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GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 1, 2012

2012-06-01 17:59:20 (читать в оригинале)

The Linear Regression Channels 1H Chart for the GBP/USD illustrates:

Yesterday the GBP/USD pair experienced the quite steep bearish movement breaking down the Intraday Support at 1.5460 exceeding the Average Daily Range to record a daily low at 1.5360.

It is important to note that exceeding the Average Daily Range usually indicates a possible bullish retracement to take place soon after.

The GBP/USD pair is currently testing the lower limit of its almost identical bearish Violet, Blue & Yellow channels around 1.5280 which should be defended by bulls.

Price Level 1.5425 constitutes a significant Intraday resistance level as it corresponds to the upper limit of the bearish Yellow & Violet channels.

In order to reach level 1.5425, the GBP/USD pair should find the bullish rejection towards 1.5280 and pass through its minor resistance level at 1.5350. Otherwise, the downtrend will be resumed towards 1.5160 sooner than expected.

Based on the previous analysis

The market offers a SELL opportunity around price level 1.5425 with SL located above 1.5475.

TP levels are to be located at 1.5400,1.5330 then 1.5280.

 

Best Regards.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for June 1, 2012

2012-06-01 16:46:52 (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 1.0310.

On Wednesday, 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 the previous congestion zone 1.0230-1.0150 also the pair managed to break through the price level 1.0310 initiating another bullish swing.

The USD/CAD remains bullish as long as it was fixed above 1.0300 on the short-term and above 1.0230 on the mid-term.

It's important to observe the price level 1.0440 for significant price action as it may cause the USD/CAD to make Intraday Bearish retracement.

Intraday Support & Resistance Levels:

Support :

S1: 1.0300

S2:1.0230

S3: 1.0150.

Resistance :

R1: 1.0400

R2 : 1.0450.

Trade Recommendations:

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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Silver Technical Levels and Trading Recommendatios for June 1 , 2012

2012-06-01 16:45:26 (читать в оригинале)

 

Overview 

Today Silver takes a downward movement to break through the upward line and is currently testing the support level 27.20 and trying to take a slightly upward movement due to its rebound from it. If Silver continue its downward pace and is able to break the support level and close below 4H, this will indicate stronger bearish movement enabling to reach the support level 26.65.

On the other hand, if Silver bounces from the support area and reverses to downside, it will be a good opportunity to buy few pips above 27.20 level in order to reach the resistance level 28.05. Therefore, we should wait till this level is broken through. If Silver is able to break through the resistance level, this will indicate stronger bullish strength providing new buyers signals; technical indicators provide bullish signal but as long as the support area is unbroken, the upward trend is still expected invalidating the the bearish outlook .

Basing on the chart, we should wait more confirmations before making the decision.

Resistance and Support level 

R3(29.05)

R2(28.60)

R1(28.05)

S1(27.20)

S2(26.65)

S3(26.05)

Trading Recommendatios

According to the prevous analysis, we recommend buying from pips above the support area with TP1 27.85 and TP2 28.50 , SL 27.15 .

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

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GBP/JPY Technical Levels and Trading Recommendations for June 1, 2012

2012-06-01 14:29:07 (читать в оригинале)

 

Overview 

As we expected yesterday, a break down of the support area 121.55 -122.00 is a strong indicator fo the downward movement and possibility to break the bearish channel. Considering today's 4H chart, the pair takes a strong downside movement and is able to break the lower boundary of its bearish channel trading outside it.

Currently the pair is testing the support level 119.60 trying to break it. If the pair is able to break the support level and close 4H below, this will indicate the bearish strength providing new sellers signal enabling to reach the support level 119.00. Therefore, we should wait the breakthrough of this level in order to continue the bearish signal.

On the other hand, if the pair bounces from the support area and reverses to its bearish movement, this will indicate high bullish strength giving a good opportunity to buy with TP 120.80 level then 121.45 as second target.Therefore, proceeding from the chart , we should wait more confirmations before making the decision .

Resistance and Support levels

R3(122.50)

R2(121.50)

R1(121.00)

S1(119.60)

S2(119.00)

S3(118.50)

Trading Recommendations 

According to the previous analysis, we recommend buying with TP1 119.00 but we should wait more confirmations before making the decision .

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

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Monthly USD/CAD Elliott Wave Count

2012-06-01 14:25:58 (читать в оригинале)

USD/CAD Elliott Wave
During the last few days the USD/CAD pair was developing 5 wave of the bigger (1) wave. Yesterday during the Asian and European session we could observe the descending movement towards the 1.0261 level.We can consider this move as the end of the 4 wave (coloured blue) of the bigger 5 wave.Therefore during the New York the USD/CAD pair started pushing higher for developing 5 wave and price reached new high at 1.0365 level.Today during the Asian session we could observe the continuation of the bullish mood and price testing 1.0400 level. We can consider this move as the end of the 5 wave (coloured green) and with this move we finished bigger (1) wave. Presently we can observe the start of the (2) wave and I think in June the USD/CAD will retrace back to the 1.0100 level. 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 (0.9798-1.0400) with Take Profit 1 at 1.0166 (38% of wave 1) , Take Profit 2 at 1.0095 (50% of wave 1) And Take Profit 3 at 1.0026 (61.8% of wave 1). We can use support at 1.0400 as stop loss point.

Support and Resistance Levels
(S3) 1.0214 (S2) 1.0253 (S1) 1.0278 (PP) 1.0318 (R1) 1.0357 (R2) 1.0382 (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 1.0350 with Stop Loss at 1.400, Take Profit 1 at 1.0166,Take Profit 2 at 1.0095 and Take Profit 3 at 1.0026 are recommended

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