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Silver Technical Levels and Trading Recommendatios for June 4, 2012

2012-06-04 13:58:18 (читать в оригинале)

 

Overview

Today Silver takes a slightly  downward move after it has bounced from the resistance level 28.60 last week, and now is trading above the support level 28.10. If Silver continues its downward movement and is able to break the support level 29.10 and close below 4H, providing new sellers signals and giving new opportunity to sell with 27.72 level as target, then we should wait breaking the support level 27.60 and the upward trend line. If Silver is able to break it, this means strong indicator to continue its bearish movement in order to reach the support level 27.10 .

On the other hand, if Silver fails to break the support level 28.10 and bounces from it, this will indicate high bullish strength and good opportunity to buy. Therefore, we should wait till breaking the strong resistance level 28.60 and closing 4H above to start the bullish move to reach the support level 29.05. Considering today's H4 chart technical indicators provide bearish signal, but as long as the support level 28.10 is unbroken, the possibility of upward trend is still expected invalidating the bearish outlook .

Resistance and Support levels

R3(29.50)

R2(29.05)

R1(28.60)

S1(28.10)

S2(27.60)

S3(27.10)

Trading Recommendations 

Acoording to previous analysis, we recommend selling with TP1 28.10 and TP2 27.55 ; SL 4H closing above 28.60 resistance level .

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

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GBP/JPY Technical Levels and Trading Recommendations for June 4, 2012

2012-06-04 13:47:34 (читать в оригинале)

 

Overview

Today the GBP/JPY pair was trading in slight upward movement after it has bounced form the bearish trend line. Currently the pair is trading between the resistance level 120.25 and the support level 119.60 and is trying to break through the resistance level to continue its bullish movement above its upward trend line as we see on the given chart. Considering today's 4H chart, if the pair is able to break the resistance area 120.25 - 121.10 and close above  4H, it will be a strong indicator for the upward movement providing new buyers signal and enabling to reach the resistance level 122.60 in order to test it.

On the other hand, if the pair ifails to break the resistance area 120.25 - 121.10 and bounces from it, the upward trend line and the support level 119.60 will be tested. If the pair is able to break the support area 119.60- 119.00, it may be a strong indicator for the downward movement and a good opportunity to sell with 118.60 level targeting further 118.00. Considering today's 4H chart technical indicators provide bullish signal but as long as the resistance area is unbroken, the downward trend is still possible. Therefore we should wait more confirmations before making the decision.

Resistance and Support level 

R3(122.60)

R2(121.10)

R1(120.25)

S1(119.60)

S2(119.00)

S3(118.50)

Trading Recommendations 

According to previous analysis, we recommend buy-deals after the breakdown of the resistance area 120.25-121.10, with TP1 122.45 and TP2 123.00 ; SL 120.05 .

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

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Свечной анализ EUR/JPY на 4 июня

2012-06-04 11:58:12 (читать в оригинале)

Daily

For the second consecutive day it is hard to say whether the EUR/JPY pair has fixed below Fibonacci corrective level 100.0% or not. The Thursday’s closure was few pips lower than this level as the one of Friday, so this fixation is apparently false. It is necessary to be very cautious with this fact as it may affect the further movement of the rate. Last week there were no fresh candlestick formations. So if the fixation of price below 100.0% is true, the quotes are expected to decline even more towards Fibonacci level of 161.8% - 88.13. In case this fixation is false, the quotes are likely to go upwards towards the corrective level 76.4% - 100.45.

4h

The situation on the smaller chart is quite the same. The EUR/JPY rate was fixed below Fibonacci corrective level 323.6%. Though this fixation is quite confirming, the quotes have not significantly dropped below this level and on Friday the rate tried to reverse to the benefit of the euro. The quotes have failed to rise above this Fibinacci level that is the reason why we should wait till the market opening on Monday in order to define precisely the direction of the movement. The Bearish absorption pattern allowed the pair to restore a bit its lost positions though, as it was mentioned before the quotes have failed to overcome the correction level 323.6%. If the rate remains below this level, it is expected to continue downside pace towards 423.6% - 93.76.

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

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USD/CAD Survey according to the Point and Figure Charting for June 4, 2012

2012-06-04 11:56:52 (читать в оригинале)

 

The USD/CAD pair continued the ascending movement. Presently the main target for buyers is seen at the resistance level 1.044. In case it has been overcome, the strong signal for Buy-deals will be provided towards the main tendency opening the way to the point 1.050.

The point 1.036 is considered as a support level where the main line of the ascending trend is drawn. In case it has been passed through, the tendency will change to descending one and the way to the point 1.030 will open.

Relative strength index is located in the X column confirming the purchasers force.

Axel Rudolph's levels for today:

Daily pivot point (rotation point): 1.039

If the price is below the pivot, an asset is considered as bearish.

If the price is above the pivot, an asset is considered as bullish.

Resistance 1: 1.0461

Resistance 2: 1.0513

Support 1: 1.0338

Support 1: 1.0267

As long as the main tendency remains downward, today it is recommended to sell the pair after a breakdown of the support level 1.0461 with 1.0513 seen as first target.

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

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GBP/JPY Elliott Wave Count and Fibonacci Levels for June 4, 2012

2012-06-04 11:26:58 (читать в оригинале)

The GBP/JPY pair is developing an impulse wave C of the medium term downtrend from 129.32 (light green in the chart) including  three subwaves (magenta in the chart) and an impulse subwave C developing from 126.39. Within this wave we also have four subwaves (red in the chart) and potential corrective subwave 4 developing from 118.74.

Presently the downside targets are Fibonacci expansions of 129.33-124.59-126.39, 126.39-124.08-125.03, 125.03-118.74-120.77.

Supports:

- 118.72 = expanded objective point (XOP)
- 116.88 = contracted objective point (COP)

If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of 125.03-118.74.

Resistances:

- 121.14 = .382 retracement
- 121.88 = .50 ret
- 122.63 = .618 ret

Overbought/Oversold

The bigger wave is now moving downwards, so it is preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-35 pips above the current prices). Consider the opportunities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.

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