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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 10, 2012

2012-05-10 16:13:58 (читать в оригинале)

Yesterday as expected, 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 currency pair showed quite significant bearish price action heading towards 0.9995 breaking the lower limit of both the Blue & Violet channels.

Today USD/CAD has an Intraday Support level located at 0.9990 which corresponds to the lower limit of the Yellow channel and an Intraday Resistance level at 1.0030 which corresponds to the backside of the broken blue channel and the intermediate line of the Yellow channel.

Now we also can see a possible Head & Shoulders reversal pattern with neck-line at 0.9995 which needs to be broken in order to be confirmed.

 

Based on the previous analysis:

Price Level 1.0030 constitutes a low-risk SELL entry. However, breakdown of price level 0.9990 is also considered a valid SELL entry.

TP levels are to be located at 1.0000, 0.9970 and 0.9930. However SL should be located above 1.0065.

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

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GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 10, 2012

2012-05-10 16:12:31 (читать в оригинале)

Having reached the price level 1.6300, the GBP/USD pair has been trading in downside movement within the narrow-ranged bearish violet channel until Monday when we had a bullish breakout.

 

On Tuesday we mentioned that in order to remain bearish in the nearest future the GBP/USD pair was not to hold above 1.6160, which had been broken yesterday then followed by a failure to stabilize above the mentioned level.
A breakdown of the Resistance level 1.6160 opened the way to the point 1.6195 which pushed the GBP/USD pair to the downside again to close below 1.6140-1.6160 reaching the next support level at 1.6060.

Today We have quite significant bearish reaction towards Resistance Zone 1.6140-1.6160 manifested in the bearish engulfing 4H candlestick which is enhancing the bearish scenario for the pair.

Considering the hourly chart of the GBP/USD currency pair, we can see that the Linear Regression channels depicted above are bearish reflecting the bearish tendency of the market this week.

The Bearish Reaction towards the upper limits of the Violet & Blue channels at 1.6150 shouldn't be ignored as it favours the bearish view for the pair.

GBP/USD has a significant Intraday Support Level located around 1.6075 corresponding to the lower limit of the Yellow channel which needs to be broken in order to visit lower levels terminating the sideway movement that took place this week.

 

Based on the previous analysis

Price Level 1.6150 is considered as a valid SELL entry with a tight SL located above 1.6175.

TP levels should be located at 1.6100, 1.6080, 1.6040 and 1.6000.

It's important to mention that obvious closure above 1.6175 invalidates the bearish view for the GBP/USD pair and opens the way towards price level 1.6230 confirming a possible bullish Head and Shoulders pattern being formed on the hourly chart.

 

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

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USD/CAD Technical Analysis and Trading Recommendations for May 10, 2012

2012-05-10 16:10:25 (читать в оригинале)

Pivot Point: 1.0030.

Overview:

The market will continue showing strength by going to the level 0.9700 (23.6% of Fibonacci retracement levels - Daily chart). Therefore, the USD/CAD pair's resistance was broken and turned into support nine months ago (on the 4^th of August, 2011), the pair has already formed a strong support at the level of 0.97. So the market indicates a bullish opportunity at level 0.9700 / 0.99 with 0.9975 seen as first objective and continues its movement towards 1.0025 and further to 1.0060. However, if the trend does not manage to break through and close above the level 1.006, then a downside momentum will begin which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.006, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9910.

Trading Recommendations:

According to previous events, the price remains between 1.0080 and 0.9900.

• Buy above 0.9910 with target at 0.9975 then 1.050.
• Consider the downside movement below 1.0060 with target seen at the 0.9910 level.

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.

Key level at 1.0060.

History will probably be repeated at this level.

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

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AUD/USD Elliott Wave Count for May 10, 2012

2012-05-10 13:09:30 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was developing wave A (coloured blue) of the bigger (C) wave (coloured green). During the Asian session the AUD/USD pair started a descending movement towards the 1.0052 level. This level was tested in a European session but the AUD/USD did not manage to brake it before New York open. Finally we could observe the price lowering in the New York session when it touched the 1.0020 support. We can consider this move as the end of the A wave (coloured blue). Today after Australia published positive Unemployment Rate and Employment Change, the price of the AUD/USD pair has started pushing higher and it is currently testing the 1.0110 level. We are expecting the price at 1.0200 soon for the end 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 (1.0473-1.0020); the First Take Profit at 1.0247 (50% of wave A) and Second Take Profit at 1.0300 (61.8% of wave A). As Stop Loss we can use the resistance point at 1.0020. It is also necessary to consider the data concerning the US Trade Balance, Unemployment Claims, Import Prices m/m, Fed Chairman and Federal Budget Balance Bernanke Speech that can affect the rate of the pair

Support and Resistance levels
(S3) 0.9963 (S2) 1.0002 (S1) 1.0026 (PP) 1.0065 (R1) 1.0104 (R2) 1.0128 (R3) 1.0167

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0120 with Stop Loss at 1.0020, Take Profit 1 at 1.0247 and Take Profit 2 at 1.0300 are recommended.

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

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USD/CAD Elliott Wave Count for May 10, 2012

2012-05-10 13:06:11 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair has finished developing (1) wave (coloured green). During the European session the USD/CAD pair was trading in a upward move toward the 1.0040 level. Therefore during the early New York session we could observe continuation of the bullish mood and price testing the 1.0060 resistance level. We can consider this move as the end of the final 5 wave of the bigger (1) wave (coloured green).The USD/CAD pair did not manage to hold this level and price rapidly fell to the 1.0000 level in the second half of the NY session.Today during the Asian session we could observe price breaking 50EMA support and hitting 0.9992. We expect to see the price under the 0.9930 level for the end of (2) wave (coloured green). In accordance with our wave rules and taking into account that the wave (2) retraces 61.8% of the wave (1), we can define the potential targets with Fibonacci retracement (0.9799-1.0056); the First Take Profit at 0.9928 (50% of wave 1) and the Second Take Profit at 0.9898 (61.8% of wave 1). As Stop Loss we can use the resistance point at 1.0050. It is also necessary to consider the data concerning the CAD Trade Balance and USD Trade Balance, Unemployment Claims, Import Prices m/m, Fed Chairman, Federal Budget Balance Bernanke Speech that can affect the rate of the pair

Support and Resistance levels
(S3) 0.9942 (S2) 0.9973 (S1) 0.9992 (PP) 1.0023 (R1) 1.0054 (R2) 1.0073 (R3) 1.0104

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 0.9990 with Stop Loss at 1.0050, Take Profit 1 at 0.9928 and Take Profit 2 at 0.9898 are recommended.

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