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EUR/NZD - Elliott Wave Analysis for July 6 - 2012

2012-07-06 13:11:41 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

Support                         Resistance
1: 1.5336                      1: 1.5425
2: 1.5257                      2: 1.5465
3: 1.5190                      3: 1.5536

Technical Overview:
The support level of 1.5522 was broken below easily yesterday, which was quite unexpected, but this is what the market does to us sometimes and the reason for a stop-loss to be set for any position. The 1.5495 stop-loss was triggered with a small loss of less than 0.40%.
Looking at the upper chart (daily chart of EUR/NZD), we can see that the decline from 1.9563 has taken the shape of an ending diagonal (wedge). We are in the fifth and final leg lower, a leg that cannot go down below 1.4397 as a decline deeper than that will make wave 3 the shortest, which is not allowed under the Elliott Wave Principle. However, we do think it is very unlikely that we get even close to this level.
Looking at the lower chart (4 hourly chart of EUR/NZD), we can see that pink wave v extended too. That calls for a re-calculation of the downside target and the first target will come in around 1.5297 and the second extension target will come in 1.5228, which is very close to the ending of the diagonal support-line.

Trading Recommendations:
As focus is still on the downside, selling EUR against NZD here at 1.5425 with a 1.5540 stop and take profit at 153.25 is advised.

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

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AUD/USD Possibly lower within new correction - Analysis for July 6, 2012

2012-07-06 13:04:38 (читать в оригинале)

AUD/USD Elliott Wave
Since yesterday the AUD/USD pair was trading in an upward move developing final 5 wave of the bigger wave 1 (coloured blue). During the European session we could observe an ascending movement toward the 1.0328 level. We can consider this move as the end of the impulsive wave 1 (coloured blue). Therefore, during the New York session this currency pair started pushing lower and price reached 1.0250 level. Today the AUD/USD pair continued trading in a bearish mood and price is currently testing 100 EMA support level. At the moment we can observe the beginning of wave 2 and we are expecting to see price under 1.0250 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 1 at 1.0148 (50% of wave 1) and Take Profit 2 at 1.0106(61.8% of wave 1). Resistance point at 1.0330 can be used as a Stop Loss point.
Support and Resistance Levels
(S3) 1.0199 (S2) 1.0232 (S1) 1.0252 (PP) 1.0286 (R1) 1.0319 (R2) 1.0339 (R3) 1.0373
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 1.0240 with Stop Loss at 1.0330 Take Profit 1 at 1.0148 and Take Profit 2 at 1.0106 are recommended.

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

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EUR/JPY - Elliott Wave Analysis for July 6 - 2012

2012-07-06 13:01:04 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

Support                         Resistance
1: 98.30                        1: 99.09
2: 97.41                        2: 99.73
3: 96.36                        3: 100.82

Technical Overview:
Both black and blue waves iii are under way, and we should soon see a break below support at 98.30, which will call for a decline into the 97.38 - 97.41 area, but a continuation down to support near 95.62 is very probable as wave iii gathers momentum.
In longer term we are looking for a continuation down to 94.58, which is ideal target for the entire decline since 111.43. However, we should watch carefully how the decline unfolds.
What is the risk at this point? At no point should we see a break above 99.73, as that would force a minor re-count. It will take a break above 100.82 to invalidate the count.

Trading Recommendations:
You should be short EUR against JPY from 99.55. Move stop down to 99.75 and take profit at 95.80. If you are not short EUR already, sell a break below 98.30 (98.25) with the same stop and take profit levels.

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

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Silver Technical Levels and Trading Recommendatios for July 6 , 2012

2012-07-06 11:52:53 (читать в оригинале)

 

 

 

Overview

 

Proceeding from today's H4 chart, silver will take a downward movement in case of closing 4 hours below the Support level 28.05 as we expected yesterday. Today silver has already taken a downward move after breaking the Support level 28.05 and currently is testing the Support level 27.50. If silver manages to break the Support level and close 4H below, it will give more bearish-signals and open the way towards the Support level 27.00, then we should wait for breaking this Support level to continue the bearish move enabling the Support area 27.70-27.50 as a level target.
On the other hand, if silver bounces from the Support level and reverses its bearish move, we should wait for closing 4 hours above the Resistance level 27.90. In this case it will be a good opportunity to buy above the Resistance level till reaching the Resistance level 28.30, and then we should wait after breaking it to continue the bullish movement. If silver is able to break the Resistance level 28.30, this will indicate a bullish strength providing new buy-signals enabling the Support level 29.00. Based on the given H4 chart, the technical indicators provide sell-signals, but as long as the Support level 27.50 is unbroken the upward movement is still expected invalidating the bearish outlook.

Resistance and Support Levels

R3(28.60)
R2(28.30)
R1(27.90)

S1(27.50)
S2(27.00)
S3(26.70)

Trading Recommendations

According to previous analysis, we recommend selling after closing 4H below the Support level 27.50 with TP 27.05; SL closing 4 hours above the Support level will be appropriate.

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

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GBP/JPY Technical Levels and Trading Recommendations for July 6, 2012

2012-07-06 11:49:33 (читать в оригинале)

 

 

 

Overview

Proceeding from today's H4 chart, the pair will continue its bearish move after closing 4 hours below the Support level 124.40 as it was expected yesterday. Today the pair continues its downward movement and manages to break the Support level 124.40. Presently the pair is approaching to the Support level 123.75 and trying to break it to give more bearish-signals. If the pair is able to close 4H below the Support level, it will denote a bearish strength together with the new sell-signals enabling the Support level 123.00 as a level target, then we should wait for breaking this Support level and closing 4H below to continue the downward move.
On the other hand, if the pair fails to break the Support level 123.70 and bounces from it, this may indicate a bullish move till reaching the Resistance level 124.40 and closing 4H below to give more bullish-signals. In this case it will be a good opportunity to buy 4 hours above the Resistance level enabling the Resistance level 124.75, and then we should wait for breaking this Resistance level to continue the bullish move. Based on the given H4 chart, the technical indicators provide sell-signals, but as long as the Support level 123.75 is unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

R3(125.30)
R2(124.75)
R1(124.40)

S1(123.75)
S2(123.00)
S3(122.60)

Trading Recommendations

According to previous analysis, we recommend selling in case of closing 4H below the Support level 123.75 with TP 123.10; SL closing 4 hours above the Support level might be appropriate.

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