Short positions at level 1.0150 with Stop Loss at 1.0180 and Take Profit at 1.0105 are recommended.

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

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EUR/USD Pushing Lower Today - Analysis for July 12, 2012

2012-07-12 12:42:25 (читать в оригинале)

EUR/USD Elliott Wave
Last week the EUR/USD pair was trading in a downward move developing impulsive wave (3) (coloured green) of the bigger 5 wave (coloured orange). Yesterday during the Asian and European sessions we could observe an ascending movement towards the 1.2296 level. Therefore, during the New York session this major pair did not manage to hold this level and price was pushed down reaching a new 2 years low at 1.2211 level. At the moment we are in the 5 wave (coloured blue) of the bigger (3) wave (coloured green) and we are expecting to see the price around 1.2150 level today. 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 (1.2742-1.2408-1.2692) with Take Profit at 1.2149 (161.8% of wave 1). Resistance point at 1.2255 can be used as Stop Loss point. Also it is necessary to monitor the U.S. Unemployment Claims, Import Prices m/m, Federal Budget Balance, FOMC Member Williams Speaks and EU ECB Monthly Bulletin, Industrial Production m/m, ECB President Draghi Speaks data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.2165 (S2) 1.2197 (S1) 1.2217 (PP) 1.2249 (R1) 1.2281 (R2) 1.2301 (R3) 1.2333
Trading Forecast
Proceeding from Elliott Wave rules this week, the trend is expected to begin the downward movement. That is why Short positions at level 1.2200 with Stop Loss at 1.2255 and Take Profit at 1.2149 are recommended.

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

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EUR/JPY - Elliott Wave Analysis for July 12 - 2012

2012-07-12 12:39:26 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

Support                         Resistance
1: 96.75                        1: 97.85
2: 96.35                        2: 98.05
3: 95.65                        3: 99.69

Technical Overview:
We can now foresee a clear five wave decline from 100.82. This five wave decline is best counted as black wave iii, which means that we should see a correction in black wave iv once black wave iii finds its final bottom. This bottom is expected to be found in the 95.75 - 96.75 area. The coming black wave iv is expected to be a shallow but complex correction due to Elliott's Alternation principle. This principle states that wave two and four should be of different shape and complexity. Here black wave ii was a sharp and simple zigzag, which then calls for a shallow but complex wave iv. As we only have three different types of corrections, which are Zigzags, Flats and Triangles, then black wave four should be either a flat or a triangle correction.

Trading Recommendations:
You should be short EUR against JPY from 99.55. Move your stop down from 98.15 to 97.90 and keep your take-profit at 96.50, booking a nice profit no matter which level is hit first.

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

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Silver Consolidating, Breakdown Is Expected

2012-07-12 12:34:24 (читать в оригинале)

 

 

Technical Outlook and Chart Setups:
As it can be seen from the chart, silver is following the immediate resistance line downside. Price resistance now comes at 30.00 level. We expect a breakdown anytime below 26.00 level, which has been providing support till now. Only above 29.00/30.00 levels the bearish outlook for the metal will be negated. It is recommended to sell intraday rallies.

Trade Recommendations:
Sell intraday rallies towards 27.50, stop above 30.00, target open.

Good Luck !

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