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EUR/AUD Elliott Wave Count for May 29, 2012

2012-05-29 14:02:27 (читать в оригинале)

EUR/AUD Elliott Wave
For the last 5 days the EUR/AUD pair was developing impulsive 3 wave (coloured green). Yesterday during the European session we could observe descending movement towards the 1.2740 level. Therefore during the New York session we could not see too much volatility and the EUR/AUD pair was trading in a sideways move. Today during the early Asian session we could observe continuation of the bearish mood and price reached the 1.2695 level. We can consider this move as end of the 3 wave (coloured green), if we measure 3 vs. 1 we can see that 3 wave retrace 200% of the 1 wave. Presently we can observe the start of the 4 wave and I expect to see the price higher 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 (1.2997-1.2696) with Take Profit 1 at 1.2803 (38.2% of wave 3) and Take Profit 2 at 1.2839 (50% of wave 3). The resistance level at 1.2695 can be used as Stop Loss.

Support and Resistance Levels
(S3) 1.2652 (S2) 1.2693 (S1) 1.2718 (PP) 1.2759 (R1) 1.2800 (R2) 1.2825 (R3) 1.2866

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 1.2740 with Stop Loss at 1.2695, Take Profit 1 at 1.2803 and Take Profit 2 at 1.2839 are recommended

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

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Silver Technical Levels and Trading Recommendatios for May 29, 2012

2012-05-29 13:13:28 (читать в оригинале)

 

 

Overview

 

Today Silver is limiting between the resistance level 28.60 and the support level 28.05 and is currently testing the support level to continue its slightly upward move, if Silver is able to break the support area 28.60 - 29.05, this will open the way towards 29.50 level so it will be a good opportunity to buy.
On the other hand, if Silver still trades below the resistance level 28.60 and fails to break it, this will indicate the bearish strength thus providing new sell signals with tp1 28.15; then we should wait for a breakout of the support level 28.05, if Silver continues its bearish movement and closes 4H below the support level, sell is still with tp2 27.68. Although technical indicators provide bullish signals but as long as the resistance level 28.60 and then 29.05 are unbroken, the downward will remain the same and invalidate the bullish outlook.

 

Resistane and Support Levels

R3(29.60)

R2(29.05)

R1(28.60)

S1(28.05)

S2(27.45)

S3(26.65)

Trading Recommendations

According to previous analysis we recommend buying in case of breaking the support levels 28.60 then 29.05, so we should wait for more confirmations before making the bullish decision.

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

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GBP/JPY Technical Levels and Trading Recommendations for May 29, 2012

2012-05-29 12:51:03 (читать в оригинале)

 

Overview

 

Today the GBP/JPY pair tried to break the upper boundary of its bearish channel but it bounced from it, keeping its move within the bearish channel, and currently it is testing the support level of 124.45. If the pair fails to break the support level and bounces from it, it’s expected to break the upper line of the channel which indicates the bullish strength providing new bullish signals and opening the way towards 125.00 and 125.70 levels. Then we should wait the breakout of the resistance level 126.30 to continue its bullish movement.
On the other hand, if the pair is able to break the support level 124.45 and close 4H below it, this will indicate a good opportunity to sell from a few pips below this level with the 124.05 level as the target. Though technical indicators provide sell signals, but as long as the upper boundary of the bearish channel is unbroken, the downward trend is still expected, also this can invalidate the bullish outlook.
Based on the chart we should wait for more confirmations before making the a decision.

 

Resistance and Support Levels

R3(127.10)

R2(126.30)

R1(125.20)

S1(124.45)

S2(124.00)

S3(123.20)

Trading Recommendations

According to the previous analysis we recommend selling after bouncing from the the upper line of the channel with TP at 124.10 and stop loss at 125.10.

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

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EUR/JPY Intraday Technical Analysis

2012-05-29 12:18:04 (читать в оригинале)

 

The spot rate is now testing the intermediate resistance of its medium term bearish channel at 100.10 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 101.00.

Technical indicators do not provide clear signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 100.10 with the 1st objective at 100.70 and then at 101.00. A break through 99.90 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-05-29 10:52:23 (читать в оригинале)

 

 

Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,583 and seems to initiate a decline. However, a break through these levels will give good potential and the pair will be able to reach the upper limit of this one - 1,614.

Technical indicators do not provide clear signals but until the resistance is not punctured the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,583 with the 1st objective at 1,595 and then at 1,598. A break through 1,580 will alter this scenario.

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