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EUR/USD Intraday Technical Analysis

2012-04-02 16:33:58 (читать в оригинале)

 

The spot rate is approaching  the lower limit of its medium term bullish channel in 1.3310 indicating a possibel rebound. However, a breakdown of these levels will reveal significant potential aentailing a bearish channel.

Technical indicators do not provide clear signals but as the support remains unbroken, the assumption of a rebound remains relevant. 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 indicates a bullish opportunity at level 1.3310 with  1st objective 1.3370 and 1.3390. A breakdown in 1.3290 will reverse this scenario.


 

 

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

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EUR/USD Technical Analysis and Trading Recommendations for April 2, 2012

2012-04-02 15:37:00 (читать в оригинале)

4Н

General situation:
Analyzing the Forex market on April 2 we can see that in course of yesterday’s trades the rate remained in sideways channel restricted by Bollinger Bands. Therefore, it is recommended to refrain from trading. The current signal for Buy-deals is confirmed and strong, as Chinkou Span is above the price chart and the price is higher than Ichimoku Cloud. At the moment the target for ascending movement is the first resistance level 1.3420 though it is recommended to begin bullish trading only when Bollinger Bands begin their extension to upwards. In case the first target level has been overcome, the next target will be seen at the second resistance level 1.3500. the uprising movement remains relevant as long as the price is higher than Kijun-Sen (1,3320). If the price is fixed below this line, this will indicate the weakening of the sellers signals and the further development of the ascending movement will be questioned. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bullish mood of traders. Bollinger Bands indicates the continuation of the sideways movement, lines are not expanding and directed sideways. Thus, in general it is recommended to stay away from the market until the flat movement is over. MACD is declining showing the current descending price movement. Therefore, you cannot open long positions at the moment as Bollinger Bands confirms it.

 

Trading recommendations:
On the EUR/USD market it is recommended to consider bullish trades with 1.3420 seen as target but only when Bollinger Bands goes upwards. If bullish mood continues and this level is passed through, it will be possible to continue Buy-deals with target seen at level 1.3500. stop Loss is to be placed below 1.332 and as this line goes higher, Stop Loss level can be placed upwards as well. With 50-60 pips of profit Stop Loss san be placed into non-loss area. While opening long positions MACD is to be directed upwards. Take Profits are to be placed a bit lower than target 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.

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

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USD/CAD Elliott Wave Count for April 2, 2012

2012-04-02 13:41:25 (читать в оригинале)

Market Overview
On Friday during the Asian session the USD/CAD pair was trading within the upward movement and reached the resistance level 0.9980. During the New York session the USD/CAD pair broke this resistance level, and pushed to the new daily high at 0.9998 level.Today during the Asian session we could observe the bullish mood; the price reached the 0.9980 level. Today the USD/CAD pair is expected to test 1.0025 level. Also it is necessary to consider the data concerning the USD ISM Manufacturing PMI and CAD BOC Gov Carney Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9927 (S2) 0.9945 (S1) 0.9956 (PP) 0.9973 (R1) 0.9991 (R2) 1.0002 (R3) 1.0019

USD/CAD Elliott Wave Analysis
The USD/CAD pair has finished A wave (colored pink) of the bigger B wave (colored blue) in the point 0.9952. Presently we can observe the end of B wave (colored pink). In accordance with our wave rules and taking into account that the wave B retraces 50 - 61.8% of wave A, we can define the potential targets with the Fibonacci retracement (0.9899-0.9999); the First Take Profit at 0.9937 (61.8% of wave A) and Second Take Profit at 0.9921 (78.6% of wave A). For Stop Loss we can use the 0.9970 resistance level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short position at levels 0.9950 with Stop Loss at 0.9970, Take Profit at 0.9937 and Take Profit 2 at 0.9921 are recommended.
 

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

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EUR/JPY Elliott Wave Count for April 2, 2012

2012-04-02 13:40:14 (читать в оригинале)

Market Overview
On Friday during the European session the EUR/JPY pair was trading in an sideways trend from 109.05 to 109.90 level. During the New York session the EUR/JPY pair pushed price to the 110.60 level (2 Days High). The EUR/JPY pair has finished Friday's trading day few pips lower than the 110.55 level. Today during the Asian session we could observe the sideways trend; the price is currently around Friday's closing price.Today the EUR/JPY pair is expected to retest  the 111.40 level. Also it is necessary to consider the data concerning the EURO Unemployment Rate and that can affect the rate of the pair.

Support and Resistance levels
(S3) 108.46 (S2) 109.06 (S1) 109.43 (PP) 110.03 (R1) 110.63 (R2) 111.00 (R3) 111.60

EUR/JPY Elliott Wave Analysis
The EUR/JPY pair has finished the wave 1 (colored blue) of the bigger wave 1 (colored green) in the point 109.87 and wave 2 (colored blue) in the point 108.77, Presently we can observe the end of the wave 3. There are two possible scenarios: firstly, if price continues to go higher, the next target for wave 3 will be seen at 261.8% of wave 1 in the point 112.00. The best place to set Stop Loss in this case will be at 110.20 level. Secondly,  if we assume that wave 3 is completed because we have seen the price reached 161.8% of wave 1, we can expect that the price will start pushing in the bearish mood to the 109.90 level. In this case Stop Loss  will be at 111.10 level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 111.00 with Stop Loss at 110.20 and Take Profit at 112.00 are recommended.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for April 2, 2012

2012-04-02 12:58:44 (читать в оригинале)

The GBP/USD Daily chart which illustrates the bearish swing between 1.6616 & 1.5232 reveals that the pair has strong resistance at 1.6085 which corresponds to 61.8% Fibonacci level.

Price Level 1.6130 located slightly higher than 61.8% Fibonacci has been acting as resistance each time when it is being tested.

Thus, levels 1.6085-1.6130 are considered as a significant supply zone in the Long-term and also as a good SELL entry for swing traders.

The GBP/USD pair is considered bullish as long as it is being traded above 1.5985. However, the breakthrough will result in a quick decline towards the 1.5875 level.

We suggested that last week's BUY positions located at the 1.5858 level achieved TP levels at 1.5940 and 1.5995,  where some profits should have been taken with a possibilty to remain bullish towards 1.6085 and 1.6130.

At the moment BUY positions are considered as too risky, so price action towards 1.6130 should be carefully observed in order to catch a mid-term short position.

A breakdown of 1.5985 to the downside is considered a bearish signal for the short-term prospective.

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