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EUR/JPY Rally To Continue Further - Technical Analysis and Trading Recommendations

2012-04-25 13:59:48 (читать в оригинале)

Technical Outlook:

EUR/JPY rallied at the last trading session like we expected.
Looking at a 4 hour timeframe we see that the single currency is setting up to continue further. Intermediary support is at 106.30 and strong support is provided by 104.00. Intermediary resistance is at 108.00 and we expect it to be broken in 1-2 trading sessions. It is suggested to remain long for now.

 

 

Chart Setups:

Looking into above chart setups, it seems that a higher bottom is formed at 106.30. Prices may be poised to extend its 3rd wave rally, extending towards 109.30 and above. Stops should go at 104.00 for now. Overall structure remains constructive at the moment.

Trading Recommendations:

Hold on to long positions, stop at 104.00 and target at 109.30.

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

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GBP/USD Intraday Technical Analysis

2012-04-25 13:55:57 (читать в оригинале)

 

 

The spot rate is currently testing the upper limit of its medium term bullish channel at 1.6170 and seems to initiate a decline. However a break though these levels will free significant potential and initiate a bullish trend.
Technical indicators provide buy-signals but are approaching the overbuy zone suggesting a decline. 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 indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.6170 with the 1st objective of 1.6230, and then of 1.6250. A break though 1.6150 will invalidate this scenario.

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

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EUR/USD Intraday Technical Analysis

2012-04-25 13:54:08 (читать в оригинале)

 

 

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3230 and seems to initiate a decline. However a break of these levels will release significant potential and initiate a 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 indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.3230 with the 1st objective at 1.3290 and then at 1.3310. A break though 1.3210 will invalidate this scenario.

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

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EUR/GBP Elliott Wave Count for April 25, 2012

2012-04-25 13:50:34 (читать в оригинале)

EUR/GBP Elliott Wave
For the last few months the EUR/GBP pair was trading in a downward movement, yesterday we could observe end of the (3) wave (coloured green) and start of the (4) corrective wave (coloured green). During the European session the EUR/GBP pair has started a descending move towards 0.8143. We can consider this move as end of 5 wave of the bigger (3) wave. Therefore during New York session the major started pushing in a bullish mood to the 0.8185 level (slightly above 100EMA resistance). The EUR/GBP did not manage to hold this level at the end of NY session and price fell back to the 50 EMA. Today during the Asian session we could observe price testing 100EMA and we expect to see price above 200EMA today for the 4 wave. In accordance with our wave rules and taking into account that the wave 4 will be equal to wave 2, we can define the potential targets with Take Profit 1 at 0.8230 (78.6% of wave 2) and Take Profit 2 at 0.8255 (100% of wave 2). Stop Loss - the support level at 0.8143 - can be used. Also it is necessary to consider the data concerning the GBP Prelim GDP q/q, CBI Industrial Order Expectations and EUR ECB President Draghi Speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.8125 (S2) 0.8141 (S1) 0.8151 (PP) 0.8167 (R1) 0.8183 (R2) 0.8193 (R3) 0.8209

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 0.8185 with Stop Loss at 0.8143, Take Profit 1 at 0.8230 and Take Profit 2 at 0.8255 are recommended.

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

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GBP/JPY Elliott wave count and Fibonacci levels for April 25, 2012

2012-04-25 13:41:41 (читать в оригинале)

GBP/JPY is developing impulse wave A of medium term uptrend from 127.04 (light green in the chart). Within this wave we have three subwaves (red in the chart), and potential impulse subwave C is developing from 130.14.

Now the immediate resistances are Fibonacci expansions off 127.04-131.73-130.14, and 130.14-131.19-130.63.

Resistances:

- 131.68 = objective point (OP)
- 132.33 = expanded objective point (XOP)
- 133.04 = contracted objective point (COP)
- 133.38 = super expanded objective point (SXOP)

IF the price reverses to the downside the immediate supports will be Fibonacci retracements of 127.04-131.73.

Supports:

- 129.94 = .382 retracement
- 129.38 = .50 ret
- 128.83 = .618 ret

Overbought/Oversold

The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (25-35 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

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