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USD/CAD Elliott Wave Count for June 6, 2012

2012-06-06 14:53:48 (читать в оригинале)

USD/CAD Elliott Wave
For the last 2 days the USD/CAD pair was developing a complex corrective wave 4 (coloured blue). Yesterday during the European session we could observe the ascending movement towards the 1.0424 level and we can consider this move as end of the (x) wave (coloured pink). Therefore during the New York session the USD/CAD pair started pushing lower reaching a 1.0360 level.Today during the Asian session this major pair continued trading in a bearish mood and price reached 1.0310 level.Presently we can observe the end of the 4 wave and prepare to enter Long position for the 5 wave.In accordance with our wave rules and taking into account that the wave 5 retraces 78.6% of the wave 3, we can define the potential targets with measuring the 3 wave with Take Profit 1 at 1.0450 (61.8% of wave 3) and Take Profit 2 at 1.0488 (78.6% of wave 3). The invalidation of  this count at 1.0269 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S FOMC Member Lockhart Speaks, Revised Nonfarm Productivity q/q, FOMC Member Lockhart Speaks, Crude Oil Inventories,Beige Book and FOMC Member Williams Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0323 (S2) 1.0348 (S1) 1.0363 (PP) 1.0387 (R1) 1.0412 (R2) 1.0427 (R3) 1.0451

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 1.0350 with Stop Loss at 1.0269 Profit 1 at 1.0450 and Take Profit 2 at 1.0488 are recommended

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

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AUD/USD Elliott Wave Count for June 6, 2012

2012-06-06 14:49:29 (читать в оригинале)

AUD/USD Elliott Wave
For the last 3 days the AUD/USD pair was trading in a upward movement developing 1 wave (coloured blue). Yesterday during the early Asian session we could observe the ascending movement towards the 0.9802 (daily high). The AUD/USD pair did not manage to hold this level in European session and price retraced back to 0.9720 level. Therefore during the New York session this major was trading in a steady sideways movement. Today during the Asian and European session we could observe the continuation of the bullish mood and price reached 0.9875 level. We can consider this move as the end of 5 wave (coloured pink) of the bigger 1 wave (coloured blue); at the moment we can observe the start of the 2 wave so we are expecting to see price 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 (0.9581-0.9876) with Take Profit 1 at 0.9734 (50% of wave 1) and Take Profit 2 at 0.9698 (61.8% of wave 1). Resistance level at 0.9880 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S FOMC Member Lockhart Speaks, Revised Nonfarm Productivity q/q, FOMC Member Lockhart Speaks, Crude Oil Inventories,Beige Book and FOMC Member Williams Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9658 (S2) 0.9694 (S1) 0.9716 (PP) 0.9751 (R1) 0.9787 (R2) 0.9809 (R3) 0.9844

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 0.9830 with Stop Loss at 0.9880,Take Profit 1 at 0.9734 and Take Profit 2 at 0.9698 are recommended

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for June 6, 2012

2012-06-06 13:51:07 (читать в оригинале)

Intraday Technical Outlook:

The USD/CAD pair was trading within the depicted uptrend line started on the 3rd of May. However, its movement has been sideways or tending to be bearish for the last three days.

The USD/CAD made bearish breakout below the Yellow, Violet & Blue channels which indicates some bearish tendency of the pair.

The backside of the lower limit of the broken Violet channel will be tested around price level 1.0375 which also corresponds to previous broken Intraday buttom which turned into Resistance.

The USD/CAD pair INTRADAY outlook remains bearish as long as the pair is trading below 1.0445.

In the mid-term prospective, the USD/CAD pair remains bullish as long as the pair is trading above Support Level 1.0310 then above the previous congestion zone 1.0230-1.0150 on the long-term.

Trade Recommendations:

If you had a SELL entry taken at price level 1.0420 as suggested, profits should have been taken at 1.0390 & 1.0340.

- Price Level 1.0375 is expected to be a valid SELL entry with SL located above 1.0445.

TP levels are to be located at 1.0340, 1.0300 and 1.0260.

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

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GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 6, 2012

2012-06-06 13:48:57 (читать в оригинале)

Last Friday, the GBP/USD pair tested the lower limit of the Yellow channel around 1.5280 expressing a massive bullish reaction 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 indicates a possible bullish retracement which is expetced to take place today.

The GBP/USD pair has an Intraday Resistance Level located at 1.5480 which corresponds to the upper limit of the Yellow Channel & the Average Daily Range for today. In case this price level is broken, the way towards 1.5555 will be open.

The GBP/USD pair has an Intraday Support Zone located at 1.5380-15400 which corresponds to the upper limit of the broken Violet channel and the mid-line of the Yellow one. In case it is broken through, the way towards 1.5290 will open.

Based on the previous analysis

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

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

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

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GBP/USD Wave Analysis for June 6, 2012

2012-06-06 12:05:24 (читать в оригинале)

 

Wave marking analysis:

Yesterday the GBP/USD pair continued the consolidation between 1.5400 and 1.5340 supposedly forming the horizontal part of the trend within more prolonged ascending corrective structure. If that proves to be so, then after the completion of the wave B the pair is likely to resume the growth of quotes towards correction level of 23.6%, located above the point 1.5500. At the same time, the unexpected reaction on Bank of England’s decision can lead to the rapid growth of the pound or even to the return of the price in the area of highs of May.

 

Targets for further elaboration of the wave 3 in C or 3 of the downside part of the trend:

1.5267 and lower – low of the wave 5

Targets for the option with corrective waves a-b-c:

1.5386 – 11.4% of Fibonacci
1.5511 – 23.6% of Fibonacci

General conclusions and trading recommendations:

The current ascending part of the trend continues its development. The intermediary target is seen at the 1.5267 which is the low of the wave 5. Presently the quotes can reach the levels of 1.5386 and 1.5511 which is equal to 11.4% and 23.6% of Fibonacci within the 3-wave corrective structure. The downside channel points at possible prospective for the downward part of the trend. No divergence/convergence was formed.

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