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GBP/JPY Wave Analysis for June 26, 2012

2012-06-26 15:28:44 (читать в оригинале)

GBP/JPY Elliott Wave
The GBP/JPY pair was trading in a downward move yesterday developing impulsive 3 wave (coloured blue) of the bigger wave (1) (coloured green). During the European session we could observe descending movement toward the 124.00 level. Therefore during the early New York session we could observe continuation of the bearish mood and price reached 123.53. We can consider this move as end of the 3 wave (coloured blue). The GBP/JPY finish Monday's trading session around the 124.00 level.
Today during the Asian session we could observe price pushing higher and reaching the 124.40 level (end of the corrective 4 wave). Presently we are at the start of the 5 wave and we are expecting to see price under 123.45 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 with measuring 1 wave (coloured blue) with Take Profit 1 at 123.46(100% of wave 1) and Take Profit 2 at 122.85(161.8% of wave 1). Invalidation Point at 124.43 can be used as a Stop Loss point. Also it is necessary to monitor the UK Public Sector Net Borrowing and Inflation Report Hearings data that can change the rate of the pair.

Support and Resistance Levels:
(S3) 122.37 (S2) 123.16 (S1) 123.65 (PP) 124.43 (R1) 125.22 (R2) 125.71 (R3) 126.49

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 124.40 Take Profit 1 at 123.46 and Take Profit 2 at 122.85 are recommended.

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

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USD/CAD Pushing Lower - Analysis for June 26, 2012

2012-06-26 15:27:11 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday during the first half of the Monday's trading session the USD/CAD pair was trading in an upward move developing 5 impulsive wave (coloured blue) of the bigger wave (1) (coloured green). During the European session we could observe ascending movement toward the 1.0300 level. Therefore during the early New York session price continued trading in a bullish mood and price reached a new high at 1.0317. We can consider this move as the end of wave (1) (coloured green). During the second half of the NY session the USD/CAD pair started pushing lower and this major finished first trading day at the 1.0290 level. Today during the Asian session price continued to fallow Monday's NY trend and price reached the 1.0265 level. At the moment we are in the corrective wave 2 and we are expecting to see price lower 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 (1.0160-1.0317) with Take Profit 1 at 1.0223 (61.8% of wave 1) and Take Profit 2 at 1.0197 (78.6% of wave 1). Resistance at 1.0300 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0216 (S2) 1.0242 (S1) 1.0259 (PP) 1.0285 (R1) 1.0311 (R2) 1.0328 (R3) 1.0354

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 1.0255 with Stop Loss at 1.0300 Take Profit 1 at 1.0223 and Take Profit 2 at 1.0197 are recommended.

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

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USD/CAD Intraday Technical Analysis and Linear Regression Channels for June 26, 2012

2012-06-26 15:25:01 (читать в оригинале)

The USD/CAD pair has bullish Yellow and Violet channels that represent the bullish movement of the pair during last week. However, on Friday and yesterday, the pair demonstrated bearish reaction towards Price Zone 1.0300-1.0315 which pushed the pair down to 1.0240 as expected rendering the Blue Channel almost transverse as depicted on the chart.

Yesterday, the USD/CAD pair demonstrated significant bearish reaction towards price level 1.0315 which corresponded to the upper limit of the Blue and Violet channels.

Today at earlier hours, USD/CAD showed bearish reaction towards the backside of the lower limit of the broken violet channel around price level 1.0290 reaching the lower limit of the Yellow channel around 1.0240.

Profits of the bearish position taken around 1.0315 should have been taken around 1.0260 then 1.0240 as it's considered a strong Intraday Support Level for the USD/CAD pair today.

There's a high probability that USD/CAD is forming a reversal bearish Head & Shoulders pattern with neck-line at 1.0250-1.0240. This renders Price zone around 1.0300 a valuable SELL entry as it corresponds to the right shoulder of the pattern.

Based on the previous analysis

The market indicates a possible SELL opportunity around price level 1.0290 -1.0300.
SL should be located above 1.0370 while TP levels are to be located at 1.0260, 1.0230 and 1.0195

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

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GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 26, 2012

2012-06-26 15:22:30 (читать в оригинале)

The GBP/USD Linear Regression Channels are all almost bearish with variable bearish tendency due to Last Week's bearish reaction towards Resistance Levels 1.5775 and 1.5730.

Last Friday the market expressed quite weak bearish movement which ended by visiting 1.5556. However, the pair showed bearish reaction yesterday pushing the pair down to 1.5535.

Price Level 1.5535 constituted a strong Intraday Support Level as it corresponds to the lower limit of the Violet and Blue channel and the mid-line of the Yellow channel which was defended by the bulls pushing the GBP/USD pair to the upside breaking the upper limit of the Yellow channel at 1.5580.

Price Level 1.5580 corresponds to the broken upper limit of the Yellow channel constituting an Intraday Support level to be watched today for a valid BUY entry at retesting.

Bullish Targets for the GBP/USD are located at 1.5630 then 1.5680 on the Intraday scale. However, breakdown of 1.5535 invalidates the bullish scenario for today.

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

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Fundamental Analysis, for June 26, 2012

2012-06-26 13:14:22 (читать в оригинале)

 

European currencies offer few variations from the previous day after Spain managed to place debt at a rate almost three times higher as compared to March, when it sold bonds of 3 and 6 months maturity.
The euro was slightly lower as a reaction to this situation, but it did not change its short-term sideways trend. The same can be applied to stock indices of the old continent, which operate with very small gains and losses.
Markets are now waiting for the next summit of the European leaders to be held on 28 and 29. However, the expectation is that solutions are relevant, given that the record does not help. In general, this kind of summits are used to gain time and to postpone decisions that must then have been taken in a hurry. For example, what happened in Greece in March, and Spain which was pressurized to accept aid a few weeks ago.
The Dow Jones index futures also behave in the low territory but without a definite trend.
It is expected, however, that the dollar will feel the impact of a key report that will be announced at 10:00 EST. The consumer confidence data, issued by the Conference Board, will trigger the dollar, even considering that the outlook is moderate, so we are waiting for the news from Europe.
As for oil, it remains below the $80 barrier, a level that is considered critical for producer-countries. But since oil demand appears to have a strong incentive in the near future, there are no grounds for further growth in the short term.
Gold is traded below $1,600 per ounce. Its short-term trend is bullish, although in the medium term there can be downward corrections.

 

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