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USD/CAD Intraday Technical Analysis and Trading Recommendations for April 19, 2012

2012-04-19 18:31:04 (читать в оригинале)

The USD/CAD Linear Regression Hourly Chart reveals:

 

The USD/CAD pair movement has been bearish since Monday, which has been kept within the depicted Yellow & Blue channels. However, the violet channel is slightly bullish due to the yesterday’s movement.
Today the USD/CAD pair made a bearish breakout outside of the violet channel. However, immediate bullish price action came thereafter.
Now the USD/CAD pair is retesting the backside of the broken violet channel and the upper limit of the Yellow channel at 0.9910, yet there's no recommended trade here unless the USD/CAD shows significant bearish reaction.
The suggested scenario is that USD/CAD can make a bullish breakthrough above 0.9910, which will be a valid BUY entry with SL to be located below 0.9860.
TP levels are to be located at 0.9960, 1.0005 then 1.0040.

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

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GBP/USD Intraday Technical Analysis - Linear Regression Channel - for April 19, 2012

2012-04-19 18:28:41 (читать в оригинале)

 

The GBP/USD Linear Regression Channel Hourly Chart reveals:
GBP/USD has been uptrending within the depicted Linear Regression channels system with almost identical Blue & Yellow bullish channels while the Violet channel is more steeply bullish due to Yesterday's strong bullish movement.
Today a few hours ago GBP/USD showed obvious weakness as the bullish movement was followed by significant bearish reaction manifested in the bearish engulfing 1H candlestick indicating a possible bearish move to come soon.
1.6044 is now considered as a solid intraday resistance level corresponding to the backside of the broken lower limit of the violet channel, the intermediate line of the Yellow channel and the origin of the bearish engulfing 1H candlesticks.
Based on the previous data, the price level 1.6044 gives a valid SELL entry with SL to be located above 1.6105.
TP levels are to be located at 1.5990, 1.5930 and then at 1.5895.

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

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USD/CAD Elliott Wave Count for April 19, 2012

2012-04-19 14:12:24 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading within the sideways movement developing 4 wave (coloured blue). During the European session we could observe the price starting in a descending movement towards 0.9880. We can consider this move as wave B (coloured pink) of the bigger 4 wave, therefore during the session in New York we could observe the bullish mood in the USD/CAD pair that brought this major to the 0.9915 level (wave C), the major did not manage to hold this level and price fell back to 0.9882 (wave D). At the end of the session in New York we could observe the price touching the 0.9924 level (50EMA resistance). We can consider this move as the end of triangle in a 4 wave. Today the USD/CAD pair has started in a bearish mood and we could observe the price to return to the 0.9885 level. Presently we can observe the developing of the 5 wave of the bigger 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 261.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9923-0.9902-13); the First Take Profit at 0.9870 (200% of wave 1) and second Take Profit at 0.9857 (261.8% of wave 1). As Stop Loss the resistance point at 0.9900 can be used. Also it is necessary to consider the data concerning the U.S Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index and G20 Meetings that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9863 (S2) 0.9879 (S1) 0.9889 (PP) 0.9905 (R1) 0.9921 (R2) 0.9931 (R3) 0.9947

Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the downward movement. That is why short positions at level 0.9880 with Stop Loss at 0.9900, Take Profit 1 at 0.9870 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 19, 2012

2012-04-19 14:07:45 (читать в оригинале)

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading within the downward movement. During the European session we could observe the AUD/USD pair breaking through 50 EMA support and touching 100 EMA. Therefore during the early New York session this major continued to go in a bearish mood and we saw the price at the 1.0340 level. We can consider this move as end of 2 wave (coloured pink). Today during the Asian session the price started pushing up and we could see the price retracing to 1.0390. Presently we can observe the start of 3 wave (coloured pink). 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 (1.0304-1.0417-1.0342) and Take Profit at 1.0526 (161.8% of wave 1). As Stop Loss the invalidation point at 1.0340 can be used. Also it is necessary to consider the data concerning the U.S. Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index and G20 Meetings that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0295 (S2) 1.0324 (S1) 1.0341 (PP) 1.0370 (R1) 1.0399 (R2) 1.0416 (R3) 1.0445

Trading Forecast
Proceeding from Elliott Wave Rules today the trend is expected to begin the upward movement. That is why long positions at level 1.0400 with Stop Loss at 1.0340 and Take Profit at 1.0526 are recommended.

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

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GBP/CHF: Breaking out of Wedge Formations - Technical Analysis and Trading Recommendations

2012-04-19 13:55:41 (читать в оригинале)

Technical Outlook:

GBP/CHF cleared medium term resistance at the 1.4620 level yesterday, and it is now threatening to break out of the Rising Wedge formations discussed earlier and shown on the chart setups below. Still considering the overall structure the prices are held up at a convergence of the resistance at 0.786 and at the upper boundary of the Wedge; it will require at least one more day to finish a clear breakout and turn bullish. Resistance is strong and positioned at 1.4790, at present it is still recommended to hold short positions opened earlier with 1.4790 as the line in the sand for the bulls to take over.

 

 

Chart Setups:

As seen from the above, the resistance 0.7860 of AB boundary (1.4790 to 1.4200) comes in around the area of 1.4670. Prices have just stalled around 1.4700, which defines the resistance zone. A bearish formation now (1-2 days) will re-enforce bears to resume once again and break through the channel line support coming at 1.4500. On the other hand, another day of rally can target at breaking the well placed resistance at 1.4790 at the moment and strengthen the bullish momentum.

Trading Recommendations: Issued Earlier

Sell at 1.4520/40, Stop at 1.4790, Target1 at 1.3950, Target2 at 1.3800.

 

Best regards,

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