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EUR/USD Bearish Outlook for May 08, 2012 (Daily Strategy)

2012-05-08 18:03:21 (читать в оригинале)

The EUR/USD pair in the early sessions has reached its low at 1.2952 since January 25. From this level the price recovered, though it still far from filling the gap left by the Friday's closure at 1.3087.

According to the chart above we can see that the euro has a strong downtrend. Despite the fact that the indicators are entering the oversold levels. The weekly support level 1.2945 will give a break and the price will probably rebound with the objective that will cover the gap left in the beginning of this week .

Therefore, we recommend buying 1.2950 with short-term objectives at 1.3149.

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

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USD/JPY Wave Analysis for May 8, 2012

2012-05-08 15:14:58 (читать в оригинале)

 

Wave marking analysis:
Yesterday the USD/JPY pair has failed to test the previous lows corresponding to the point 79.65. As a result, the pair has entered the narrow range. At the moment the inner wave structure of the wave 5 in 5 looks as not quite completed. Therefore, we can assume that in order to finish completely the wave 5 the price will try again to reach the level of 79.50. After this the whole descending wave structure beginning in March can be considered as completed.

 

Targets for the option with the wave 5 in 5 of the downside part of the trend:
79.63 – 100.0% of Fibonacci
79.35 – 127.2% of Fibonacci

Targets for the option with the b3eginning of the uprising part of the trend after the completion of the wave 5 in 5:
80.54 – 50.0% of Fibonacci
80.75 – 61.8% of Fibonacci

General conclusions and trading recommendations:
At the moment the wave 4 in 5 completed its development having elaborated the level of 50.0% twice. That is why in general the pair is expected to decline in the nearest future towards 79.63 and 79.35 which corresponds to 100.0% and 127.2% of Fibonacci. When this wave is completed, the global upward movement is likely to be resumed. In particular the new part of the upward trend will be formed in the nearest future.

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

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USD/CAD Elliott Wave Count for May 08, 2012

2012-05-08 14:40:23 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was developing corrective wave 4 (coloured blue). During the European session we could observe the descending movement towards the 0.9945 level. Therefore during the New York session we could observe the continuation of the bearish mood and price under 0.9930 level (50EMA). Today during the early Asian session we could observe price at 0.9923 support level.We can consider this move as end of the 4 wave. Presently we can observe start of the 5 wave and we are expecting to see price under 1.0000 soon. 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 messuring the 1 wave and Take Profit at 1.0019 (100% of wave 1). For Stop Loss the resistance level at 0.9950 can be used. It is also necessary to consider the data concerning the CAD Housing Starts and USD FOMC Member Lacker Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9823 (S2) 0.9862 (S1) 0.9886 (PP) 0.9925 (R1) 0.9964 (R2) 0.9988 (R3) 1.0027

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 0.9980 with Stop Loss at 0.9950 and Take Profit at 1.0019 are recommended.

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

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GBP/JPY Elliott Wave Count for May 08, 2012

2012-05-08 14:38:41 (читать в оригинале)

GBP/JPY Elliott Wave
Yesterday the GBP/JPY pair was trading in a upward movement. During the European session we could observe the ascending movement towards the 129.10 level. Therefore during the New York session we could observe price above 50 EMA resistance level.Today during the early Asian session price find resistance level at 100EMA around 129.50 level and we could observe the start of the downward movement. Presently the GBP/JPY pair was developing 3 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1 we can define the potential targets with Fibonacci extensions (131.80-129.06-130.70) and Take Profit at 126.35 (161.8% of wave 1). For Stop Loss the resistance level at 129.50 can be used.

Support and Resistance levels
(S3) 127.95 (S2) 128.37 (S1) 128.63 (PP) 129.05 (R1) 129.47 (R2) 129.73 (R3) 130.15

Trading Forecast
Proceeding from Elliott Wave Rules, this week the trend is expected to begin the downward movement. That is why Short positions at level 128.50 with Stop Loss at 129.50 and Take Profit at 126.35 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 8, 2012

2012-05-08 14:31:02 (читать в оригинале)

In yesterday's analyisis on the USD/CAD pair we mentioned that its outlook was still bullish. However, the bearish retracement  was expected before the continuation of the further bullish movement.

We also mentioned that the breakdown of Intraday Support Level 0.9960 confirms the bearish retracement towards 0.9925 and possibly 0.9885.

The USD/CAD pair has failed to break through and fixate below 0.9925 ( the lower limit of the Yellow channel ) which gathered bullish strength into the market shooting at higher levels reaching the current daily high at 0.9973.

Today after the USD/CAD pair has shown this quite strong bullish reaction towards 0.9925 breaking the upper limit of the bearish violet channel, the price level 0.9940 was considered as a significant Intraday support level and a valid BUY entry as well.

Price zone 0.9940-0.9950 corresponds to the lower limit of the Yellow & Blue channel and the backside of the broken upper limit of the Bearish Violet channel.

TP levels are to be located at 0.9970, 0.9990 and 1.0020.

A breakdown of the 0.9900 level invalidates the current bullish scenario.

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