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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 11, 2012

2012-05-11 16:41:13 (читать в оригинале)

Considering the Hourly Chart of the USD/CAD currency pair:

The Blue & Violet channels are almost transverse due to the range consolidation between 1.0055 - 0.9975 that took place in the last two days.

This Week, the USD/CAD intraday bullish outlook came to an end at price level of 1.0050 which corresponded to the upper limit of the Yellow channel and the Average Daily Range for the pair roughly.
After visiting Price Level 1.0050, the USD/CAD pair showed quite significant bearish price action. However, the pair has failed to break through the Support Level 0.9975. Instead, the pair showed bullish price action towards it.

Yesterday we hinted a possible Head & Shoulders reversal pattern with the neck-line at 0.9995 which seems to be a failure as the USD/CAD pair is likely to resume its upside movement within the bullish Yellow channel towards 1.0090 - 1.0100.

The USD/CAD has an Intraday Support level located at 1.0015 corresponding to the lower limit of the Yellow channel and the mid-line of the Blue & Violet channels.

Breakthrough and closure above 1.0055 corresponding to the upper limit of the Blue channel & the intermediate line of the Yellow channel opens the way for 1.0090.

 

Based on the previous analysis:

Price Level 1.0015 constitutes a low-risk BUY entry. However, a breakdown of price level 1.0055 is also considered as a valid BUY entry.

TP levels are to be located at 1.0035, 1.0070 and 1.0100. However SL should be located below 0.9970.

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

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USD/CAD Elliott Wave Count for May 11, 2012

2012-05-11 16:34:56 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in a downward movement. During the European session we could observe the descending movement in this major pair toward the 0.9990 level. Therefore during the Ney York session the USD/CAD pair found support at 100EMA and price pushed higher reaching new daily high at 1.0033 level. Today the USD/CAD pair continued trading in a bullish mood and price is currently testing 1.0050 level. We can consider this move as the end of B wave (coloured blue). Presently we can observe developing of the C wave of the bigger (2) wave (coloured green). In accordance with our wave rules and taking into account that the wave (C) retraces 161.8% of the wave (A), we can define the potential targets with Fibonacci extantions (1.0063-0.9975-1.0053); the First Take Profit at 0.9943 (127.2% of wave A) and Second Take Profit at 0.9913 (161.8% of wave A). As Stop Loss we can use the resistance point at 1.0080. It is also necessary to consider the data concerning the US US PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment and CAD Employment Change, Unemployment Rate that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9956 (S2) 0.9976 (S1) 0.9988 (PP) 1.0009 (R1) 1.0029 (R2) 1.0041 (R3) 1.0062

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.0020 with Stop Loss at 1.0080, Take Profit 1 at 0.9943 and Take Profit 2 at 0.913 are recommended.

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

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AUD/USD Elliott Wave Count for May 11, 2012

2012-05-11 16:31:17 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward movement. During the Asian session the AUD/USD pair started an ascending movement toward the 1.0120 level. Therefore during the early New York session we could observe price higher at 1.0141 level (100EMA resistance).The AUD/USD pair did not manage to hold this level and we could observe price lower at the end of the New York session. Today during the Asian session we could observe the continuation of the bearish mood and presently the price is trading around 1.0020 level. We can consider this move as end of the A wave (coloured blue). Presently we can observe the start of the B wave (coloured blue). 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 (1.0473-1.0017); the First Take Profit at 1.0245 (50% of wave A) and Second Take Profit at 1.02999 (61.8% of wave A). As Stop Loss we can use the resistance point at 1.0000. It is also necessary to consider the data concerning the US US PPI m/m, Core PPI m/m and Prelim UoM Consumer Sentiment that can affect the rate of the pair.

Alternation: We are currently in a wave 5 of the bigger A 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 the wave 1;Take Profit at 0.9973 (100% of wave A). As Stop Loss we can use the resistance point at 1.0020.

Support and Resistance levels
(S3) 0.9976 (S2) 1.0018 (S1) 1.0044 (PP) 1.0086 (R1) 1.0128 (R2) 1.0154 (R3) 1.0196

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0050 with Stop Loss at 1.0000, Take Profit 1 at 1.0245 and Take Profit 2 at 1.0299 are recommended.

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

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GBP/USD Wave Analysis for May 11, 2012

2012-05-11 16:26:20 (читать в оригинале)

 

Wave marking analysis:
As the result of yesterday’s trades, the GBP/USD has failed to complete firmly the formation of the descending correction and by the beginning of the American session passed more than 100 pips from the Wednesday’s high. Therefore, the descending movement developing from the April 30 high continues to complicate its inner wave structure and still looks as unfinished correction enabling the completion of correction levels of 50,00% or even 61.8% corresponding to the points 1.6060 and 1.6000. This prolonged correction can question the properties of pound and continue upward movement towards April’s high (1.6300).

 

Targets for the elaboration of the wave 5 in 5:
1.6242 – 11.4% of Fibonacci
1.6325 – 200.0% of Fibonacci

Targets for the elaboration of the wave 4 in 5:
1.6114 – 38.2% of Fibonacci
1.6058 – 50.0% of Fibonacci

General conclusions and trading recommendations:
The current part of the trend can be related to the new 5-upward wave structure. At the moment the wave 4 in 5 continues its development. Intermediary targets for this wave are Fibonacci levels of 1.6114 and 1.6058 which is equal to 38.2% and 50.0% of Fibonacci. When the wave 4 in 5 is finished we will probably observe the new impulse within the wave 5 in 5 with 1.6242 and 1.6325 seen as targets which corresponds to 11.4% and 200.0% of Fibonacci. Nevertheless the corrective wave 4 is expanding and getting more complicated.

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

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NZD/USD Candlestick Analysis for May 11, 2012

2012-05-11 11:17:58 (читать в оригинале)

Daily

On Thursday the NZD/USD pair has failed to change drastically the current dynamics. The rate still remains near Fibonacci correction level of 61.8% and it is hard to say whether the quotes will be fixed below this level or not. In case they do, the rate will be able to decline further and reach Fibonacci correction level 76.4% - 0.7700. If the pair fails to overcome this barrier, the reversal is likely to take place resulting in the growth of the pair towards Fibonacci level of 50.0% – 0.7967.

4h

On 4H timeframe we can also observe the rate near Fibonacci correction level of 261.8%. The rate has recently fixed above this level though the bearish Harami pattern points at the contrary fixation below this level. Therefore, the key level on the daily timeframe is Fibonacci level of 61.8%. The situation on the 4H timeframe points assumes the high possibility of further descending movement of the quotes.

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