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AUD/USD Elliott Wave Count for May 15, 2012

2012-05-15 15:09:06 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward movement. During the European session we could observe the descending movement toward the 0.9660 level. The AUD/USD pair did not manage to hold this level and we could observe slightly upward movevement during the early New York session. At the end of the NY session the price returned to the 0.9960 level.Today during the early Asian session we could observe price at 0.9945 level.We can consider this move as the end of the wave A (coloured blue). Currently the AUD/USD pair is testing 50EMA resistance and we are expecting to see price around 1.0100 today. In accordance with our wave rules and taking into account that the wave B retraces 61.8% of the wave A, we can define the potential targets with Fibonacci retracement (1.0473-0.9945) with Take Profit 1 at 1.0209 (50% of wave A) and Take Profit 2 at 1.0271 (61.8% of wave A). The resistance level of 0.9960 can be used as Stop Loss.Also it is necessary to consider the data concerning the U.S Core CPI m/m, Core Retail Sales m/m, Retail Sales m/m, CPI m/m, Empire State Manufacturing Index, TIC Long-Term Purchases and Business Inventories m/m that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9904 (S2) 0.9934 (S1) 0.9953 (PP) 0.9982 (R1) 1.0012 (R2) 1.0031 (R3) 1.0060

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 1.0010 with Stop Loss at 0.9960, Take Profit 1 at 1.0209 and Take Profit 2 at 1.0271 are recommended.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 15, 2012

2012-05-15 15:08:06 (читать в оригинале)

The USD/CAD 4H Chart reveals the strong bearish rejection of price level 1.0050and is possibly forming a triple top reversal pattern.

The chart also illustrates the bearish breakthrough of the depicted bullish Yellow channel which is considered as a bearish signal.

Now the lower limits of the Violet & Blue channels at 0.9990 are being tested as the nearest short-term support level for the USD/CAD currency pair.

Breakdown of 0.9990 will probably lead to a quick decline towards 0.9955 then 0.9870.

The Hourly chart reveals a similar bearish view for the USD/CAD currency pair.

Not only the USD/CAD pair failed to maintain its movement within the bullish violet, but also it has broken the lower limit of the Bullish Violet channel & the mid-line of its sideway Yellow channel at 1.0015.

This indicates the obvious weakness of the bullish strength of the market and threatens about a coming bearish decline towards 0.9960 corresponding to the lower limit of the Yellow channel.

Based on the previous analysis:

SELLING the USD/CAD at retesting of the broken channel at 1.0015 is considered a valid entry.

TP levels should be located at 0.9990, 0.9960 and possibly 0.9925.

SL should be located above 1.0060.

 

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

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EUR/JPY Candlestick Analysis for May 15, 2012

2012-05-15 11:39:29 (читать в оригинале)

Daily

As it was expected, yesterday the EUR/JPY pair has managed to elaborate the Fibonacci correction level of 61.8%. Moreover, the quotes were fixed below this level though this fact cannot be considered as a convincing. Therefore, if this fixation is stronger, quotes are expected to drop further towards correction level of 76.4% - 100.42. In case this fixation is false, especially if a bearish formation is formed near this level, the rate will be able to restore slightly towards the Fibonacci level of 50.0% - 104.22. The bearish formation Harami points at the downside movement. There were no patterns that may influence the pair’s movement.

4h

On the 4H timeframe the situation is the same. The rate has dropped a bit lower than the Fibonacci correction level of 161.8%. In case the rate declines further, the fixation will be considered as more convincing. As a result. The forecast for both timeframes will coincide and the pair will try to go down to the level of figure 100 (100.42 – 76.4% of Fibonacci on the daily timeframe).
In general during the last days the pair remained on the same place. A lot of new different candlestick patterns were formed. Nevertheless, yesterday the bearish Absorption pattern was formed forecasting the further decline of quotes.

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

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AUD/USD Survey according to the Point and Figure Charting for May 15, 2012

2012-05-15 11:29:37 (читать в оригинале)

 

Having overcome the resistance level 1.002, the AUD/USD pair continued the descending movement.

Presently the main target for sellers is seen at the support level of 0.988.

The point 1.014 is considered as the resistance level. In case it has been overcome, the weak signal for Buy-deals will be provided against the main trend line opening the way to the point 1.020.

Relative strength index is located in the O column, confirming the sellers’ force.

Axel Rudolph's levels for today:

Pivot point (rotation point): 0,9982

If the price is below the pivot, an asset is considered as bearish.

If the price is above the pivot, an asset is considered as bullish.

Resistance 1: 1,0008

Resistance 2: 1,006

Support 1: 0,993

Support 1: 0,9904

As long as the main tendency remains downward, today it is recommended to sell the pair after a breakdown of the support level 0,993 with 0,9904 seen as first target.

 

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

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EUR/USD Intraday Technical Analysis

2012-05-15 11:17:19 (читать в оригинале)

 

Presently the spot rate is testing the lower limit of its medium term bearish channel at 1.2810 suggesting a rebound. However, a breakdown of these levels will release good potential and initiate a more violent bearish trend.

Technical indicators provide buyers signals and evolvment in the oversell zone supports the assumption of a rebound. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize soon. 

According to previous events the market will provide a bullish opportunity at the level of 1.2810 with 1.2870 and 1.2890 seen as first targets. A breakdown of 1.2790 will change this scenario.

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