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EUR/USD Elliott Wave Count for May 23, 2012

2012-05-23 15:50:15 (читать в оригинале)

EUR/USD Elliott Wave
From May of 2011 the EUR/USD pair was trading in bearish mood, yesterday this major pair pushed lower again reaching new low at the 1.2657 level. During the European session we could observe descending move towards the 1.2740 level (100EMA support). Therefore during the New York session the EUR/USD pair continued trading in a bearish mood and we could observe price below the 1.2660 level. Today during the Asian session we could observe price at the 1.2615 level. We can consider this move as the end of 5 wave. Presently we are in the A wave (coloured blue) and I expect to see end of this corrective wave at 200EMA resistance. We can use 1.2770 as a Take Profit point and 1.2615 as Stop loss point. Also it is necessary to consider the data concerning the CAD Core Retail Sales m/m, Retail Sales m/m and the U.S. New Home Sales, Crude Oil Inventories that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.2679 (S2) 1.2682 (S1) 1.2683 (PP) 1.2685 (R1) 1.2688 (R2) 1.2689 (R3) 1.2691

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 1.2670 with Stop Loss at 1.2615 and Take Profit at 1.2770 are recommended.

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

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USD/CAD Elliott Wave Count for May 23, 2012

2012-05-23 15:47:44 (читать в оригинале)

USD/CAD Elliott Wave
The USD/CAD pair was trading in an upward move yesterday. During the Asian session we could observe descending movement toward the 1.0150 support level (200EMA). We can consider this move as the end of C wave of the bigger 4 wave (coloured blue). During the European session price started pushing higher reaching a new daily high at the 1.0185 level. Therefore during the early New York session price pushed back a few times to 200EMA but bullish mood was stronger, and at the end of the session we could observe the USD/CAD pair at 1.0233. Today during the Asian session we could observe continuation of the bluish mood and price is currently testing the 1.0237 level. Presently we are in the 5 wave of the bigger 3 wave (coloured green) and I expect to see price higher today. 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 (0.9800-1.0063-0.9953) with Take Profit at 1.0381 (161.8% of wave 1). The end of the 4 wave at 1.0150 can be used as Stop Loss. Also it is necessary to consider the data concerning the CAD Core Retail Sales m/m, Retail Sales m/m and U.S. New Home Sales, Crude Oil Inventories that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0193 (S2) 1.0197 (S1) 1.0200 (PP) 1.0203 (R1) 1.0207 (R2) 1.0210 (R3) 1.0213

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 1.0245 with Stop Loss at 1.0150 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 23, 2012

2012-05-23 15:45:24 (читать в оригинале)

The GBP/USD currency pair witnessed 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 sometime 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 1.5675 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.

 

 

Today few hours ago, GBP/USD has broken the lower limit of the Yellow channel at 1.5750 thus opening the way for lower levels at 1.5675.
Price Level 1.5675 corresponds to the lower limit of the Violet channel and the Average Daily Range of today's movement which constitutes a significant Intraday Support Level.
Price Level 1.5750 on retesting will be a key-level for today's movement as it's the backside of the broken Yellow channel & the upper limit of the Violet channel.
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.

 

 

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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 May 23, 2012

2012-05-23 15:42:18 (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 1.0225 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 maybe 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.
Price Zone 1.0235-1.0250 has resisted further upside movement this week providing Intraday Resistance for GBP/USD. However its breakthrough will probably allow the pair to make another bullish swing towards 1.0280 and 1.0320.

 

 

On the Hourly chart, the USD/CAD pair has been moving within the sideways Yellow and Blue channels and the narrow bullish Violet channel which represents yesterday's movement.
USD/CAD is currently testing the upper limit of the Yellow channel at 1.0225 which should provide intraday resistance in order to push USD/CAD to visit the lower limit of the Yellow channel at 1.0125.
It's important to note that the pair has Intraday Resistance at 1.0235 - 1.0245 levels, which if broken, will allow USD/CAD to resume its bullish movement within the violet channel towards 1.0280.

 

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

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GOLD Intraday Technical Analysis

2012-05-23 11:58:17 (читать в оригинале)

 

Gold is currently testing the intermediate support of its medium term bearish channel at 1,552 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1,508.

Technical indicators do not provide clears signals but are approaching the oversell zone supporting the assumption of a rebound. 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 at the level of 1,552 with the 1st objective at 1,565 and then at 1,570. A break through 1,549 will alter this scenario.

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