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GBP/USD - Strong Support at 1.6170 - May 3, 2012 (Daily Strategy)

2012-05-03 18:01:26 (читать в оригинале)

 

 

The British pound was trading slightly lower, although it had a very strong support at 1.6170. This level had been acting as a strong resistance for a few months, which now became a strong support.
Therefore, if there were a pullback to the maximum - 1.6280 – it will be recommend to sell at that level or if the pair breaks a strong support - 1.6170 - and closes below that level, we recommend selling in both cases with the objectives at 1.6003.

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EUR/USD Sell Below Trendline - May 3, 2012 (Daily Strategy)

2012-05-03 17:56:46 (читать в оригинале)

 

 

The euro - U.S. dollar pair is under pressure below the weekly support, although it is likely to be oversold and to bounce towards the first weekly support line of 1.3150, or maybe to 1.3200 (PPV). At these levels we recommend to sell with the target at 1.3045.
Momentum indicators and Range are showing bearish signals.

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

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Fundamental Analysis for May 3, 2012

2012-05-03 17:54:23 (читать в оригинале)

 

With the announcement of monetary policy by the European Central Bank ahead, the currency market has paused waiting for the report to appear.
The consensus of analysts specializing in this field indicates no change in the interest rate. Although we cannot exclude it, taking into account the seriousness of the debt crisis which affects a large part of Europe.
But if there were no changes, the expectations will start 45 minutes after the announcement, when the president of the bank Mario Draghi starts his regular press-conference explaining the decision and the measures to be implemented.
Actually, Draghi is expected to announce a new plan to stimulate the European economy, or at least the countries which were most affected by the crisis with the help of complex financial mechanisms. Beyond this issue, which concerns us, we should see how the euro can be influenced by such measures. So any injection of money will cause a significant drop in the euro, which remains very high versus other leading currencies in recent days.
No wonder if we see the common European currency to fall to 1.30 during the American session, although by that time the "pattern" of the market usually is the Dow Jones and its behaviour.
At 8:30 we expect the data on jobless claims weekly. This figure has been growing steadily in recent periods, and is downgrading favourable data of the rest of the U.S. labor market.
Later at 10:00 the ISM service will be released, which is expected to be slightly below the figures of the previous month, but without a decisive impact on the price of currencies.
Moreover, there have been no significant changes in the major pairs in the last hours. Only a slight decline of the pound sterling as a result of a weak PMI services in the UK. But the strong movements will be after the presentation of Mr. Draghi.

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

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USD/CAD Elliott Wave Count for May 3, 2012

2012-05-03 16:28:36 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards near the end of 4 wave. During the European session we observed ascending movement towards the 0.9890 level. Therefore, during the New York session we saw the continuation of the bullish mood and the price reached 5-day high at the 0.9903 level. We can consider this move as the end of the 4 wave (coloured blue). The USD/CAD pair did not manage to hold this level and we watched a downward move in the second half of the New York session. Today during the Asian session the USD/CAD pair was descending towards the 0.9845 level. We expect to see price under the 0.9800 level today.
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 first wave range; the First Take Profit at 0.9809 (78.6% of wave 1) and Second Take Profit at 0.9783 (100% of wave 1). As Stop Loss we can use the resistance level at 0.9885. It is also necessary to consider the data concerning the U.S. Unemployment Claims, Prelim. Non-farm Productivity q/q, Prelim. Unit Labour Costs q/q, ISM Non-Manufacturing PMI, FOMC Member Williams Speech and FOMC Member Lockhart Speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9817 (S2) 0.9838 (S1) 0.9851 (PP) 0.9872 (R1) 0.9893 (R2) 0.9906 (R3) 0.9927

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 0.9840 with Stop Loss at 0.9885, Take Profit 1 at 0.9809 and Take Profit 2 at 0.9783 are recommended.

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 3, 2012

2012-05-03 16:18:02 (читать в оригинале)

Considering the Hourly Chart of GBP/USD currency pair and the associated Linear Regression Channels:

GBP/USD has all of the Violet, Blue and Yellow channels directed downside and indicating significant bearish pressure during this week.
Yesterday, GBP/USD was not able to break through the resistance zone 1.6230-1.6245. Instead, it declined towards 1.6150 thus making a lower bottom than the previous one at 1.6185.
The GBP/USD pair has an intraday resistance zone ranging between 1.6205-1.6220, which corresponds to the upper limit of the Yellow and Blue channels respectively.
Although the GBP/USD pair has been downtrending for a few days, the view for the pair is neutral as I didn't witness frank bearish domination yesterday.
The GBP/USD pair has an intraday support level at 1.6150, which corresponds to the lower limit of the Yellow and Blue channels.
Success of GBP/USD breakthrough above 1.6220 will allow the pair to shoot at higher levels probably at 1.6262 initially.
Success of GBP/USD breaking through 1.6150 will allow the pair to visit lower levels, probably 1.6111 initially then 1.6080.

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