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GBP/USD Intraday Technical Analysis

2012-05-02 10:59:51 (читать в оригинале)

 

The spot rate is getting closer to the lower limit of its medium term bullish channel at 1.6190 making a rebound possible. However, a puncture of this level will release good potential and initiate a bearish channel.

Technical indicators give buy-signals supporting the assumption of a retracement soon. Bollinger bands have greatly tightened in recent days showing a slow down of the volatility and the imminence of a violent movement.

According to previous events the market will give a bullish opportunity at the level of 1.6190 with the 1st objective at 1.6250 and then at 1.6270. A break through 1.6170 will alter this scenario.

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

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EUR/USD Intraday Technical Analysis

2012-05-02 10:56:50 (читать в оригинале)

 

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3270 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline 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 previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.3270 with the 1st objective at 1.3330 and then at 1.3350. A break through 1.3250 will invalidate this scenario.

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

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USD/CAD Technical Analysis and Trading Recommendations for May 2, 2012

2012-05-02 10:55:44 (читать в оригинале)

Pivot Point: 0.9858.

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 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 with 0.985 seen as first objective and continues its movement towards 0.99 then 1.003. However, if the trend does not manage to break through and close above the level of 1.008, then it will be a downside momentum, which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.008, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9765.

Trading Recommendations:

According to previous events, the price remains between 1.0080 and 0.9800.

• Buy above 0.97 with target at 0.99 then 1.003.
• Below 1.0080 look for further downside pace with a target of 0.976.

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 0.97.

History will probably be repeated at this level.

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 2, 2012

2012-05-02 10:52:04 (читать в оригинале)

 

Considering The Hourly Chart of GBP/USD currency pair and the associated Linear Regression Channels:
GBP/USD has the shorter-term Violet & Blue channels which are bearish while the longer-term Yellow channel is still transverse tending to be slightly bullish.
Yesterday we suggested Selling the GBP/USD at 1.6245 which acted as an effective resistance level being successful to push the pair down to 1.6185 in short time. However, GBP/USD showed significant price action towards 1.6185 which corresponds roughly to the lower limit of the Yellow & Blue channels.
The GBP/USD is now testing the resistance area corresponding to the intermediate line of the Yellow channel & the upper limit of both Violet and Blue channels ranging between 1.6230-1.6245.
Success of the GBP/USD to breakthrough 1.6230-1.6245 paves the way for the GBP/USD pair to visit the upper limit of the Yellow channel located at 1.6290-1.6300.
Price levels 1.6290-1.6300 are expected to act as solid Intraday Resistance Levels pushing the pair to lower targets. However, Earlier breakdown of the lower limit 1.6180 will probably resume the bearish scenario towards 1.6150 and 1.6085.

 

Based on the previous analysis

The Market offers a low risk/reward SELL entry at 1.6290-1.6300 with TP levels at 1.6250,1.6150 then 1.6100 while SL should be located above 1.6350.

The Market offers a high risk/reward SELL entry On Bearish Closure below  Price Level 1.6180 with TP levels at 1.6150 & 1.6100 while SL should be located above 1.6250.

 

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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 2, 2012

2012-05-02 10:22:27 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair started a trading day in sideways at the end of the 4 wave (coloured blue). During the Asian and European sessions we could observe low volatility (Asia and Europe had a bank holiday). Therefore in the early New York session the price tested the 0.9897 level. We can consider this move as the end of the 4 wave. The price did not manage to hold this level and the USD/CAD pair started pulling back towards the 0.9832 level. We can consider this move as the end of the 1 wave (coloured pink) of the bigger 5 wave. At the end of the New York session the price pushed back to the 100EMA resistance line. Today during the Asian session we observe low volatility and the price around 0.9850. We expect to see the price down in a 3 wave (coloured pink) of the bigger 5 wave. In accordance to 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 (0.9896-0.9831-0.9864); the First Take Profit at 0.9809 (100% of wave 1) and Second Take Profit at 0.9769 (161.8% of wave 1). Stop Loss can be set at the invalidation point - 0.9897. Also it is necessary to consider the data concerning the U.S ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories and FOMC Member Lacker Speech, that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9797 (S2) 0.9822 (S1) 0.9838 (PP) 0.9862 (R1) 0.9887 (R2) 0.9903 (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 0.9835 with Stop Loss at 0.9897, Take Profit 1 at 0.9809 and Take Profit 2 at 0.9769 are recommended.

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