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USD/JPY Wave Analysis for June 8, 2012

2012-06-08 19:14:30 (читать в оригинале)

Wave market analysis:
During the past day USD/JPY pair continued its growth and in the course of the European session tested 79.75 level. Meanwhile, it seems that the upward movement, which takes its development from the low of June 1 (77.65), looks more like an incomplete 5-wave structure with prolongation in its third wave or c. If it is so, then, starting from the yesterday’s high, this pair will start forming a downward correction towards the 79.00 level.

Targets for the option with the continuation of the downward trend within the wave 5 in C:
77.67 – 161.8% of Fibonacci

Targets for the option with the wave 4 in C or beginning of the ascending part of the trend:
79.86 – 88.6% of Fibonacci

General conclusions and trading recommendations:
At the moment the new downward part of the trend is continuing its formation, supposedly within the wave 4 in C. If that proves to be so, then the wave C has a quite complicated wave structure that can get even more complicated. Also such movement can be regarded as the first waves of the new upward part of the trend. In general, in coming days the pair is likely to reach 79.86 which is equal to 88.6% of Fibonacci. The situation with this pair is rather controversial than clear and requires clarifications. The fourth wave is very strong but the resumption of the downside trend and the fifth wave formation is still possible.

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GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 8, 2012

2012-06-08 19:11:00 (читать в оригинале)

Technical Outlook:

Last Friday the GBP/USD pair expressed a significant bullish reaction towards the support level 1.5280 which turned our short-term view for the pair into bullish.

As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicated a possible bullish retracement which was expected to take place this week.

The GBP/USD expressed significant bearish price action towards the upper limit of its channels at 1.5595 and then managed to breakdown the lower limit of the same channels at 1.5515.

The GBP/USD pair has an Intraday Support Level at 1.5400 which corresponds to the Average Daily Range & the upper limit of previous congestion zone which is expected to show some bullish rejection even in the short term.

The depicted non-typical double buttom pattern renders price zone 1.5380-15400 as a significant Intraday support zone. In case it is broken through, the way towards 1.5290 will be open.

The GBP/USD pair has an Intraday Resistance Level at 1.5520 corresponding to the backside of the lower limit of the depicted broken bullish channels.

Based on the previous analysis

- The market offers a valid BUY entry around 1.5380-1.5400 with SL below 1.5320.

TP levels are to be located at 1.5450, 1.5495 & 1.5555.

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USD/CAD Elliott Wave Count for June 8, 2012

2012-06-08 18:33:45 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday during the Asian and European session the USD/CAD pair had descending movement developing end of the (2) wave (colored green). After this major pair found support around 1.0210 level and finished corrective (2) wave we could observe start of the upward movement for the start of the (3) wave. During the New York session price reached 1.0282 level. Today during the Asian session the USD/CAD pair continued trading in a bullish mood and price reached 1.0340 level.We can consider this move as the end of the 1 wave (colored blue) and at the moment we could observe start of the 2 wave (colored 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 (1.0210-1.1.0350) with Take Profit 1 at 1.0279 (50% of wave 1) and Take Profit 2 at 1.0263 (50% of wave 1). Resistance level at 1.0370 can be used as Stop Loss point. Also it is necessary to monitor the CAD Housing Starts, Employment Change, Trade Balance, Unemployment Rate, Labor Productivity q/q and U.S Trade Balance, Wholesale Inventories m/m data that can change the exchange rate of the pair.

Support and Resistance Levels
(S3) 1.0175 (S2) 1.0208 (S1) 1.0228 (PP) 1.0260 (R1) 1.0293 (R2) 1.0313 (R3) 1.0345

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 1.0330 with Stop Loss at 1.0370,Take Profit 1 at 1.0279 and Take Profit 2 at 1.0263 are recommended.

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GBP/USD Around Trendline - For June 08/2012 (Daily Strategy)

2012-06-08 18:33:22 (читать в оригинале)

The British pound felt the impact of the words of Bernanke, the European crisis, and that splash of United States, Japan and the rest of Southeast Asia. This climate of uncertainty weakened the GBP/USD, which is now coming to the line of short-term uptrend.

In the 4 hour chart we notice that the price of GBP/USD is trading just above the uptrend line. The breakdown of this line will accelerate the fall to 1.5300 as the first objective.

On the other hand, if the pair closes above this level or above 1.5450 pivot weekly, we recommend buying with objectives to 1.5620, and above up to 1.58

The Momentum indicator is showing bearish signal.

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GBP/USD intraday technical analysis for June 8, 2012

2012-06-08 18:26:46 (читать в оригинале)

 

Weekly Pivot Point: 1.5448.

GBP/USD:

• Resistance: 1.5715. (Sell below this level).
  
• Support: 1.5440. (Buy above this level).
  

Trading Recommendations:

 

According to the previous events, the price is still between the levels 1.5440 and 1.58.

 

• The descending movement will probably take place lower than the 1.572 level with the first targets at levels 1.5625 and 1.545.
• BUY deals are recommended higher than the 1.5440 level with targets at levels 1.563 and 1.571.

Overview:

It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. In the light of the previous events, the price is still between the levels 1.5440 and 1.58, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY deals are recommended higher than the 1.5440 level with its first target at the level of 1.5550. From this point, the pair is likely to begin an ascending movement to the point 1.563 and further to the level 1.5715. However, if the pair fails to pass through the level of 1.6030, the market will indicate a bearish opportunity below the strong resistance level 1.5715. In this regard, SELL deals are recommended lower than the 1.5720 level with the first target at 1.5630. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5450.

 

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If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .

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