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GBP/USD Intraday Technical Analysis and Trading Recommendations for April 20, 2012

2012-04-20 18:00:15 (читать в оригинале)

The Daily chart depicted above reflects that the GBP/USD pair could break its long-term downtrend line of January. Since then it has been trading within an uptrending despite some sideways consolidation in November and March.

Although the GBP/USD showed significant bearish reaction towards 1.5950 - 1.6000 which gave some bearish expectations, the pair couldn't breakdown 1.5830 which allowed the bulls to make a strong push to the upside breaking 50% Fibonacci level (1.5925) and 1.5980-1.6000 ( Resistance level and Supply Zone)

It's important to mention there was a short-term uptrend line that was broken in the first week of April and now probably being tested at 1.6125 which is expected to constitute a soild resistance level to prevent the further upside movement up to the retesting of 1.5930 - 1.5980 (newly formed support zone) takes place constituting a long-term BUY entry.

Now It's recommended to stay outside the market untill visiting these support zone takes place. However, SELLING the GBP/USD at 1.6125 with a small lot size is still valid targetting 1.6000 with SL placed above 1.6170.

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

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Stock in focus for April 20, 2012

2012-04-20 15:59:36 (читать в оригинале)

Today’s candidates for intraday trading are Microsoft, General Electric, Honeywell, McDonald’s. It is recommended to trade during first and last hours of trading sessions as the movements are likely to be weak in other time. Yesterday the shares of the first company revealed the profit higher than expected (0.60 against 0.58 cents). That is the reason why the shares begun the movement on the post-market in the area of 32 dollars. As to the shares of the second company, analysts forecast the profit over 0.33 cents per share. Therefore, shares can be purchased on the breakdown of the range. The profit of the third company is expected to be over 0.99 cents per share. The shares of the fourth company are expected to bring profit over 1 dollar 23 cents per share. Therefore, we can see favorable prospective for these shares on the pre-market.

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

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USD/CAD Elliott Wave Count for April 20, 2012

2012-04-20 14:53:42 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair has started to move in a bearish mood. During the European session we could observe the descending movement towards 0.9880 level. We can consider this movement as end of the wave B (coloured pink). Therefore, during the New York session we could observe the strong upward move towards the 0.9961 level. We can consider this move as end of the wave 4 (coloured blue). Today during the Asian session this major has started in a bearish mood and we can expect the price to be located around 0.9900 level. Presently we can observe the start of the 5 wave of the bigger 3 wave (coloured green). 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 (1.0049-0.9925-1.0032); the Take Profit at 0.9832 (161.8% of wave 1) .As Stop Loss the Invalidation point 0.9900 can be used. Also it is necessary to consider the data concerning the CAD Core CPI m/m ,CPI m/m, IMF Meetings and G20 Meetings that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9848 (S2) 0.9880 (S1) 0.9900 (PP) 0.9932 (R1) 0.9964 (R2) 0.9984 (R3) 1.0016

Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the downward movement. That is why short positions at level 0.9940 with Stop Loss at 0.9900, Take Profit 1 at 0.9832 and Take Profit 2 at 0.9857 are recommended.

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

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AUD/USD Elliott Wave Count for April 20, 2012

2012-04-20 14:52:40 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading within the downward movement. During the Asian and European sessions we could observe the ascending movement toward 1.0389 level.Therefore, during the New York session the AUD/USD pair start falling rapidly to the 1.0308 level. We can consider this move as end of the 2 wave (coloured pink).Today during the Asian market the AUD/USD pair has started to push and we could observe price around the 1.0345 level. Presently we can observe the beginning 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 (1.0304-1.0417-1.0309) and Take Profit at 1.0492 (161.8% of wave 1). For Stop Loss the invalidation point 1.0302 can be used. Also it is necessary to consider the data concerning the IMF Meetings and G20 Meetings that can affect the rate of the pair.

Alternation: The AUD/USD pair has finished B wave (coloured pink) of the bigger wave 2 (coloured blue). Presently we can observe C wave. In accordance with our wave rules and taking into account that the wave C (coloured pink) ia equal to the wave A, we can define the potential targets with Fibonacci extensions (1.0451-1.0304-1.1.0417) and Take Profit at 1.0271(100% of wave A). For Stop Loss the resistance level 1.0350 can be used.

Support and Resistance levels
(S3) 1.0267 (S2) 1.0297 (S1) 1.0315 (PP) 1.0344 (R1) 1.0374 (R2) 1.0392 (R3) 1.0421

Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the upward movement. That is why long positions at level 1.0350 with Stop Loss at 1.0302 and Take Profit at 1.0492 are recommended.

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

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GBP/USD Wave Analysis for April 20, 2012

2012-04-20 12:11:28 (читать в оригинале)

 

Wave marking analysis:
Yesterday during the Asian session the GBP/USD pair has failed to test the point 1.6060 and remained within the quite narrow range. Considering that the pair has developed the inner wave dimension of the ascending part of the trend beginning since April 16, the price will probably drop to the point 1.5950. At the same time concerning the length of the wave 1 and 3 it is necessary to keep in mind that the wave 5 in 3 will be more complicated and quotes will reach the measured targets located in the area of figure 61.

 

Targets for the wave 3 option:
1.6095 – 161.8% according to Fibonacci

Targets for the wave 4 option:
1.5979 – 38.2% according to Fibonacci
1.5949 – 50.0% according to Fibonacci
1.5918 – 61.8% according to Fibonacci

General conclusions and trading recommendations:
At the moment the wave marking has been changed: presently the current part of the trend can be attributed to the new 5-wave structure. Also the wave 3 is probably forming. The intermediary targets for this wave is seen at the 1.6095 Fibonacci level which is equal to 161.8% of Fibonacci. If the current wave marking is true, when the wave 3 has been developed (MACD divergence/convergence will indicate the end of this wave), the quotes are likely to decline within the wave 4 with 1.5979, 1.5949 and 1.5918 seen as targets.

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