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GBP/JPY Wave Analysis for July 11, 2012

2012-07-11 13:19:07 (читать в оригинале)

GBP/JPY Elliott Wave
Since yesterday the GBP/JPY pair was trading in downward move developing impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green). During the early European session we could observe descending movement towards the 122.70 level. This move may be regarded as the end of a smaller wave 1 of the bigger 5 wave (coloured blue). For this reason, during the New York session GBP/JPY did not manage to hold this level and price returned to the 123.45. At the moment the price is trading around 123.10 level and we are expecting to see it around 122.00 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 (125.78-122.81-125.43) with Take Profit 1 at 122.52 (100% of wave 1) and Take Profit 2 at 120.69 (161.8% of wave 1). Resistance point at 123.67 can be used as Stop Loss point.
Support and Resistance Levels
(S3) 122.38 (S2) 122.69 (S1) 122.88 (PP) 123.20 (R1) 123.51 (R2) 123.70 (R3) 124.02
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 122.90 with Stop Loss at 123.66, Take Profit 1 at 122.52, and Take Profit 2 at 120.69 are recommended.

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

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EUR/JPY Intraday Technical Analysis

2012-07-11 13:06:25 (читать в оригинале)

 

 

The spot rate is currently testing the lower limit of its medium term bearish channel at 97.00 and seems to initiate a rebound. However, a break through these levels will provide a good opportunity for a more violent bearish trend.
Technical indicators do not provide clear signals but evolve in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in short term.
According to previous events, the market will provide a bullish opportunity at the level of 97.00 with the 1st objective at 97.60 and then at 97.80. A break through 96.80 will alter this scenario.

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

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GOLD Intraday Technical Analysis

2012-07-11 12:15:49 (читать в оригинале)

 

Gold is presently testing the intermediate resistance of its medium term bearish channel at 1 583 and seems to initiate a decline. Still, a puncture of these levels will release good potential and will be able to reach the upper limit of this one to 1 596.

Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

In accord to the recent situation the market will provide a bullish opportunity as soon as gold has broken through its resistance of 1 583 with the 1st objective at 1 596 and then at 1 600. A break through 1 580 will invalidate this scenario.

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

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EUR/USD Intraday Technical Analysis

2012-07-11 12:14:16 (читать в оригинале)

 

The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5540 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 1.5670.

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 1.5540 with the 1st objective at 1.5600 and then at 1.5620. A break through 1.5520 will invalidate this scenario.

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

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EUR/NZD: Elliott Wave Analysis for July 11, 2012

2012-07-11 12:13:41 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

 

Support                        Resistance

1: 1.5340                     1: 1.5447

2: 1.5245                     2: 1.5505

3: 1.5205                     3: 1.5544

 

Technical Overview:

Looking at the structure of the decline from 1.5487 (fifth failure top) it seems as if light green wave v could be extended too. That does raise the risk of the ideal target at 1.5245 being broken towards the downside, but we should trade with the utmost caution as we approach support in the 1.5205 - 1.5245 area, and the bottom can be found at anytime now.

The most likely short term scenario is, that light blue wave iii will decline towards the support-area between 1.5205 - 1.5245 and then we should see a shallow light blue wave iv followed by one last decline to just below the ending-point of light blue wave iii.

 

Trade Recommendation:

You should be short EUR against NZD at 1.5425 or 1.5450 move stop down to 1.5505 and at the same time reverse your position to long EUR against NZD here. Keep your take profit levels at 1.5325

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