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GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 21, 2012

2012-06-21 17:48:54 (читать в оригинале)

 

The GBP/USD Linear Regression Channels are directed to the upside with a variable bullish tendency due to yesterday's bullish reaction towards Support Level 1.5650.

Yesterday for two successive times, the GBP/USD pair expressed significant bullish reaction towards 1.5650 which corresponds to the lower limit of the Yellow channel. However, the market is not showing strong enough bullish domination at the current time after visiting price level 1.5730.

Price Level 1.5740 corresponds to the mid-line of the Yellow channel constituting a strong Intraday Resistance level to be watched today as it may be the location of the right shoulder of a possible head and shoulders reversal pattern to be targetting at 1.5550 after its confirmation.

The GBP/USD has an Intraday Support Level located at 1.5668 which needs to be broken in order to confirm the reversal pattern and to resume the bearish movement.

It's suggested either to wait for testing of Resistance level 1.5740 to take a low-risk SELL entry with TP levels at 1.5610 & 1.5550 or to wait for breakdown of 1.5650 for a similar opportunity with higher risk-reward ratio.

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 21, 2012

2012-06-21 17:47:37 (читать в оригинале)

 

The USD/CAD pair has bearish Yellow and Blue channels that represent the bearish movement of the pair during this week. However, the pair has expressed strong bullish rejection towards 1.0165 indicating a possible coming bullish movement to target 1.0275.
Yesterday, Price Level of 1.0165 constituted a strong Intraday Support level that was defended by the bulls pushing the USD/CAD pair to the upside towards the upper limit of the Yellow channel at 1.0215 which is being tested today.
Break of the upper limit of the Yellow channel at 1.0215 opens the way towards 1.0260 which corresponds to the Average Daily Range for today.
Price Level 1.0165 still constitutes a valid low-risk BUY entry as it corresponds to the mid-line of the Yellow channel and to the lower limit of the Violet one.

Based on the previous analysis

The market indicates a valid BUY opportunity either at 1.0165 or after a breakthrough above 1.0215 with TP at 1.0260 and SL located below 1.0130.

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

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Silver Technical Levels and Trading Recommendatios for June 21, 2012

2012-06-21 17:45:51 (читать в оригинале)

 

Overview

 

Like we expected yesterday, silver will take a downward movement after breaking the Support area 28.40 - 28.15 and closing below 4H. Proceeding from the today's H4 chart silver has taken a downward movement after breaking the Support area and closing below 4H. Currently silver is testing the Support level 27.70 and trying to break it in order to continue its bearish move. If silver is able to break this Support level and close 4H below this will provide a strong indicator for bearish signals enabling the Support level 27.35.
On the other hand, if silver doesn't break the Support level 27.70 and bounces from it to test the Resistance level 28.00 , it will be a good opportunity to buy above the Resistance area 28.00 - 28.20 enabling the Resistance level 28.60, then we should wait for breaking this Resistance level to continue the bullish move.
Based on the today's H4 chart, the technical indicators provide bullish signals, but as long as the Resistance area 28.00 - 28.20 is unbroken the downward move is still expected and invalidating the bullish outlook.

 

Resistance and Support levels:

R3(29.60)

R2(28.20)

R1(28.00)

S1(27.70)

S2(27.35)

S3(27.00)

Trading Recommendations:

According to previous analysis, we recommend buying in case of breaking the Resistance area 28.00 - 28.20 with TP1 28.55 and TP2 28.90; SL closing 4 hours below the Resistance area may be appropriate.

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

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GBP/JPY Technical Levels and Trading Recommendations for June 21, 2012

2012-06-21 17:43:41 (читать в оригинале)

 

Overview

 

Like we expected yesterday, the pair will take an upward move in case of breaking the Resistance area 124.45 - 124.80 and closing 4H above. Proceeding from today's H4 chart the pair has taken an upward move after breaking the Resistance area keeping its movement above the upward trend line and currently it is testing the Resistance level 125.65.
If the pair is able to break the Resistance level and close 4H above, this will provide a strong indicator for bullish signals enabling the Resistance level 126.30. Then we should wait breaking for this level to continue the bullish view.
On the other hand, if the pair can't break the Resistance level and closes 4H below the Resistance area 125.25-125.65 this will give us a good opportunity to sell below the Resistance level and enabling the Support level 124.45. Then we should wait for closing 4H below this Support level to continue the bearish view. In case of breaking this level this will indicate bearish strength providing new sell-signals enabling the upward trend line.
Based on the given chart, the technical indicators provide bullish signals, but as long as the Resistance area 125.25 - 125.65 is unbroken, the downward trend is still expected and invalidating the bullish outlook.

 

Resistance and Support levels:

R3(126.30)

R2(125.65)

R1(125.25)

S1(124.45)

S2(123.75)

S3(123.00)

Trading Recommnendations:

According to previous analysis, we recommend buying is case of breaking the Resistance area 125.25 - 125-65 and closing 4H above with TP 126.25; SL closing 4 hours below the Resistance area may be appropriate.

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

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AUD/USD Elliott Wave Count for June 21, 2012

2012-06-21 17:40:13 (читать в оригинале)

AUD/USD Elliott Wave
The AUD/USD pair was trading in a sideways move yesterday developing impulsive 3 wave (coloured pink). During the European session we could observe the ascending movement toward the 1.0210 level. Therefore during the New York session price has pushed lower and has reached the 1.0132 level. During the second half of the NY session the AUD/USD pair did not manage to hold this level and price pushed back to the 1.0223 level. We can consider this move as end of the 3 wave (coloured pink). Today during the Asian session the AUD/USD pair has started to push lower and the price is currently testing the 1.0145 support level. In accordance with our wave rules and taking into account that the wave 4 retraces 38.2% of the wave 3, we can define the potential targets with Fibonacci retracements (0.9820-1.0223) with Take Profit 1 at 1.0081 (38.2% of wave 3) and Take Profit 2 at 1.0037 (50% of wave 3). Resistance at 1.0225 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Unemployment Claims, Flash Manufacturing PMI, Existing Home Sales, Philly Fed Manufacturing Index data that can change.

Support and Resistance Levels:
(S3) 1.0091 (S2) 1.0126 (S1) 1.0148 (PP) 1.0183 (R1) 1.0218 (R2) 1.0240 (R3) 1.0275

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 1.0140 with Stop Loss at 1.0225, Take Profit 1 at 1.0081 and Take Profit 2 at 1.0037 are recommended.

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