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GBP/JPY Technical Levels and Trading Recommendations for July 3, 2012

2012-07-03 16:40:37 (читать в оригинале)

 

 

Overview

 

Proceeding from today’s H4 chart, the pair failed to break the Resistance level 125.30 three times and bounced from the Resistance level. Presently it is trading between the Support level 124.75 and the Resistance level 125.30. If the pair continues its bullish movement and manages to break the Resistance level and close 4H above, this will be a strong indicator for the bullish move enabling the Resistance level 125.80 as a level target, then we should wait the breakout of this Resistance level and closing 4H above to continue the bullish view.

On the other hand, if the pair can't break the Resistance level 125.30 and bounces from it again, this may be a strong indicator for the bearish move in case of breaking the Support area 124.75-124.40 and closing 4H below till reaching the Support level 123.75. Then we should wait for breaking this Support level to continue the bullish view. If the pair is able to break this Support level, it will denote a bearish strength providing new sell- signals and enabling the Support level 123.00. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support area 124.75.124.40 is unbroken, the upward move is still expected and invalidating the bearish outlook. Therefore, we recommend to waite 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 after breaking the Support area and closing 4H below with TP1 123.80 and TP2 123.10; SL closing 4H above the Support area might be appropriate.

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

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EUR/NZD - Elliott Wave Analysis for July 3 - 2012

2012-07-03 16:27:07 (читать в оригинале)

 

Today's Support and Resistance Levels:

Support
1: 1.5600
2: 1.5581
3: 1.5539

Resistance
1: 1.5723 (Minor wave i bottom - Should be broken)
2: 1.5823
3: 1.5882

Technical Overview:
In the bigger picture we are near the decline not only from 1.6969, but also from 1.9511.
Looking at the short term picture we are currently in minor wave iv from 1.5606. This minor wave iv will ideally end near 1.5688 for the last decline towards 1.5533.
A break below 1.5630 will be first indication that minor wave iv is over and the final decline is under way.
The risk of this scenario is a break above resistance at 1.5723, which is the bottom of minor wave i and under the guidance of Elliott Wave Principle overlapping between wave one and four is not allowed. Therefore, a break above 1.5723 will invalidate the estimations above.

Trade Recommendation:
As we are in the very last part of the major decline caution is warranted and the risk/rewards ration is not appropriate here. Therefore, we should watch out for indication demonstrating that a bottom is in place.

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

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EUR/JPY - Elliott Wave Analysis for July 3 - 2012

2012-07-03 16:21:38 (читать в оригинале)

 

Today's Support and Resistance Levels:

Support
1: 98.52
2: 98.30
3: 97.84

Resistance
1: 100.89
2: 101 .14
3: 101.54

Technical Overview:
Since yesterday trading has been more or less sideways without much action. The preferred scenario still calls for a break below 99.61 as first good indication that wave 4 is indeed over and wave 5 down to the ideal target near 94.58 is under way.
According to this scenario we have just ended minor wave ii at 101.39 and are looking for wave iii down to at least 96.72 and likely 95.62.
The risk of this scenario is a break above 100.76 and more importantly above101.39 that will argue that wave 4 is still ongoing and a continuation higher towards 102.12 should be seen before wave 4 will be over.

Trade Recommendation:
Sell EUR against JPY here at 100.45 with a 100.80 Stop Loss and Take Profit at 95.80.

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

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AUD/USD Wave Analysis for July 3, 2012

2012-07-03 14:52:27 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a sideways move developing final 5 wave (coloured pink) of the bigger 1 wave (coloured blue). During the early European session we could observe a strong ascending movement toward the 1.0277 level. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and we could observe price around 1.0223 level. Today this currency pair is trading around 1.0285 and 1.0255 level and we are expecting to see price above 1.0365 today. 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 level at 1.0245 can be used as a Stop Loss point. Also it is necessary to monitor the U.S Factory Orders m/m and Total Vehicle Sales data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.0180 (S2) 1.0205 (S1) 1.0221 (PP) 1.0245 (R1) 1.0270 (R2) 1.0286 (R3) 1.0310
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 1.0265 with Stop Loss at 1.0245 and Take Profit at 1.6408 are recommended.

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

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GBP/USD Weekly Wave Analysis

2012-07-03 14:49:53 (читать в оригинале)

 

GBP/USD Elliott Wave
The GBP/USD pair was trading in an upward move last week developing waves 1 and 2 (coloured green). During the Asian and the early European sessions we could observe descending movement toward the 1.5640 level where this major pair found support and price started pushing higher. Therefore, during the New York session we could observe a strong bullish mood in this pair and price reached above 1.5720 level. Today the GBP/USD pair is trading in a sideways move and we are expecting to see price above 1.5800 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 (1.5265-1.5777-1.5483 with Take Profit 1 at 1.5993 (100% of wave 1) and Take Profit 2 at 1.6408 (161.8% of wave 1). Invalidation point at 1.5484 can be used as a Stop Loss point. Also it is necessary to monitor the U.S Factory Orders m/m and Total Vehicle Sales data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.5605 (S2) 1.5636 (S1) 1.5654 (PP) 1.5685 (R1) 1.5716 (R2) 1.5734 (R3) 1.5765
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 1.5777 with Stop Loss at 1.5484 Take Profit 1 at 1.5993 and Take Profit 2 at 1.6408 are recommended.

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