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USD/CAD Elliott Wave Count for June 21, 2012

2012-06-21 17:38:21 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD was trading in an upward move developing the impulsive wave 1 (coloured blue). During the European session we could observe descending movement toward the 1.0160 level. We can consider this move as the end of the 2 wave (coloured green). Therefore during the early New York session price started pushing higher and price reached a new daily high at the 1.0230 level (end of the wave 1). During the second half of the NY session we could observe continuation of the bearish mood and price fall back to the 1.0167 level (end of wave 2). Today during the Asian session price has started pushing higher and it is currently testing the 1.0225 resistance level. At the moment the USD/CAD pair is developing impulsive 3 wave and we are awaiting to see price higher today. 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 (1.0160-1.0230-1.0167) with Take Profit 1 at 1.0259 (138.2% of wave 1) and Take Profit 2 at 1.0274 (161.8% of wave 1). Invalidation at 1.0160 can be used as a Stop Loss point. Also it is necessary to monitor the CAD Core Retail Sales m/m, Retail Sales m/m, BOC Gov Carney Speaks and U.S. Unemployment Claims, Flash Manufacturing PMI, Existing Home Sales, Philly Fed Manufacturing Index data that can change the rate of the pair.

Support and Resistance Levels

(S3) 1.0119 (S2) 1.0147 (S1) 1.0163 (PP) 1.0191 (R1) 1.0219 (R2) 1.0235 (R3) 1.0263

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 1.0215 with Stop Loss at 1.0160, Take Profit 1 at 1.0259 and Take Profit 2 at 1.274 are recommended.

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

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EUR/JPY Intraday Technical Analysis

2012-06-21 10:40:15 (читать в оригинале)

 

The spot rate is currently testing the intermediate support of its medium term bullish channel at 100.60 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 99.40.

Technical indicators do not provide clear signals but are approaching overbuy zone supporting a break of its support. 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 at the level of 100.60 with the 1st objective at 101.20 and then at 101.40. A break through 100.40 will alter this scenario.

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

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GBP/USD Intraday Technical Analysis

2012-06-21 10:39:35 (читать в оригинале)

 

The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.5660 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.5560.

Technical indicators do not provide clear signals but until the support is not broken the assumption of a rebound is most likely. . 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 at the level of 1.5660 with the 1st objective at 1.5720 and then at 1.5740. A break through 1.5640 will alter this scenario.

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

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EUR/USD Intraday Technical Analysis

2012-06-21 10:38:30 (читать в оригинале)

 

The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.2650 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.2570.

Technical indicators do not provide clear signals but until the support is not broken the assumption of a rebound is most likely. 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 at the level of 1.2650 with the 1st objective at 1.2710 and then at 1.2730. A break through 1.2630 will alter this scenario.

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

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EUR/USD Intraday Technical Levels for June 21, 2012

2012-06-21 10:30:21 (читать в оригинале)

TODAY's  TECHNICAL  LEVELS:

Breakout BUY Level: 1.2743.

Strong Resistance: 1.2735.

Original Resistance: 1.2723.

Inner Sell Area: 1.2712.

Target Inner Area: 1.2681.

Inner Buy Area: 1.2651.

Original Support: 1.2639.

Strong Support: 1.2627.

Breakout SELL Level: 1.2619.

 

DESCRIPTION:

Today EUR/USD has support and resistance at 1.2639 and 1.2723 and is accompanied by strong support at 1.2627 and by 1.2735 as strong resistance.

If EUR/USD breaks out and closes below a 1.2619-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2743-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2651, and at 1.2712 – a SELL position, in this case both targets should be located at the level of 1.2681.
 

  

Best regards,

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