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USD/CAD Elliott Wave Count for June 12, 2012

2012-06-12 15:19:10 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward move developing 1 wave (coloured blue). During the European session we could observe ascending movement toward the 1.0255 level. Therefore during the New York session USD/CAD continued trading in a bullish mood and price reached the 1.0320 level. We can consider this move as the end of the 1 wave (coloured blue). At the moment this major pair is trading in a slight downward movement developing corrective 2 wave (coloured blue).
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 Fibonacci retracement (1.0200-1.0320) with Take Profit 1 at 1.0243 (61.8% of wave 1) and Take Profit 2 at 1.0220 (78.6% of wave 1). Resistance level at 1.0325 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Import Prices m/m, IBD/TIPP Economic Optimism and Federal Budget Balance data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0161 (S2) 1.0205 (S1) 1.0232 (PP) 1.0276 (R1) 1.0320 (R2) 1.0347 (R3) 1.0391

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 1.0285 with Stop Loss at 1.0325 Take Profit 1 at 1.0243 and Take Profit 2 at 1.0220 are recommended.

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

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EUR/JPY Pulls Back from Resistance at 100.30/40 - Technical Analysis and Trading Recommendations

2012-06-12 10:50:43 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Yesterday’s sharp reversal from our measured first resistance at 100.30/40 should have taken traders by surprise! Let us analyse the wave structure again, as shown above. Normally the counter trends pullback rallies are in 3 waves a-b-c. Prices have completed a, and might just have completed b. If this count is correct, bulls will regain control and drag prices higher up to 103.00 levels (the 0.618 above), before giving it up. It is difficult to buy, especially when there is a lot of pessimism around, but take it as a part of Trade psychology. The ideal level to go short would be around 103.00.

Trading Recommendations:

Looking to go short around 103.20/30 levels, targetting at 94.00 and 90.00

 

Good luck!

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

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GBP/CHF Bounces Srong from Support Zone 1.4700/4750 - Technical Analysis and Recommendations

2012-06-12 10:46:40 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Believe it or not GBP/CHF is a classic example of Trading Consolidations, especially 4th waves. Time and again the single currency has bounced back from past resistance turned support area between 1.4700 -1.4750. No doubt, the structure remains constructive for bulls. Earlier it was suggested to buy at close 1.4700 on dips and yesterday there was such an opportunity. Only a clear break of 1.4700 should be a concern for bulls and prices could retrace further down to 1.4600. Holding long positions is recommended.

Trading Recommendations:

Buy earlier between 1.4850 and 1.4950, Stop Adjusted to 1.4600, target 1.5200 and 1.5400.

 

Good luck!

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

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EUR/USD Intraday Technical Analysis

2012-06-12 10:41:50 (читать в оригинале)

 

 

The spot rate is currently testing the lower limit of its medium term bullish channel at 1.2460 and seems to initiate a rebound. However, a break through these levels will release good potential and reach the lower limit of its medium term bearish channel to 1.2230.
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 as soon as the spot rate has broken through its resistance of 1.2460 with the 1st objective at 1.2520 and then at 1.2540. A break through 1.2440 will invalidate this scenario.

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

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GBP/USD Intraday Technical Analysis

2012-06-12 10:41:02 (читать в оригинале)

 

 

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5540 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 until the resistance is not broken the assumption of a decline is most probable. Bollinger bands have greatly tightened these days pointing at decline in volatility and the imminence of a violent movement.
According to previous events the market will offer a bullish prospect as soon as the spot rate has broken through its resistance of 1.5540 with the 1st objective at 1.5600 and then at 1.5620. A break through 1.5520 will invalidate this scenario.

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