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USD/CAD Elliott Wave Count for June 5, 2012

2012-06-05 15:03:33 (читать в оригинале)

USD/CAD Elliott Wave
The USD/CAD pair was trading in a sideways movement yesterday developing the wave 4 (coloured blue) of the bigger (5) wave. From the beginning of the European session this major started the descending movement towards the 1.0375 level. Therefore during the New York session the USD/CAD pair started pushing higher reaching a 1.0435 level. During the Second half of the NY session we could observe the continuation of the bearish mood and price return to the 1.0390 level. Today's Asian session follow yesterday bearish mood and price reached a new low at 1.0360 level. We can consider this move as end of the corrective 4 wave (coloured blue). At the moment we can observe the start of the impulsive 5 wave of the bigger (1) wave (coloured green) and we are expecting to see price higher today.In accordance with our wave rules and taking into account that the wave 5 retraces 50% of the wave 3, we can define the potential targets with measuring the 3 wave with Take Profit 1 at 1.0475 (50% of wave 3) and Take Profit 2 at 1.0502 (61.8% of wave 3). The end of the 4 wave can be used as Stop Loss point. Also it is necessary to consider the data concerning the CAD Building Permits m/m, BOC Rate Statement, Overnight Rate, USD ISM Non-Manufacturing PMI and G7 Meetings Meetings that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0325 (S2) 1.0354 (S1) 1.0373 (PP) 1.0402 (R1) 1.0431 (R2) 1.0450 (R3) 1.0479

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 1.0420 with Stop Loss at 1.0390,Take Profit 1 at 1.0475 and Take Profit 2 at 1.0502 are recommended

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

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USD/CHF Elliott Wave Count for June 5, 2012

2012-06-05 15:01:41 (читать в оригинале)

USD/CHF Elliott Wave
Yesteray the USD/CHF pair was trading in a downward movement yesterday developing the corrective C wave of the bigger 4 wave (coloured blue). During the European session we could observe the descending movement towards the 0.9650 level. Therefore during the New York session we could observe the continuation of the bearish mood and price reached a new 3 days low at 0.9596 level. Today during the Asian session the USD/CHF broke yesterdays low and find support at 0.9575 level. We can consider this movement as the end of 4 wave (coloured blue). At the moment we are in the 5 wave of the bigger (3) wave and this major is currently trading around 0.9660 level. In accordance with our wave rules and taking into account that the wave 5 retraces 161.8% of the wave 1, we can define the potential targets with measuring the 1 wave with Take Profit 1 at 0.9755 (138.2% of wave 1) and Take Profit 2 at 0.9785 (161.8% of wave 1). The end of the 4 wave can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S ISM Non-Manufacturing PMI and G7 Meetings that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9535 (S2) 0.9572 (S1) 0.9596 (PP) 0.9633 (R1) 0.9670 (R2) 0.9694 (R3) 0.9731

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 0.9675 with Stop Loss at 0.9575,Take Profit 1 at 0.9755 and Take Profit 2 at 0.9785 are recommended

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

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USD/JPY Wave Analysis for June 5, 2012

2012-06-05 12:20:19 (читать в оригинале)

 

Wave marking analysis:
Yesterday the USD/JPY tried to develop the ascending movement that began on Friday transforming it to the new and more prolonged corrective structure. The first possible targets are seen near 78.60 – 78.90 corresponding to the correction levels of 23.6% and 38.2% for the whole supposed wave 3. If that proves to be so, then after the completion of these levels, the pair will resume its movement towards the target level located near 76.50.

 

Targets for the continuation of the downward trend within the wave 3 or C in C:
77.67 – 161.8% of Fibonacci

Targets for the option with the wave 4 in C or formation of new upward part of the trend:
78.24 – 23.6% of Fibonacci
78.61 – 38.2% of Fibonacci

General conclusions and trading recommendations:
At the moment the descending part of the trend is being forming supposedly within the wave 4 in C. If this suggestion is true, then the wave C has quite complicated inner structure that is likely to complicate several times. In general the pair is likely to continue its growth towards 78.24 and 78.61 which is equal to 23.6% and 38.2% of Fibonacci. The situation with this pair is rather controversial than clear and the wave picture needs clarifications.

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

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EUR/JPY Candlestick Analysis for June 5, 2012

2012-06-05 11:57:31 (читать в оригинале)

Daily

As it was expected, despite the fixation below the Fibonacci correction level of 100.0%, the pair has failed to continue the uptrend and reversed to the benefit of the euro. The fixation below the level of 100.0% though, is of positive character as it enables the quotes to decline further when the rate bounces to the upside. The ascending movement of quotes can reach the correction level 76.4% - 100.44. This level will be decisive for the pair. In case this level is passed through, the quotes are likely to fall further. The current bullish formation Harami clearly points at reversal movement to the upwards. If the rate is fixed below the correction level of 100.0%, the way to the further decline will open.

4h

The smaller chart also depicts the clear reversal of quotes to the upwards. The Bullish Absorption pointed at possible upside movement of quotes followed by the fixation of rates below the Fibonacci correction level 323.6%. Therefore, in coming days the growth of the pair may target the correction level of 261.8% - 99.20. As it is on the bigger timeframe, the pair is likely to reverse to the benefit of the yen, especially if there is a bullish candlestick formation. The quotes are expected to decrease towards Fibonacci level of 423.6% - 93.77.

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

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EUR/JPY Intraday Technical Analysis

2012-06-05 11:35:29 (читать в оригинале)

 

At the moment the spot rate is testing the intermediate resistance of its medium term bearish channel at 98.40 and is likely to decline. However, a breakdown of these levels will reveal significant potential enabling to reach its upper limit in 99.20.

Technical indicators provide sellers signals and as long as resistance remains  unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded resulting from the strong recent decline. The situation is expected to stabilize in the nearest future.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 98.40 with the 1st objective at 99.00 and then at 99.20. A break through 98.20 will invalidate this scenario.

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