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GBP/JPY Technical Levels and Trading Recommendations for July 4, 2012

2012-07-04 13:14:38 (читать в оригинале)

 

 

 

Overview

 

Proceeding from today's H4 chart, the pair takes a slightly downward move after its rebound from the Resistance level 125.30 but it still trading above the Support level 124.75. If the pair continues its bearish move and manages to break the Support level 124.75 and closes 4H below, it will be a strong indicator for further downward move and it will give the way towards the Support level 124.40 as a level target , then we should wait for breaking this Support level to continue its downward movement enabling the Support level 123.75 as a level target.
On the other hand, if the pair reverses its bearish move after rebounding from the Support level 124.75 it will take an upward movement enabling the Resistance level 125.30. If the pair is able to break the Resistance level and closes 4H above, it will denote a good opportunity to buy above the Resistance level till reaching the Resistance level 125.80, then we should wait the breakout of this Resistance level to continue the bullish view and open the way towards 126.30 Resistance level. Based on the given H4 chart, the technical indicators provide sell-signals but as long as the Support level 124.75 is unbroken the upward move is still expected invalidating the bearish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

R3(126.30)
R2(125.80)
R1(125.30)

S1(124.75)
S2(124.40)
S3(123.75)

Trading Recommendations

According to previous analysis, we recommend selling in case of closing 4H below the Support level 124.40 with TP1 123..90 and TP2 123.10; SL closing 4 hours above the Support area will be appropriate.

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

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USD/JPY Ready to push Lower - Analysis for July 4, 2012

2012-07-04 13:09:55 (читать в оригинале)

 

USD/JPY Elliott Wave
Yesterday the USD/JPY pair was trading in an upward move developing corrective wave 2 (coloured green). During the European session we could observe an ascending movement towards the 79.85 level. Therefore, during the New York session this major pair continued it’s trading in a bullish mood and price reached a new daily high at 79.92 level. We can consider this move as the end of the 2 wave (coloured green). Today the USD/JPY pair started pushing lower and price is currently trading around 79.76 level. 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 (79.98-79.30-79.92) with Take Profit 1 at 79.24(100% of wave 1) and Take Profit 2 at 78.82 (161.8% of wave 1). Resistance point at 79.90 can be used as a Stop Loss point.
Support and Resistance Levels
(S3) 78.96 (S2) 79.19 (S1) 79.48 (PP) 79.71 (R1) 80.00 (R2) 80.23 (R3) 80.52
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 79.60 with Stop Loss at 79.90, Take Profit 1 at 79.24 and Take Profit 2 at 78.82 are recommended.

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

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AUD/USD Above 1.0350 Today - Analysis for July 4, 2012

2012-07-04 13:06:50 (читать в оригинале)

 

AUD/USD Elliott Wave
Since yesterday the AUD/USD pair was trading in a slight upward move, developing final wave 5 of the bigger wave 1 (coloured blue). During the European session we could observe descending movement toward the 1.0245 level. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and we could observe upward move that brings this pair to the new daily high 1.0295. Today during the Asian session we could observe continuation of the bullish mood and today we are expecting to see the end of the 5 impulsive wave (coloured pink). In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets measuring 1 wave with Take Profit at 1.0369 (100% of wave 1). Support at 1.0245 can be used as a Stop Loss point. Also it is necessary to know that U.S. banks have holidays so we can’t expect to see much volatility today in NY session.
Support and Resistance Levels
(S3) 1.0174 (S2) 1.0205 (S1) 1.0241 (PP) 1.0269 (R1) 1.0308 (R2) 1.0336 (R3) 1.0375
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 1.0300 with Stop Loss at 1.0245 and Take Profit at 1.0369 are recommended.

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

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GBP/USD Intraday Technical Analysis

2012-07-04 13:04:41 (читать в оригинале)

 

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5720 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide sell-signals supporting the assumption of a decline in a short term. 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 1.5720 with the 1st objective at 1.5780 and then at 1.5800. A break through 1.5700 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

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

 

Gold is currently testing the upper limit of its medium term bearish channel at 1,626 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide buy-signals but approaching to overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,626 with the 1st objective at 1,640 and then at 1,645. A break through 1623 will invalidate this scenario.

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