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EUR/USD Intraday Technical Analysis

2012-05-31 14:53:56 (читать в оригинале)

 

The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.2430 and is likely to initiate a decline. However, a breakdown of these levels will release significant potential enabling to reach its upper limit in 1.2550.

Technical indicators provide sellers signals confirming the assumption of a decline. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize soon.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2430 with the 1st objectives seen at 1.2490 and 1.2510 levels. A breakdown of 1.2410 will cancel this scenario.

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USD/CHF Elliott Wave Count for May 31, 2012

2012-05-31 14:48:08 (читать в оригинале)

USD/CHF Elliott Wave
For the last few weeks the USD/CHF pair was trading in an upward movement developing 3 wave.Yesterday during the European session we could observe the ascending movement towards the 0.9665 level . Therefore during the New York session this major continued pushing in a bullish mood and price reached 0.9713 level. Today during the Asian session we could observe that the USD/CHF pair found resistance around 0.9720 level and started pushing lower. We can consider this move as end of the 3 wave (coloured blue) of the bigger wave (3) (coloured green). The price is expected to be lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 50% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9557-0.9719) with Take Profit 1 at 0.9623 (38.2% of wave 3) and Take Profit 2 at 0.9593 (50% of wave 3). End of the 3 wave (coloured blue) can be used as Stop Loss point .Also it is necessary to consider the data concerning the U.S FOMC Member Pianalto Speaks, ADP Non-Farm Employment Change, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Chicago PMI and Crude Oil Inventories the rate of the pair.

Support and Resistance Levels
(S3) 0.9554 (S2) 0.9599 (S1) 0.9628 (PP) 0.9673 (R1) 0.9718 (R2) 0.9747 (R3) 0.9792

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 0.9655 with Stop Loss at 0.9719, Take Profit 1 at 0.9623 and Take Profit 2 at 0.9593 are recommended

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USD/CAD Elliott Wave Count for May 31, 2012

2012-05-31 13:51:01 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward movement developing B wave. During the European session we could observe the ascending movement towards the 1.0290 level. Therefore during the New York session the USD/CAD continued pushing higher and reached new daily high at 1.0310 level. This major pair did not manage to hold this level during the second half of the NY session and price pushed lower towards 1.0272 level. Today during the early Asian session the price pushed higher again and reached 1.0311 level. We can consider this move as the end of the B wave and the price is expected to be located under 1.0200 level today. In accordance with our wave rules and taking into account that the wave 4 retraces 38.2% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9956-1.0310) with Take Profit at 1.0175 (38.2% of wave 3). Yesterday high at 1.0310 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S FOMC Member Pianalto Speaks, ADP Non-Farm Employment Change, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Chicago PMI, Crude Oil Inventories and CAD Current Account the rate of the pair.

Support and Resistance Levels
(S3) 1.0181 (S2) 1.0217 (S1) 1.0239 (PP) 1.0276 (R1) 1.0312 (R2) 1.0334 (R3) 1.0371

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 1.0250 with Stop Loss at 1.0310 and Take Profit at 1.0175 are recommended

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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 31, 2012

2012-05-31 13:09:20 (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 breakout above 1.0230 reaching the price level of 1.0310.

Yesterday 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 needs to break through the price level 1.0310 in order to initiate another bullish swing.

Yesterday the USD/CAD failed to break the price level 1.0310 through, the bearish trend will probably be stronger pushing the pair down to 1.0230 then 1.0150 where the pair's price action should be observed.

Intraday Support & Resistance Levels:

Support :

S1: 1.0230

S2:1.0150

S3: 1.0050.

Resistance :

R1: 1.0310

R2 : 1.0400.

Trade Recommendations:

It is suggested to remain bullish as long as the pair is trading above 1.0230-1.0215. However, a breakdown of 1.0215 will open the way for the pair to the point 1.0150.

Breakdown of 1.0150 will provide SELL signal with TP at 1.0050.

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NZD/USD Technical Analysis for May 31, 2012

2012-05-31 12:17:57 (читать в оригинале)

• Strong Support: 0.7480 / 0.7530.
• Strong Resistance: 0.7810.

Trading Recommendations:

According to previous events the price is expected to remain between 0.77 and 0.7930 levels.

• Buy-deals are recommended above 0.7480 / 0.7535 with the first target seen at 0.7625. The movement is likely to resume to the point 0.7675 and further to the point 0.78.
  
• The decending movement is likely to begin from the level 0.7810 with 0.76 and 0.7535 seen as targets.
  

Overview:

The NZD/USD pair is expected to continue the movement from the point 0.74801 (11% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7933. This fact can be considered as a good signal for BUY-deals above the point 11% of Fibonacci retracement levels on the H4 chart with the first targets 0.76 and 0.78 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 161.8% of Fibonacci (0.7810). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.7810, the market will further decline to the 0.754 level, indicating a bearish mood.

 

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