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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 24, 2012

2012-05-24 16:32:00 (читать в оригинале)

The lower limits of the Violet and Blue channels at 0.9990 were tested, providing strong support for the USD/CAD pair.

Bullish rejection towards 0.9990 allowed USD/CAD to initiate a new bullish swing towards 1.0295 establishing a significant support level at 1.0050 and the newer one at 1.0125.

Retesting of Price Level 1.0125 will be also a testing of the lower limit of the Blue channel which may be a good BUY entry then.

The Violet channel on the 4H chart is quite steep and narrow that predicted its breakdown on Monday, which is expected to reach the Price Level 1.0125 initially.

Yesterday, Price Level 1.0294 corresponding to the backside of the broken Violet channel and the upper limit of the Blue channel has resisted further upside movement providing Intraday Resistance for GBP/USD. However, its breakthrough will probably allow the pair to make another bullish swing towards 1.0320 and 1.0380.

On the Hourly chart, the USD/CAD pair has been moving within the bullish Violet and Blue channels and the wide-ranged Yellow channel which represents longer-term perspective.

We can easily notice that the USD/CAD was unable to make a higher high today. Instead, it has recorded a lower high then was directed to the downside towards 1.0240.

The USD/CAD is currently testing the lower limit of the Yellow channel & the mid-line of the Violet & Blue channels at 1.0240 which if broken, will probably allow a quick decline towards the lower limit of the Yellow channel at 1.0190 which may be broken too allowing the pair to reach 1.0150-1.0125.

The USD/CAD has its Average Daily Range located at 1.0200 which may provide some Intraday Support for the pair.

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

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USD/CAD Elliott Wave Count for May 24, 2012

2012-05-24 16:30:27 (читать в оригинале)

USD/CAD Elliott Wave
The USD/CAD pair was trading in a upward move yesterday. During the Asian and European session we could observe sideways move. Therefore during the New York session when U.S. New Home Sales showed possessive results this major pushed to the 1.0295 level. The USD/CAD did not to hold this level and price return to 1.0230 level at the end of the NY session.Today we can observe this pair slightly higher but before NY session we do no expect much change. Presently we can observe developing of the 3 wave (coloured green). 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 (0.9800-1.0062-0.9955) with Take Profit at 1.0381(161.8% of wave 1). We can use 1.0210 as stop loss point. Also it is necessary to consider the data concerning the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Flash Manufacturing PMI, FOMC Member Dudley Speech, Treasury Sec Geithner Speech and EU ECB President Draghi Speech, and the Belgium NBB Business Climate that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0149 (S2) 1.0186 (S1) 1.0210 (PP) 1.0248 (R1) 1.0285 (R2) 1.0309 (R3) 1.0347

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 1.0285 with Stop Loss at 1.0210 and Take Profit at 1.0381 are recommended.

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

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GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 24, 2012

2012-05-24 16:27:01 (читать в оригинале)

The GBP/USD currency pair witnessed a quick decline from 1.6120 towards 1.5730 during last week.

GBP/USD has intraday support zone located around 1.5740 - 1.5760 which prevented further decline for some time before GBP/USD could break it down.

Resistance zone 1.5840-1.5860 was being tested yesterday when GBP/USD showed significant bearish reaction breaking down 1.5740 - 1.5760 reaching 1.5638 today.

The GBP/USD pair's still having an Intraday Support level located around 1.5640 corresponding to the lower limit of the Blue channel and the backside of the broken bearish Violet channel.

The GBP/USD currency pair has been moving within narrow-ranged bearish channels which seems to be getting broken soon.

Price Level 1.5675 corresponded to the lower limit of the Yellow channel and the Average Daily Range of yesterday movement which constituted a temporary Intraday Support Level.

Price Level 1.5750 on retesting will be a key-level for today's movement as it corresponds to the upper limit of the Yellow channel, the average daily range and previous broken trendline.

Bullish breakout above 1.5695 will probably open the way for the next station at 1.5750 which should be watched for price action.

Showing bearish price action towards 1.5750 triggers the SELL entry with SL above 1.5800. However, its breakthrough will allow GBP/USD to make bullish retracement towards higher levels around 1.5850.

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

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EUR/USD Elliott Wave Count for May 24, 2012

2012-05-24 15:48:38 (читать в оригинале)

EUR/USD Elliott Wave
The EUR/USD pair was trading in a downward move yesterday developing 3 wave (coloured blue). During the European session we could observe descending movement towards the 1.2615 level where this major found support and pushed slightly higher .Therefore during the New York session the EUR/USD pair continued trading in a bearish mood reaching a new low at the 1.2545 level.Today during the Asian session this major make a one more downside push reaching 1.2515. We can consider this move as end of 3 wave (coloured blue). Presently we can observe starting of 4 wave (coloured blue). 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 (1.3065-1.2515) with Take Profit at 1.2839 (50% of wave 3). The end of the 3 wave at 1.2515 can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Flash Manufacturing PMI, FOMC Member Dudley Speech, Treasury Sec Geithner Speech and EU ECB President Draghi Speech, and the Belgium NBB Business Climate that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.2461 (S2) 1.2516 (S1) 1.2550 (PP) 1.2604 (R1) 1.2659 (R2) 1.2693 (R3) 1.2747

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 1.2585 with Stop Loss at 1.2515 and Take Profit at 1.2839 are recommended.

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

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EUR/JPY Intraday Technical Analysis

2012-05-24 12:27:02 (читать в оригинале)

 

The spot rate broke the intermediate support of its medium term bearish channel at 99.60 leading to an acceleration. A pull back on these levels is expected before reach the lower limit of this one to 98.90.

Technical indicators do not provide clears signals but are approaching the oversell zone supporting the assumption of a pull back. 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 indicates a bearish opportunity at the levels of 99.60 with the 1st objective of 99.10, then 98.90. A break in 99.80 would invalidate this scenario.

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