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USD/CAD Intraday Technical Analysis and Trading Recommendations for April 17, 2012

2012-04-17 12:48:10 (читать в оригинале)

 

The USD/CAD Linear Regression Channels hourly chart illustrates:
The USD/CAD pair movement of yesterday changed the features of the channels of today.
Yesterday, USD/CAD visited 0.9973 - the prominent intraday support level - which today corresponds to confluence of the intermediate line of the Yellow channel and the lower limit of both Violet & Blue channels. However, USD/CAD failed to push higher towards 1.0050 but instead it declined with significant bearish price action.
This gives an early indication of that the bullish direction is endangered, so there is a possible Head and Shoulders reversal pattern being formed.
USD/CAD is expected to return again to its key-level 0.9975 which is expected to be determinant for the next movement of the pair.
Breakdown of this intraday support level 0.9975 confirms the reversal pattern initially allowing the USD/CAD pair to decline towards the lower limit of the Yellow channel at 0.9920 and then 0.9888.
It is important to take into consideration that in case the pair fails to break through 0.9975 this will denote that the bulls are still intact and aiming for higher levels at 1.0050 and 1.0070.

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

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GBP/CHF Again Fails at 1.4620 - Technical Analysis and Trading Recommendations

2012-04-17 12:20:13 (читать в оригинале)

Technical Outlook:

There has been a sequent attempt of a break at 1.4620, and no success yet. Structurally we are optimistic for a breakdown of the 1.42 level in the sessions to come. We would also like to show the other possibility here, if the 1.4650 level is broken on a sustainable basis, the rally will further gain momentum towards the 1.4790 level. For now, Resistances are 1.4620/50 and 1.4790 respectively while Supports are 1.4360 (S1), 1.43 (S2) and 1.42 (S3).

 

 

Chart Setup:

The charts still remain constructive for a breakdown. A possible C (Right Shoulder) is being carved out near 1.4620/30 area. Yesterday there was again a bearish candle at the close, suggesting that bears would regain control. For now, we shall maintain short positions with strict stop loss at the 1.4790 zone. But a sustained break of the 1.4650 area will require re-thinking of our trade strategy. We shall watch closely for 1-2 days more before changing our trade plan. Increasing support and constant resistance (1.4620) consolidation could also be a possibility here.
Bottom Line: Lower/Sideways?

Trading Recommendations: Issued Earlier

Sell @ 1.4520/40, Stop @ 1.4790, Target1 @ 1.3950, Target2 @ 1.3800

 

Best Regards

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

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GBP/USD Intraday Technical Analysis - Linear Regression Channel - for April 17, 2012

2012-04-17 12:09:25 (читать в оригинале)

 

The Linear Regression Channel Hourly chart for the GBP/USD currency pair reveals:
Last Thursday GBP/USD initiated a downside movement / trend, that has remained true within the depicted Yellow & Blue bearish channels until today.
Yesterday the situation was slightly different as failure of the GBP/USD pair to fixate below 1.5830 - the intraday support level - allowed the bulls to initiate bullish retracement towards the upper limit of the mentioned channels around 1.5900.
This retracement, initiated yesterday, is seen within the bullish violet channel depicted on the chart.
Price zone 1.5900 - 1.5920 corresponds to 50%, 61.8% Fibonacci levels as well as the upper limit of the longer-term channels mentioned above.
Hence price zone 1.5900 - 1.5920 constitutes a valid low-risk SELL entry with SL to be placed above 1.5955.
TP levels are to be placed at 1.5855, 1.5810 then 1.5770.

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

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GBP/JPY Elliott wave count and Fibonacci levels for April 17, 2012

2012-04-17 12:06:02 (читать в оригинале)

GBP/JPY is developing impulse wave C of medium term downtrend from 133.32 (light green in the chart). Within this wave we have five subwaves (royal blue in the chart), and impulse subwave 5 is developing from 129.51. Within this wave there are two subwaves (red in the chart), and potential corrective subwave B is developing from 127.04.

The immediate resistances are Fibonacci retracements of 129.51-127.04.

Resistances:

- 127.98 = .382 retracement
- 128.28 = .50 ret
- 128.57 = .618 ret

If the downtrend resumes and the price breaks below 127.04, the immediate supports will be Fibonacci expansions off 133.42-129.94-133.32, 133.32-130.08-133.19, 133.19-127.82-129.51, 129.51-127.07-128.03.

Supports:

- 126.50 = contracted objective point (COP)
- 126.19 = COP
- 125.56 = objective point (OP)

Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (20-25 pips above the current prices) or into the overbought area (55-70 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.

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

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AUD/USD Elliott wave count and Fibonacci levels for April 17, 2012

2012-04-17 12:05:42 (читать в оригинале)

AUD/USD is developing potential impulse wave C of medium term uptrend (coral in the chart) from 1.0226. Within this wave there are two subwaves (magenta in the chart), and potential corrective subwave B is developing from 1.0451. Within this wave we have A-B-C cycle that is developing now (red in the chart), subwave C started at 1.0378.

Now the targets below are Fibonacci retracements of 1.0226-1.0451, and expansions off 1.0451-1.0311-1.0378.

Supports:

- 1.0312 = .618 retracement
- 1.0291 = contracted objective point (COP)
- 1.0238 = objective point (OP)

The targets above are Fibonacci retracements of 1.0636-1.0226.

Resistances:

- 1.0479 = .618 ret

Overbought/Oversold

The larger wave is now moving up, so it's prefereable to go long when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (15-25 pips below the current prices), watch for possibilities 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