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USD/CAD Intraday Technical Analysis and Trading Recommendations for May 3, 2012

2012-05-03 11:37:06 (читать в оригинале)

Considering the hourly chart of USD/CAD we can find the following:

 

The Yellow and Violet channels are both bullish due to the bullish moves achieved on last Monday and yesterday, while the Blue one is becoming transverse due to the yesterday's bearish reaction towards the upper limit of both Violet and Blue channels at Price Level of 0.9890 that occurred at the end of the yesterday’s session.
As for the intraday perspective, the USD/CAD pair may be forming a double bottom reversal pattern at 0.9805 which constituted the Intraday Support for the USD/CAD pair on Monday. However, a lack of bullish follow up and failure to break through 0.9890 yesterday is threatening this bullish scenario.
The USD/CAD currency pair will remain bullish as long as it is trading inside the Yellow channel above 0.9835 - 0.9850 which constitute the lower limit of both Yellow & Blue channels.
The double bottom pattern is probably targeting at 0.9935. However, at this moment a bearish breakout below the Yellow channel will invalidate the bullish scenario opening the way for a possible quick decline.
Bearish breakdown of 0.9835 will confirm another double top pattern at 0.9890 which will be targeting at 0.9770.

 

Based on the previous analysis:

It's recommended to have a BUY entry at 0.9835 - 0.9850 with SL below 0.9815 while TP levels are to be located at 0.9885 and 0.9935.

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

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GBP/USD Intraday Technical Analysis

2012-05-03 10:30:21 (читать в оригинале)

 

The spot rate is now testing the lower boundary of its medium term bullish channel at 1.6170 suggesting a retracement. Still, a break through this level will trigger a decline and initiate a violent bearish trend.

Technical indicators provide buy-signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to the recent events the market will provide a bullish entry at the level of 1.6170 with the 1st objective at 1.6230 and then at 1.6250. A break through 1.6150 will alter this scenario.

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

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EUR/JPY Nears Support, Bounce Expected - Technical Analysis and Trading Recommendations

2012-05-03 10:28:29 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Overall structure, as depicted above, remains constructive for bulls. Prices have just stalled ahead of the 0.786 retracement of the AB boundary shown above. The region of 104.50 and 105.00 is support and 106.50 is intermediary resistance. A push through 106.50 shall enable prices to move towards 109.20/30 and 110.00 in the sessions to come.

Trading Recommendations:

Bought around 106.00 earier, stop at 104.50, targetting at 109.20/30 and 110.00.

 

Best regards.

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

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USD/CHF Technical Analysis for May 3, 2012

2012-05-03 10:26:27 (читать в оригинале)

Forecast:

• At 0.9220 a strong level (Resistance) will be formed providing a clear signal for Sell-deals with the target seen at the 0.9040 level. Stop Loss is to be placed above 0.9255.
• At 0.9000 a strong level (Support) will be formed providing a clear signal for Buy-deals with the target seen at 0.91 level; 0.922. Stop Loss is to be placed below 0.8900.

 

Overview:

USD/CHF:

It is necessary to consider that the price is still located between points 0.93 and 0.90, i.e. above the strong resistance level 0.922. The pair has already formed a strong resistance at this level of 0.9220 and is presently approaching it for the further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.922 level. Sell-deals are recommended below 0.922 with the first target seen at the 0.9100 level. Thus, the downtrend is likely to continue the bearish movement towards the 0.90 level. Moreover, it is crucial that the price has probably formed a strong support at 0.8950 - 0.9. The saturation is likely to take place around 0.905. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.8950 - 0.9 with the first target seen at the 0.9130 level and further at the 0.9200 level.

Weekly Technical Levels:

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

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GBP/USD Intraday Technical Analysis for May 3, 2012

2012-05-03 10:24:59 (читать в оригинале)

 

Pivot Point: 1.6190.

GBP/USD:

• Resistance: 1.6270. (Sell below this level).
  
• Support: 1.6100. (Buy above this level).
  

Trading Recommendations:

 

According to previous events, the price is still located between the levels 1.5955 and 1.6290.

 

• The descending movement will probably take place lower than the 1.6270 level with the first targets at levels 1.617 and 1.61.
• BUY-deals are recommended higher than the 1.61 level with targets at levels 1.6155 and 1.6233.

Overview:

It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.5955 and 1.629, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.61 level with its first target at the level of 1.6155. From this point the pair is likely to begin the ascending movement to the point 1.62 and further to the level 1.6233. However, if the pair fails to pass through the level of 1.6270, the market will indicate a bearish opportunity below the strong resistance level 1.6270. In this regard, SELL-deals are recommended lower than the 1.6270 level with the first target at 1.6170. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.61.

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