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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 18, 2012

2012-05-18 15:47:56 (читать в оригинале)

 

The USD/CAD pair 4H chart revealed a strong bearish rejection of price level 1.0050, which pushed the USD/CAD pair downside towards 0.9990.
The lower limits of the Violet & 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 retesting of the backside of the broken violet channel. However it's considered risky to take bullish opportunity without obvious bullish price action.
On the Hourly chart, USD/CAD is moving within narrow ranged bullish channels which are being tested today with the lower limit of the Yellow channel at 1.0165.
Breakdown of 1.0165 opens the way for Price Levels 1.0125 initially, then probably 1.0050. However, rejection with bullish price action towards this level will probably be a good BUY entry towards new higher levels.
It's important to note that the pair has an Intraday Resistance level at 1.0185 corresponding to the backside of the broken violet channel which constitutes a valid SELL entry with SL located above 1.0230.

 

 

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

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GBP/JPY Elliott Wave Count for May 18, 2012

2012-05-18 15:43:00 (читать в оригинале)

GBP/JPY Elliott Wave
For the last few days the GBP/JPY pair was developing impulsive wave 3 (coloured blue). Yesterday during European session we could observe a descending move toward the 126.90 level. Therefore during the New York session we could observe strong bearish mood in this currency pair and price drop to 125.10. Today during the early Asian session price continued to fall and we could observe price at the 124.59 level. We can consider this move as end of wave 3 (coloured blue). Presently we are at the start of the 4 wave. 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 at 127.37 (161.8% of wave 2). The support level at the 124.50 level can be used as Stop Loss. Also it is necessary to consider the data concerning the GBP and JPY G8 Meetings that can affect the rate of the pair.

Support and Resistance levels
(S3) 123.29 (S2) 124.37 (S1) 125.04 (PP) 126.12 (R1) 127.20 (R2) 127.87 (R3) 128.95

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 125.50 with Stop Loss at 124.50 and Take Profit at 127.37 are recommended

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

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USD/CAD Elliott Wave Count for May 18, 2012

2012-05-18 15:35:05 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards developing last 5 wave of the bigger 3 wave (coloured blue). During the European session we could observe ascending move toward the 1.0156 level. Therefore, during the New York session USD/CAD continued trading in a bullish mood reaching a new daily high at the 1.0195 level. Today during the Asian session we could observe one more push higher where the USD/CAD pair reached 1.0226. We can consider this move as the end of 3 wave (coloured blue) of the bigger (3) wave (coloured green). Presently we are at the start of the corrective 4 wave. 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 (1.0053-1.0226) with Take Profit 1 at 1.0108 (50% of wave 3) and Take Profit 2 at 1.0080 (61.8% of wave 3). The resistance level at 1.0225 can be used as Stop Loss. Also it is necessary to consider the data concerning the CAD Core CPI m/m, CPI m/m and USD Treasury Currency Report, G8 Meetings, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0073 (S2) 1.0107 (S1) 1.0129 (PP) 1.0164 (R1) 1.0198 (R2) 1.0220 (R3) 1.0255

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 1.0165 with Stop Loss at 1.0225, Take Profit 1 at 1.0108 and Take Profit 2 at 1.0080 are recommended

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

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EUR/JPY Intraday Technical Analysis

2012-05-18 11:04:19 (читать в оригинале)

 

The spot rate is currently testing the lower limit of its medium term bearish channel at 100.20 and seems to initiate a rebound. Nevertheless, breaking these levels will release good potential and initiate a more violent bearish trend.

Technical indicators provide sell-signals but evolving in oversell zone supporting the assumption of a rebound. 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 at the level of 100.20 with the 1st objective at 100.80 and then at 101.00. A break through 99.90 will alter this scenario.

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

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GOLD Intraday Technical Analysis

2012-05-18 11:03:23 (читать в оригинале)

 

Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,580 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 1,636.

Technical indicators do not provide clear signals but until the resistance is not broken 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 gold has broken through its resistance of 1,580 with the 1st objective at 1,590 and then at 1,595. A break through 1,577 will invalidate this scenario.

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