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GBP/CHF Finally Begins Retracement - Technical Analysis and Trading Recommendations

2012-05-17 11:41:06 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As depicted above, after producing a hanging man, the currency pair has begun a retracement towards the projected Fibonacci support levels above. Initial support comes at 1.4930 and 1.4850 should provide strong support base since it was the past resistance area. The immediate trend line also passes across the same region in the sessions to come. It is suggested to re-enter between 1.4850 and 1.4900.

Trade Recommendations:

Buy at 1.4700, stop at 1.4900, targetting at 1.5200 and 1.5400.

 

Good Luck!

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

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EUR/JPY Is Setting Up For A Pullback - Technical Analysis and Trading Recommendations

2012-05-17 11:38:32 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Structurally, EUR/JPY is unchanged and the wave formation also remains similar since last 36 hours. As depicted above, having met the first downside extension level at 102.00 yesterday, the single currency is trying to initiate a counter trend rally towards the 104.00/25 levels. We expect this rally to begin today or tomorrow; in case of a failure to this count, it will breakdown to the 100.50 level straight away. It is advisable to book partial profits and again re-enter on a counter-trend rally.

Trade Recommendation:

Sell at around 104.00/25, stop at 105.50, now targetting at 100.50 (after a counter rally).

 

Good Luck !

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

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NZD/USD: Technical Analysis for May 17, 2012

2012-05-17 10:33:38 (читать в оригинале)

• Strong Support: 0.7530.
• Strong Resistance: 0.7718 & 0.7930.

Trading Recommendations:

According to previous events the price is expected to remain between 0.77 and 0.7930 levels.

• Buy-deals are recommended above 0.7535 with the first target seen at 0.7625. The movement is likely to resume to the point 0.7675 and further to the point 0.772.
  
• The decending movement is likely to begin from the level 0.7720 with 0.76 and 0.7535 seen as targets
  

Overview:

The NZD/USD pair is expected to continue the movement from the point 0.7531 (11% of Fibonacci retracement levels on the Daily chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7933. This fact can be considered as a good signal for BUY-deals above the point 11% of Fibonacci retracement levels on the H4 chart with the first targets 0.76 and 0.772 (it will act as a strong resistance level and considered as appropriate for Take Profit orders). It is necessary to mention that this level will coincide with 23.6% of Fibonacci (0.772). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.772, the market will further decline to the 0.754 level, indicating a bearish mood.

 

If you like my technical analysis, please vote for me by clicking here!

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .

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

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GBP/USD: Weekly Technical Analysis for May 17, 2012

2012-05-17 10:32:51 (читать в оригинале)

 

Weekly Pivot Point: 1.6109.

GBP/USD:

• Resistance: 1.6115. (Sell below this level).
  
• Support: 1.5820. (Buy above this level).
  

Trading Recommendations:

 

According to previous events, the price is still located between the levels 1.5955 and 1.6290.

 

• The descending movement will probably take place lower than the 1.6115 level with the first targets at levels 1.6050 and 1.5935 then 1.5850.
• BUY-deals are recommended higher than the 1.5820 level with targets at levels 1.59 and 1.6060 then 1.61.

Overview:

It should be mentioned that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.5955 and 1.629, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.5820 level with its first target at the level of 1.5915. From this point the pair is likely to begin the ascending movement to the point 1.6025 and further to the level 1.6112. However, if the pair fails to pass through the level of 1.6115, the market will indicate a bearish opportunity below the strong resistance level 1.6115. In this regard, SELL-deals are recommended lower than the 1.6115 level with the first target at 1.6050. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5935 then 1.5850.

If you like my technical analysis, please vote for me by clicking here!

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .

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

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GBP/JPY Elliott wave count and Fibonacci levels for May 17, 2012

2012-05-17 10:31:25 (читать в оригинале)

GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (red in the chart), and impulse subwave C is developing from 128.71.

The immediate supports are Fibonacci expansions off 131.75-127.76-129.32, 129.32-127.97-128.71, 128.71-127.63-128.33.

Supports:

- 127.36 = objective point (OP)
- 127.25 = OP
- 126.85 = contracted objective point (COP)
- 126.58 = expanded objective point (XOP)
- 126.53 = XOP

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 127.71 - this wave is not developed yet, so no resistances are available so far.

Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (10-15 pips above the current prices) or into the overbought area (25-35 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.

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