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EUR/USD Intraday Technical Levels for May 23, 2012

2012-05-23 11:01:49 (читать в оригинале)

TODAY's   TECHNICAL   LEVELS: 

Breakout BUY Level : 1.2722.

Strong Resistance : 1.2715.

Original Resistance : 1.2703.

Inner Sell Area : 1.2691.

Target Inner Area : 1.2661.

Inner Buy Area : 1.2631.

Original Support : 1.2619.

Strong Support : 1.2606.

Breakout SELL Level : 1.2598.

 

DESCRIPTION :

Today EUR/USD has support and resistance at 1.2619 and 1.2703 and is accompanied by strong support at 1.2606 and by 1.2715 as strong resistance.

If EUR/USD breaks out and closes below a 1.2598-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2722-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2631, and at 1.2691– a SELL position, in this case both targets should be located at the level of 1.2661.

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

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USD/CAD Elliott Wave Count for May 22, 2012

2012-05-22 15:17:25 (читать в оригинале)

USD/CAD Elliott Wave
The USD/CAD pair was trading in a downward move yesterday. During the European session we could observe ascending move toward the 1.0225 level. Therefore during the early New York session we could observe continuation of the bullish mood and price reached 1.0245 level (daily high).The USD/CAD pair did not manage to hold at this level and price started pushing lower in the second half of the NY session. Today during the Asian session price reached new 2 days low at 1.0155 level (100EMA support). Presently we are in the corrective 4 wave and I expect to see price under 1.0110 level today. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0245) with Take Profit 1 at 1.0117 (50% of wave 3) and Take Profit 2 at 1.0087 (61.8% of wave 3). The resistance level at 1.0200 can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S Existing Home Sales that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0113 (S2) 1.0144 (S1) 1.0163 (PP) 1.0194 (R1) 1.0225 (R2) 1.0244 (R3) 1.0275

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 1.1165 with Stop Loss at 1.0200, Take Profit 1 at 1.0117 and Take Profit 2 at 1.0087 are recommended

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

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GBP/JPY Elliott Wave Count for May 22, 2012

2012-05-22 15:15:50 (читать в оригинале)

GBP/JPY Elliott Wave
The GBP/JPY pair has finished 3 wave (coloured blue) last week, and we could observe slightly upward move in this currency pair yesterday. During the European session price started an ascending move toward the 125.77 level where the GBP/JPY pair found resistance and stated pushing lower. Therefore during the New York session we could observe slightly bullish mood but the GBP/JPY did not manage to brake the daily high. Today during Asian session price broke 125.77 level and pushed to 100 EMA resistance. I expect to see price higher for end of the corrective 4 wave(coloured blue). In accordance with our wave rules and taking into account that the wave 4 retraces 161.8% of the wave 2, we can define the potential targets with measuring 2 wave with Take Profit 1 at 126.98 (138.2% of wave 2) and Take Profit 2 at 127.37 (161.8% of wave 2). The resistance level at 125.00 can be used as Stop Loss.

Support and Resistance levels
(S3) 124.51 (S2) 124.85 (S1) 125.07 (PP) 125.42 (R1) 125.76 (R2) 125.98 (R3) 126.33

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 125.80 with Stop Loss at 125.00, Take Profit 1 at 126.98 and Take Profit 2 at 127.37 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 22, 2012

2012-05-22 12:31:56 (читать в оригинале)

 

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

 

The GBP/USD has Intraday support zone located around 1.5740 - 1.5760 which prevented further decline showing significant bullish price action.

Now the upper limit of the Violet channel was broken to the upside Yesterday while Resistance zone 1.5840-1.5860 is still being tested by the GBP/USD pair which if broken will probably allow the pair to reach the upper limit of the Blue channel and the next Intraday resistance zone at 1.5940-1.5960.

After a bullish price action towards 1.5740, this price level is considered a valid BUY entry with tight SL below 1.5700.

Breakdown of Price Zone 1.5960-1.5940 lead to quick decline towards 1.5860-1.5840 which was broken too, leading to price zone 1.5740-1.5760.
Price Zone 1.5740 - 1.5760 corresponds to the lower limit of the Yellow & Blue channels and also to the Average Daily Range which was indicative of possible bullish retracement coming after.
The GBP/USD has shown extensive bearish decline last Thursday exceeding the Average Daily range breaking its Intraday Support levels indicating possible bullish retracement too.

There's a possible Head and shoulders being formed with head at 1.5730 which becomes confirmed with bullish closure above neck-line located at 1.5840 to be targeting to the price level of 1.5940.

Breakthrough 1.5840 corresponding to the upper limit of the Yellow & Blue channels will probably allow the GBP/USD to reach higher levels at 1.5885 and 1.5925.

 

Based on the previous analysis

The market offers a bullish opportunity at price zone 1.5777 with a tight Stop Loss below 1.5720.

TP levels are to be located at 1.5810, 1.5885 and 1.5925.

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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 22, 2012

2012-05-22 12:30:27 (читать в оригинале)

The USD/CAD pair 4H chart revealed a strong bearish rejection of 1.0050, which pushed the USD/CAD pair downside towards 0.9990.

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 yesterday, which is expected to reach Price Level 1.0125 initially.

 
On the Hourly chart, USD/CAD has been moving within the bullish Yellow channel, which has been broken to the downside today.

Retesting of the backside of 1.0185 (the backside of the broken channels ) opens the way for Price Levels 1.0125 initially, then probably 1.0050.

It's important to note that the pair has Intraday Resistance levels at 1.0200 & 1.0240 which shouldn't be bypassed today in order to achieve the bearish scenario.

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