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USD/JPY Weekly and Monthly Pivot Points for May 21 - 25, 2012

2012-05-21 18:23:55 (читать в оригинале)

 

The weekly pivot chart for USD/JPY indicates that the pivot points are placed according to the maximums and minimums. This chart will enable us to place Stop Take Profits or Stop Losses. These Pivot Levels are some sort of a trading map that will allow you to know beforehand the possible increases and declines of the pair.
Therefore, it is recommended to open short positions at the R1 level and long positions at the S1 level. If the weekly pivot is considered as target, it may turn to be a feasible strategy for swing trading. The strategy can be used in other way: it is possible to open long positions in S2 positions and short R2 weekly with S1 or R1 as seen weekly targets or to the pivot point.

____WEEKLY_____
Weekly - R3 = 81.59
Weekly - R2 = 81.06
Weekly - R1 = 80.04
Weekly Pivot = 79.51
Weekly - S1 = 78.49
Weekly - S2 = 77.96
Weekly - S3 = 76.94

 

 

____MONTHLY______
Monthly - R3 = 85.74
Monthly - R2 = 84.51
Monthly - R1 = 82.18
Monthly Pivot = 80.95
Monthly - S1 = 78.62
Monthly - S2 = 77.39
Monthly - S3 = 75.06

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

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EUR/USD Elliott Wave Count for May 21, 2012

2012-05-21 15:56:29 (читать в оригинале)

EUR/USD Elliott Wave
During the last week the EUR/USD pair was trading downward developing impulsive 3 wave (coloured blue). During the Friday's European session we could observe ascending move toward the 1.2710 level (100EMA resistance). Therefore during the New York session we could observe continuation of the bullish mood and price reached new daily high at 1.2793 level.Today during the Asian session we could observe ascending move toward the 1.2812 level.The EUR/USD did not manage to hold this level and we could observe bearish mood in early European session. We expect to see price at 1.2825 today. Presently we can observe the end of the 4 wave so we need to be prepared for 5 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring 1 wave with Take Profit 1 at 1.2689 (78.6% of wave 1) and Take Profit 2 at 1.2649 (100% of wave 1). The resistance level at 1.2870 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.2585 (S2) 1.2643 (S1) 1.2679 (PP) 1.2736 (R1) 1.2794 (R2) 1.2830 (R3) 1.2887

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 1.2845 with Stop Loss at 1.2870, Take Profit 1 at 1.2689 and Take Profit 2 at 1.2649 are recommended

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

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USD/CAD Elliott Wave Count for May 21, 2012

2012-05-21 15:54:06 (читать в оригинале)

USD/CAD Elliott Wave
During the last week the USD/CAD pair was trading upwards developing 3 wave (coloured blue). During the Friday's European session we could observe descending move toward the 1.0318 level. We can consider this move as end of the 4 wave (coloured pink) of the bigger 3 wave (coloured blue). Therefore during the New York session the USD/CAD pair stated pushing higher for developing last 5 wave of the bigger 3 wave and we could observe price above 1.0220 level. Today during the early Asian session price pushed one more time and we could observe high at 1.0229 level. We can consider this move as end of 5 wave. Presently we are in the corrective 4 wave and I  expect to see price lower 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 (1.0053-1.0229) with Take Profit 1 at 1.0111 (50% of wave 3) and Take Profit 2 at 1.0083 (61.8% of wave 3). The resistance level at 1.0230 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.0106 (S2) 1.0140 (S1) 1.0161 (PP) 1.0195 (R1) 1.0229 (R2) 1.0250 (R3) 1.0284

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 1.0185 with Stop Loss at 1.0230, Take Profit 1 at 1.0111 and Take Profit 2 at 1.0083 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 21, 2012

2012-05-21 15:51:45 (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 and Resistance zone 1.5840-1.5860 are 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 showing 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. However, today there are signs of bullish recovery manifested in breaking the upper limit of the Yellow channel.
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.

 

Based on the previous analysis

The market offers a bullish opportunity at price zone 1.5750-1.5760 with a tight Stop Loss below 1.5700.

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 21, 2012

2012-05-21 15:48:27 (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 predicting its breakdown soon to reach 1.0125 initially.
On the Hourly chart, USD/CAD has been moving within bullish Yellow & Blue channels, which has been broken today.
Retesting of the backside of 1.0200 (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 an Intraday Resistance level at 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