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AUD/USD Rebound - May 9, 2012 (Daily Strategy)

2012-05-09 18:21:06 (читать в оригинале)

 

The Australian dollar is approaching parity with the U.S. dollar and is now trading at 1.0036, which is right next to the third monthly support, this level is very strong support.
The indicators show that the oversold bullish correction is possible.
We therefore recommend buying at current levels around 1.0033 with targets at 1.0280.

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

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Fundamental Analysis for May 9, 2012

2012-05-09 18:18:51 (читать в оригинале)

 

The Forex market has no major changes in the European session of Wednesday, with the dollar strong uptrend on all fronts, and naturally, with the leading currencies on the decline.
The euro was leading these movements, although it has not broken the low of the week so far, located at 1.2950. If this happens, the low will go smoothly to 1.2930 and 1.2905, next supports. However, technically there is a depletion of the lower euro in the short term, and is very likely to see an upward correction during the American session.
The British pound finally decided to follow the movements of other European currencies, and is close to 1.61, but not very prominent bearish. Like the EUR / USD, the 4 hour chart shows some reversal patterns that are able to change the course of the same during the next few hours.
We can see the low Canadian dollar affected by the weakness in oil prices. The Loonie began to show signs of weakness last week, and we expect a tour to take you to the area of 1.04 this month.
As the Australian dollar, one of the currencies chosen by traders in recent months, it is close to parity against the dollar, but will have strong support near 1.0025,and will target to a figure of below trend in the daily chart.
The only significant data expected during the American session is the oil inventory at 10:30 EST.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 9, 2012

2012-05-09 16:29:25 (читать в оригинале)

 

Yesterday after the USD/CAD pair has shown quite strong bullish reaction towards 0.9925, the price level 0.9940 was considered as a valid BUY entry which wasn't reached before the pair had made another bullish swing towards its targets at 0.9970, 0.9990 and 1.0020.
Based on the depicted hourly chart, the USD/CAD intraday bullish outlook is expected to have come to an end at price level 1.0050 which corresponds to the upper limit of the Yellow channel and the Average Daily Range for the pair roughly.
The USD/CAD pair has an Intraday Support level at 1.0005 corresponding to the intermediate line of the Yellow channel which needs to be broken in order to make bearish movement towards 0.9960 ( the lower limit of the Yellow channel).

 

Based on the previous analysis:

The upper limit of the Yellow channel constitutes a low-risk SELL entry at Price Level 1.0050.

TP levels are to be located at 1.0010, 0.9980 and 0.9960. However SL should be located above 1.0090.

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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 9, 2012

2012-05-09 15:33:56 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday USD/CAD was developing 5 wave (coloured blue) of the bigger (1) wave (coloured green). During the European session we could observe ascending movement toward the 0.9980 level. Therefore during the New York session we could observe continuation of the bullish mood and price has reached new high at the 1.0022 level. Today during the Asian session we were able to observe strong bullish mood and price braking the yesterday’s high.
We expect to see the downward movement soon for the start of the (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 (0.9799-1.0477); the First Take Profit at 0.9923 (50% of wave 1) and Second Take Profit at 0.9894 (61.8% of wave 1). As Stop Loss we can use the resistance point at 1.0057. It is also necessary to consider the data concerning the U.S Crude Oil Inventories, FOMC Member Pianalto Speech and 10-year Bond Auction that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9878 (S2) 0.9916 (S1) 0.9940 (PP) 0.9977 (R1) 1.0015 (R2) 1.0039 (R3) 1.0076

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.0000 with Stop Loss at 1.0050, Take Profit 1 at 0.9923 and Take Profit 2 at 0.9894 are recommended.

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

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Weekly AUD/USD Elliott Wave Count

2012-05-09 15:26:44 (читать в оригинале)

AUD/USD Elliott Wave
For the last few months the AUD/USD pair was developing corrective wave C (coloured green). Wave (A) and (B) are completed and presently we can observe the developing of the final wave (C) (coloured green). After the Reserve Bank of Australia decided to drop cash rate for 50 points to 3.75 we could observe a drop in this major pair. We are expecting to see the price under 0.9900 soon. In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (1.0855-1.0225-1.0473); the First Take Profit at 0.9847 (100% of wave A) and Second Take Profit at 0.9676 (127.2% of wave A). We can use the resistance point at 1.0250 as Stop Loss.

Support and Resistance levels
(S3) 0.9971 (S2) 1.0086 (S1) 1.0156 (PP) 1.0271 (R1) 1.0386 (R2) 1.0456 (R3) 1.0571

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.0030 with Stop Loss at 1.0250, Take Profit 1 at 0.9847 and Take Profit 2 at 0.9676 are recommended.

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