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USD/CAD Intraday Technical Analysis and Trading Recommendations for June 4, 2012

2012-06-04 16:49:42 (читать в оригинале)

Intraday Technical Outlook:

The USD/CAD pair was trading within depicted uptrend line started on the 3rd of May.

The USD/CAD pair remained within a narrow sideways range 1.0150-1.0230, when the bulls managed to make a bullish breakthrough above 1.0230 reaching the price level of 1.0445.

Last Month, the USD/CAD pair tested the backside of the broken consolidation zone and the depicted up-trend line around Price Levels 1.0230-1.0215 which provided Intraday support for the pair.

Therefore, the USD/CAD pair remains bullish as long as the pair is trading above the depicted uptrend line. In other words, above Support Level 1.0310 on the short-term then above the previous congestion zone 1.0230-1.0150 on the mid-term.

Price level 1.0440 acted as strong resistance level allowing the USD/CAD to make Intraday Bearish retracement. However the first support level for the USD/CAD pair is located at 1.0370.

Intraday Support & Resistance Levels:

Support :

S1: 1.0370

S2: 1.0300

S3:1.0230

S4: 1.0150.

Resistance :

R1: 1.0400

R2 : 1.0450.

Trade Recommendations:

If you have current SELL entry taken at price level 1.0440, keep holding it with some profit taking at 1.0370 and move its SL to breakeven.

Price Level 1.0300 constitutes a valid BUY entry with SL located below 1.0220.

TP levels are to be located at 1.0350, 1.0395 & 1.0475.

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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 4, 2012

2012-06-04 16:39:20 (читать в оригинале)

Last week the GBP/USD pair expressed the sustained bearish movement manifested in the Weekly Violet channel.

Today, the GBP/USD pair is testing the upper limit of this violet channel & the mid-line of the Blue one around 1.5388. In case it is broken, bullish movement towards 1.5440 will begin.

Price Zone 1.5440-1.5460 constitutes a strong resistance zone where price action should be observed for a possible SELL entry.

Last Friday, the GBP/USD pair tested the lower limit of its almost identical bearish Blue & Yellow channels around 1.5280 which expressing massive bullish reaction.

The GBP/USD pair has exceeded its Average Daily Range for the last successive three days of last week, and It is important to note that exceeding the ADR usually indicates a possible bullish retracement to take place soon after.

Price Level 1.5325 constitutes a significant Intraday Support level as it corresponds to the backside of the broken upper limit of the bearish Yellow & Blue channels.

In order to reach the level of 1.5440, the GBP/USD pair should find the bullish rejection towards 1.5325 and pass through its minor resistance level at 1.5390. Otherwise, the downtrend will be resumed towards 1.5160 sooner than expected.

A breakdown of the last recorded buttom at 1.5260 invalidates the bullish scenario.

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EUR/USD Wave Analysis. Weekly Survey

2012-06-04 16:30:25 (читать в оригинале)

 

Wave marking analysis:
As a result of last week’s trades the EUR/USD continued its downward movement. Having lost another 300 pips, the pair tested the level of figure 23. Despite the elaboration of the significant price level 1.2340, the inner wave structure of the descending part of the trend beginning in early May, looks as not completed yet. Thus, the price is likely to decrease further towards the point 1.2000. At the same time the MACD divergence points that correction of the whole descending movement lasting for 10 figures is necessary.

 

Targets for the option with the wave 4 in 5:
1.2528 – 23.6% according to Fibonacci
1.2673 – 38.2% according to Fibonacci

Targets for the option with the wave 5 in 5:
1.2340 – 423.6% according to Fibonacci

General conclusions and trading recommendations:
During the last week the euro continued its descending movement. Therefore, this week the quotes are likely to drop further within the wave 5 in 5 towards the 1.2340 which corresponds to 423.6% of Fibonacci. The rate can form the 4th wave from the current positions towards the points 1.2528 and 1.2673 which is equal to 23.6% and 38.2% of Fibonacci. MACD is located in the negative area indicating that the wave 4 is likely to begin in the nearest future. Also the MACD points at convergence that confirms the possible formation of the ascending correction.

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GOLD Elliott Wave Count for June 4, 2012

2012-06-04 14:43:11 (читать в оригинале)

GOLD Elliott Wave
Last week Gold was trading in upward move developing 3 wave of the bigger (3) wave. During the Fridays Asian and European session we could observe descending movement toward the 1544.90 level.We can consider this move as end of the 2 wave (coloured green). Therefore during the New York session Gold started in a bullish mood and reached new high at 1628.60 level. We can consider this move as end of the 3 wave (coloured green). Today during the early Asian session Gold we could observe the downward movement and price trading under 1618.00 level. Presently we can observe the end of the 4 wave (coloured green); at the moment we expect price to be above 1650.00 level. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1526.30-1598.00-1532.40) with Take Profit at 1648.21 (161.8% of wave 1). Support level at 1607.30 can be used as Stop Loss point.

Support and Resistance Levels
(S3) 1481.2 (S2) 1513.4 (S1) 1567.7 (PP) 1599.9 (R1) 1654.2 (R2) 1686.4 (R3) 1740.7

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 1627.50 with Stop Loss at 1607.30 and Take Profit at 1648.21 are recommended

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

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USD/CHF Elliott Wave Count for June 4, 2012

2012-06-04 14:39:11 (читать в оригинале)

USD/CHF Elliott Wave
Last week the USD/CHF was trading in a upward channel developing 3 wave(coloured blue). During the Fridays European session we could observe ascending movement toward the 0.9752 level.Therefore during the early New York session this major continued trading in a bullish mood and reached 0.9770 level. We can consider this move as end of the 3 wave (coloured blue) of the bigger (3) wave (coloured green). During the second half of the New York session after Non-Farm Employment Change data showed negative results the USD/CHF pair started pushing lower reached a new daily low at 0.9640 level.Today during the Asian session we could observe the continuation of the bearish mood and price is currently testing 0.9660 resistance level. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9039-0.9772) with Take Profit 1 at 0.9619 (50% of wave 3) and Take Profit 2 at 0.9582 (61.8% of wave 3). Resistance level at 0.9700 can be used as Stop Loss point.

Support and Resistance Levels
(S3) 0.9557 (S2) 0.9608 (S1) 0.9640 (PP) 0.9690 (R1) 0.9741 (R2) 0.9773 (R3) 0.9823

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 0.9650 with Stop Loss at 0.9700, Take Profit 1 at 0.9619 and Take Profit 2 at 0.9582 are recommended

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