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New Home Sales - Fundamental Analysis for April 24, 2012

2012-04-24 17:47:04 (читать в оригинале)

 

 

On Tuesday the dollar has dropped on all fronts during the European session, while the European exchanges operate with modest gains, recovering yesterday’s lows of its majors.

Even the Dow Jones index futures regained its in early U.S. session. The situation has proved to be favorable, as after the opening of the NYSE the index regained more than 100 points lost on Monday.

As for the majors, the pound sterling heads a series of rises in hard currencies after reaching its highest level since October 31. A number of economic data published in Britain in recent has not only revealed an improvement in the employment and retail sales but also an increase in inflation, which can force the Bank of England to raise their rates interest. On Wednesday the preliminary data on UK GDP for the first quarter will be published. This fact can leave behind the recession of the British economy.

As for the euro, there is no breaking news. On Monday the European currency has decreased modestly after the resignation in the middle of the Netherlands Government. But it was slowly moving the upward trend on the 4 hours charts waiting for key data of the American session.
At 10:00 Eastern the data from the Conference Board on new home sales and consumer confidence is expected. These reports are considered as the most relevant reports of the day.

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

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AUD/USD Elliott Wave Count for April 24, 2012

2012-04-24 16:03:28 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward movement. During the Asian session we could observe the price below the 1.0340 level. Therefore, during the New York session we could observe the price in a bearish mood towards the1.0270 level where the pair has found support and started pushing higher above 1.0320 level. Today during the Asian session we could observe the breakdown of yesterday's low and push to the 1.0248 level. We can consider this move as the end of the 2 wave (coloured blue). Presently we can observe the begnning of the 3 wave. 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 (1.0225-1.0451-1.0248) with Take Profit 1 at 1.0472 (100% of wave 1) and Take Profit 2 at 1.0612 (161.8% of wave 1) . For Stop Loss the invalidation point at 1.0225 can be used.Also it is necessary to consider the data concerning the U.S. S&P/CS Composite-20 HPI y/y, CB Consumer Confidence and New Home Sales that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0212 (S2) 1.0255 (S1) 1.0282 (PP) 1.0325 (R1) 1.0368 (R2) 1.0395 (R3) 1.0438

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0300 with Stop Loss at 1.0225, Take Profit 1 at 1.0472 and Take Profit 2 at 1.0612 are recommended.

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

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EUR/JPY Elliott Wave Count for April 24, 2012

2012-04-24 16:01:36 (читать в оригинале)

EUR/JPY Elliott Wave
Last week the EUR/JPY pair has finished the development of the 4 wave (coloured green). Yesterday the development of the wave 5 (coloured green) has started. During the Asian session the EUR/JPY pair has started descending movement towards the 107.15 level. Therefore during the New York session we can observe the continuation of the bearish mood and price fall to 106.31.Today in Asian session the EUR/JPY retested yesterday low at 106.31 .We can consider this move as the end of the wave 1 of the bigger wave 5. Presently we can observe the end of the 2 wave. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 4, we can define the potential targets with Fibonacci retracements (104.61-107-993). Take Profit 1 at 105.34(78.6% of wave 4) and Take Profit 2 at 104.62 (100% of wave 4). As Stop Loss the resistance level at 107.40 can be used.

Support and Resistance levels
(S3) 105.48 (S2) 106.05 (S1) 106.40 (PP) 106.97 (R1) 107.54 (R2) 107.89 (R3) 108.46

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 106.30 with Stop Loss at 107.40, Take Profit 1 at 105.34 and Take Profit 2 at 104.62 are recommended.

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

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GBP/USD Technical Analysis and Trading Recommendations for April 24, 2012

2012-04-24 15:59:49 (читать в оригинале)

4H

General situation:
On April 24 the GBP/USD pair rate continued the ascending movement enabling the continuation of the upward movement of the trend towards the first resistance level 1.6239. The correction has not begun yet. The current signal for Buy-deals is confirmed and strong as the Chinkou Span is fixed above the price chart and the price has overcome the Ichimoku Cloud. At the moment the target for ascending movement is seen at the first resistance level 1.6239. If the upward movement continues, the point 1.6356 will be considered as the next target. The uprising movement remains the same as long as the price is located above the Kijun-Sen line (1.6020). It is recommended to place the Stop Loss below this line while bullish trade. In case the rate goes lower than this line, this will probably indicate that the elaboration of the signal for Buy-deals. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bearish mood on the GBP/USD market. Billinger Bands points at the ascending movement, lines are expanding and directed upwards, that is the reason why it is recommended to consider long positions. MACD is directed downwards indicating the current corrective movement though yesterday the rate did not significantly decline, so the indicator’s descent (the indicator’s reversal to downwards) is irrelevant. The Stochastic can be used instead.

 

Trading recommendations:
At the moment on the GBP/USD market it is recommended to consider long positions with target seen at the 1.6239 level. In case the first target has been overcome, the new target for bullish trade – the level 1.6356 will be available. Stop Loss is to be placed below 1.6020 and as this line goes higher, the level for Stop Loss can be replaced. When the Stochastic leaves the overbuy zone, it is better to reduce manually the positions. With 50-60 pips of profit for long positions, Stop Loss is to be placed to the non-loss area. Take Profits should be placed a bit lower than the target levels, i.e. at 1.6230 and 1.6345 levels.

Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.

Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

Analyst of the Year contest

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

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NZD/USD Candlestick Analysis for April 24, 2012

2012-04-24 12:13:02 (читать в оригинале)

Daily

The kiwi continues to be traded within the sideways channel between Fibonacci levels of 23.6% and 38.2% against the greenback. On Monday the rate has elaborated the lower limit of the channel. Therefore, it seems reasonable to assume the growth of quotes towards corrective level of 38.2% - 0.8234. in general that pair has been trading within this channel for more than a month, so we can forecast nothing but the movement between its limits. The recently formed Absorption pattern indicates the possible growth of quotes in coming days.

4h

Having dropped below the correction level 100.0% of Fibonacci, the pair did not though revealed the signs of further decline. The main factor affecting the quote movement is still the sideways channel formed on the daily chart. That is why on 4H we can see only short-term prospective. Moreover, the elaboration of the lower limit of the sideways channel points at the possible growth of the pair in the nearest future. There were no new candlesticks patterns on the 4H.

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