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GBP/USD Intraday Technical Analysis and Trade Recommendations for May 16, 2012

2012-05-16 15:01:31 (читать в оригинале)

In the beginning of the month,the GBP/USD pair has broken the lower limit of its bullish channel. Since then it has been downtrending within the depicted bearish channel.

Yesterday the GBP/USD pair showed siginificant bearish swing breaking-down the significant support / prominent Intraday buttom around 1.6050 opening the way for a quick decline towards 1.5960-1.5940 which is considered as a strong support zone that determins the next target.

Bullish stabilization above 1.5960-1.5940 enhances the bullish retracement towards 1.6050. However, its breakdown will lead to another decline towards 1.5895 and 1.5860.

Price Level 1.6050 is considered to be valid SELL entry as it corresponds to the upper limit of the ongoing bearish channel & previous broken support level.

SL should be located above 1.6120 while TP levels are to be located at 1.6015, 1.5975 and 1.5930.

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

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USD/CHF Technical Analysis and Trading Recommendations for May 16, 2012

2012-05-16 12:38:31 (читать в оригинале)

4H

General picture:
On May 16 the USD/CHF pair continues the ascending movement and elaboration of Golden Cross; Stochastic and MACD point at further growth of the price. The current signal for Buy-deal is confirmed and strong, as Chinkou Span is fixed above the price chart and the price is located below the Ichimoku Cloud. Therefore, targets for ascending movement are seen at the third resistance level 0.9451. In case it has been passed through, new target for bullish trade – the resistance level of the bigger timeframe 0.9466 which is almost equal to the previous target – will be available. The ascending movement remains the same as long as the price is higher than the Kijun-Sen (0.9355). While bullish trade below this line it is recommended to place the Stop Loss. Also when the price goes lower than this line, the signal for Buy-deals will weaken and the further elaboration of the ascending movement will be questioned. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bearish mood on the USD/CHF market. Bollinger Bands shows the continuation of the ascending movement, lines are expanding and directed upwards, so it is recommended to consider long positions. MACD is directed upwards indicating the current upside movement but presently the Stochastic is more important as it is located in the oversold area.

Trading recommendations:
On USD/CHF market it is recommended to consider long positions with first target seen at the 0.9451 level. When the price passes this level through, the target for Buy-deals will be seen at the 0.9451 level. When this level is passed through, the target for Buy-deals will be seen at 0.9466. Stop Loss is to be placed below 0.9355. In case this line goes higher, Stop Loss can be placed after it. It is recommended to reduce long positions manually in case the Stochastic leaves the overbought zone. With 50-60 pips of profit Stop Loss can be placed into the zero area. Take profits are to be placed a bit higher than the target levels (10 pips approximately) 0.9440 and 0.9455.

Apart from technical picture it is necessary to consider the fundamental data and the time of its release.
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

If you like this article, vote for the author in Analyst of the Year Contest.
My Blog with additional information to the analysis.

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

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USD/CHF Wave Analysis for May 16, 2012

2012-05-16 11:56:47 (читать в оригинале)

 

Wave marking analysis:
In the course of yesterday’s trades the USD/CHF continued the ascending movement and have fixed above the level of figure 94 by the end of the day. The whole upward wave structure became more complicated supposing the further growth of quotes towards the point 0.9500 or even the early year’s highs (0.9600). If that proves to be so, then we can assume that targets for the wave 3 in 3 (in 3 or C) correspond to the point 0.9460.

Targets for the option with the wave 3 in 3 or C:
0.9459 – 161.8% of Fibonacci

Targets for the option with the beginning of new descending part of the trend or wave 4 in 3 or C:
0.9363 – 100.0% of Fibonacci
0.9326 – 76.4% of Fibonacci

General conclusions and trading recommendations:
At the moment the new upward part of the trend continues its formation within the wave 3 or C. The target for current growth is seen at the 0.9459 which corresponds to 161.8% of Fibonacci. On the smaller level the wave 3 in 3 continues its formation. When this wave is finished, the quotes may descend towards the levels of 0.9363 and 0.9326 indicating the formation of new downside part of the trend or even completion of the wave 4 in 3 or C. it is necessary to mention that the current wave marking may need corrections as there are some contradictions resulting from the last week’s gap, that has not been filled.

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

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EUR/JPY Intraday Technical Analysis

2012-05-16 11:32:33 (читать в оригинале)

 

At the moment the spot rate is testing the intermediate resistance of its medium term bearish channel at 102.90 and is likely to decline. However, a breakdown of these levels will release significant potential and enabling to reach its upper limit in 104.20.

Technical indicators provide sellers signals but as long as the resistance is unbroken, the assumption of a decline is relevant. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 102.90 with the 1st objectives seen at 103.50 and 103.70 levels. In case the level 102.70 is passed through, the proposed scenario will be cancelled.

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

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GOLD Intraday Technical Analysis

2012-05-16 11:23:25 (читать в оригинале)

 

Gold is currently testing the intermediate support of its medium term bearish channel at 1,530 and is expected to rebound. However, a break through this level will trigger a decline to the lower limit – 1,512.

Technical indicators do not provide clear signals but evolving in oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded due to strong recent increase. The situation is expected to stabilize in the nearest future. 

According to previous events the market will provide a bullish opportunity at the level of 1,530 with 1,545 and 1,550 seen as first objectives. A break through 1,527 will alter this scenario.

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