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Silver Technical Levels and Trading Recommendatios for June 7 , 2012

2012-06-07 15:23:57 (читать в оригинале)

 

Overview

Today Silver takes a downward trend after the yesterday's bounce from the strong resistance level 29.90. Presently it is testing the support level 29.30. If the pair bounces from the support level, this will indicate bullish strength providing new buyers signals to continue its bullish movement also a good opportunity to buy until testing the resistance level 29.90 again.

On the other hand, if Silver is able to break the support level 29.30 and close 4H below, then the breakdown of the upward trend line will provide a strong signal for sell-deals opening the way towards the support level 28.85 and 28.30. The breakdown of this support area indicates bearish strength providing new sellers signals. Proceeding from today's H4 chart, technical indicators provide bullish signals, but as long as the the resistance level 29.60 is unbroken, the downward trend remains the same. Furthermore, it treatens to invalidate the bullish outlook. Therefore, we should wait more confirmations before making the decision.

 

Resistance and Support levels

R3(30.05)

R2(29.90)

R1(29.60)

S1(29.30)

S2(28.85)

S3(28.30)

 

Trading Recommendations

According to previous analysis, we recommend buying after breaking the resistance level 28.60 , with TP 30.00 ; SL closing 4 hours below the support level 29.30 .

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

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USD/CAD Elliott Wave Count for June 7, 2012

2012-06-07 14:42:38 (читать в оригинале)

USD/CAD Elliott Wave
For the last few days the USD/CAD pair was trading in a downward channel developing corrective (2) (coloured green). Yesterday since the opening of Asian session up to the end of the European session the USD/CAD was trading in a descending movement near the 1.0310 level. Therefore, during the New York session we could observe the continuation of the bearish mood and price reached 1.0270 level. Today during the Asian session the USD/CAD pair was trading in a sideways movement. At the moment we are in the corrective C wave expecting the price to go 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 Fibonacci retracement (0.9803-1.0444) with Take Profit 1 at 1.0198 (38.2% of wave 1) and Take Profit 2 at 1.0122 (50% of wave 1). Resistance level at 1.0310 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S Unemployment Claims, Fed Chairman Bernanke Testifies, FOMC Member Lockhart Speaks and CAD Ivey PMI that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0196 (S2) 1.0239 (S1) 1.0266 (PP) 1.0309 (R1) 1.0352 (R2) 1.0379 (R3) 1.0422

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 1.0260 with Stop Loss at 1.0310,Take Profit 1 at 1.0198 and Take Profit 2 at 1.0122 are recommended

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

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AUD/USD Elliott Wave Count for June 7, 2012

2012-06-07 14:38:42 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a upward movement developing an extended 5 wave (coloured blue) of the bigger 1 wave (coloured blue). From the beginning of the Asian session this major pair stared pushing higher and reached a new high at 0.9860 level. Therefore during the European and New York session we could observe the continuation of the bullish mood that enabled the AUD/USD pair to reach the new  high of 6 days at 0.9931 level. Today during the Asian session we could observe that bulls are still in the game and the price has reached 0.9965 level. We can consider this move as the end of the 1 wave; today we expect the price to go lower. 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 retracement (0.9581-0.9965); Take Profit 1 at 0.9820 (38.2% of wave 1) and Take Profit 2 at 0.9775 (50% of wave 1). Resistance level at 0.9965 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S Unemployment Claims, Fed Chairman Bernanke Testifies and FOMC Member Lockhart Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9672 (S2) 0.9746 (S1) 0.9792 (PP) 0.9866 (R1) 0.9940 (R2) 0.9986 (R3) 1.0060

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 0.9890 with Stop Loss at 0.9965,Take Profit 1 at 0.9820 and Take Profit 2 at 0.9775 are recommended

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

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GBP/JPY Technical Levels and Trading Recommendations for June 7, 2012

2012-06-07 14:35:55 (читать в оригинале)

 

Overview

Today the GBP/JPY pair takes a slightly upward move within an uptrend line, and is currently trading within slight bearish correction in order to test the support level 122.60. If the pair bounces from the support level, it will continue it bullish movement for testing the resistance level 123.75 and 124.65, if the pair is able to break this resistance area, this will indicate the bullish strength providing new sellers signals and also a good opportunity to buy enabling to reach 125.00 level.

On the other hand, if the pair is able to break the support level 122.60 and close below 4H, this will be a strong signal for Sell-deals enabling to reach the support level 121.10 testing the upward trend line. If the pair is able to break the upward line, this will indicate the bearish strength providing new buyers signals. Proceeding from today's H4 chart, technical indicators provide bullish signal, but as long as the the resistance area is unbroken, the downward trend is still expected invaildating the bullish outlook.

Resistance and Support levels 

R3(125.28)

R2(124.65)

R1(123.75)

S1(122.60)

S2(121.10)

S3(119.60)

Trading Recommendations 

According to the previous analysis, we still recommend buying with TP1 123.00 and TP2 124.05 ; SL closing 4H below the support level 122.60 .

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

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NZD/USD Candlestick Analysis for June 7, 2012

2012-06-07 12:03:27 (читать в оригинале)

Daily

As it was expected, after the double bounce of quotes from the Fibonacci correction level of 100.0% the kiwi edged against the greenback, reaching the level 76.4% - 0.7700. Presently quotes are for the third time expected to reverse further to the downside towards the Fibonacci correction level of 100.0%. Otherwise, if the rate is fixed above the correction level 76.4%, the quotes are likely to reach the next correction level of 61.8% - 0.7847. The bearish candlestick formation near the 76.4% will indicate the most probable reversal to the downside

4h

New Fibonacci grid shows that in the course of Wednesday’s trades quotes were fixed above the Fibonacci correction level of 23.6% - 0.7638. Though this fact enables the outlook for the possible growth, the Fibonacci level 76.4% acts as a barrier on the daily chart. As long as the rate fails to fix above this level, it is hard to forecast the further ascending movement. But in case it holds on the 4H timeframe, the quotes are likely to reach the level of 0.7750 – 61.8%. Considering the analysis of the candlestick patterns we can see that the growth of quotes is most likely to take place. On the other hand, the bearish formation can confirm the worries of the bounce from the Fibonacci level of 76.4% on the daily chart.

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