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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 6, 2012

2012-07-06 17:32:46 (читать в оригинале)

 

On Friday the USD/CAD pair expressed a massive bearish reaction towards the price level of 1.0355 making a quick bearish movement of about 200 pips reaching price levels around 1.0160 and exceeding the Average Daily Range by about 75 pips.
During this week, USD/CAD has been moving downwards but within narrow range zone and without obvious swings which indicates a possible change in the current bearish direction which was proved yesterday with obvious bullish reaction towards the lower limit of the Yellow channel around 1.0099 manifested in the bullish engulfing 1H candlestick.
Today a bullish breakout above the depicted movement channels happened some time ago giving more confirmation that a possible coming bullish movement is about to take place.
Price Level of 1.0140 which corresponds to the backside of the broken Yellow & Blue channels is now considered as a strong Intraday Support Level where a valid low-risk BUY entry can be taken with SL located below 1.0090 while TP levels are to be located at 1.0180 then 1.0240.

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GBP/USD Intraday Technical Analysis and Trading Recommendations for July 6, 2012

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

 

The Linear Regression Channels illustrate a strong bearish movement expressed by GBP/USD during this week as the pair has been trending down heavily within the depicted bearish Violet, Blue & Yellow channels which are almost identical.
This heavy bearish movement came as a consequence of the previous massive bullish movement expressed on Friday which exceeded the Average Daily Range by about 85 pips and after formation of the Head & Shoulders reversal pattern around price level of 1.5700.
Today it is possible to observe some signs of bullish recovery as the pair couldn't break through the mid-line of the Yellow channel failing to make a lower low. Instead, the pair found Intraday Support around 1.5500 which renders the price level of 1.5500 and valid BUY entry with minimal SL located below 1.5465 while TP levels are to be located at 1.5540 then 1.5570.
Price Zone 1.5570-1.5580 should be watched for price action as it's considered as a strong Intraday Resistance Zone for the GBP/USD pair.

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

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GBP/USD: Intraday Technical Analysis for July 6, 2012

2012-07-06 13:58:37 (читать в оригинале)

 

Weekly Pivot Point: 1.5634.

 

 

Sideways Trend: Prices are moving within a narrow range between 1.5580 and 1.5480.
GBP/USD "Pound-Dollar":
• Resistance: 1.5583. (Sell below this level).
• Support: 1.5477. (Buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels 1.5580 and 1.5480.

 

• The descending movement will probably take place lower than the 1.5580 level with the first targets at levels 1.553 and 1.5483.
• BUY deals are recommended higher than the 1.5480 level with targets at levels 1.5525 and 1.5577.

Overview:

It should be noticed that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5580 and 1.5480, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY deals are recommended higher than the 1.5480 level with its first target at the level of 1.5525. From this point, the pair is likely to begin an ascending movement to the point of 1.5550 and further to the level of 1.5580. However, if the pair fails to pass through the level of 1.5583, the market will indicate a bearish opportunity below the strong resistance level of 1.5583. In this regard, SELL deals are recommended lower than the 1.5583 level with the first target at 1.5533. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5480.

 

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If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .

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

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GBP/JPY Still a chance to rally! - Analysis for July 6, 2012

2012-07-06 13:48:03 (читать в оригинале)

GBP/JPY Elliott Wave
The GBP/JPY pair was trading in a downward movement yesterday, developing impulsive wave 3 (coloured blue). During the Asian and European sessions we could observe descending movement towards the 123.80 level. Therefore, during the New York early session, this pair did not manage to hold this level and the price started pushing higher, but the GBP/JPY pair found resistance at 124.50 level and we could observe continuation of the bearish mood in the second half of the NY session. Today this exotic pair is trading around 124.00 level and we are expecting to see the price around 120.70 level next 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 (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 at 124.50 can be used as a Stop Loss point.
Support and Resistance Levels
(S3) 123.24 (S2) 123.63 (S1) 123.86 (PP) 124.25 (R1) 124.64 (R2) 124.87 (R3) 125.26
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 123.70 with Stop Loss at 124.50 Take Profit 1 at 122.52 and Take Profit 2 at 120.69 are recommended.

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EUR/CHF: Technical Analysis (Long Term "euro swissy") for July 6, 2012

2012-07-06 13:17:47 (читать в оригинале)

 

Overview:
Still hold on to our position - long buying above 1.2.
EUR/CHF: The market continues to show the signs of strength following the break above 1.2000. Therefore, it will turn to a strong support. In such case, a stronger rise should be seen towards 1.2524 resistance for confirmation. Moreover, the trend is still above 50% Fibonacci retracement level, thus it will be a good sign to buy above 1.2 and sell below 1.1850.

Types of Analysis:
• Fundamental analysis: The Swissie is also quoted amid the promise to “buy unlimited Euros in order to support this market".
• Technical analysis: On a daily chart the level of 1.2 coincides with the golden ratio (61.8% of Fibonacci retracement levels) which is indicates a bullish market.
• Sentiment analysis: Psychology level is at 1.2000, one should be patient to keep the trade to an end.
• Money management: Always invest 3% - 7% of the capital (composite) per all trades, always risk (Stop Loss) 1% - 5% of the capital per all trades, and always trade high risk ratio trade at least ½.

 

Forecast (Long Term "Euro-Swissy"):

• At 1.2 a strong level (Support) will be formed providing a clear signal for Buy-deals with the target seen at the 1.254 level. Stop Loss is to be placed below 1.1850.

 

 

If You Like my Analysis, Please Vote for me at the Analyst of year Contest!

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .

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