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USD/CAD Intraday Technical Analysis and Trading Recommendations for March 30, 2012

2012-03-30 14:45:34 (читать в оригинале)

The USD/CAD pair was trading within the bullish Violet and Blue channels having tested the Intraday support level at 0.9900 which last Tuesday was considered as a good BUY entry.

Yesterday the USD/CAD pair was testing the significant resistance area ranging between 0.9995 - 1.0006 where we recommended a low risk SELL entry.

Today the bullish domination weakens as the USD/CAD could make breakout below the lower limit of the Yellow channel at 0.9979.

This renders 0.9975 (the backside of the broken channel) as a significant Intraday resistance level which offers another valid SELL entry for those who missed the original trade yesterday.

TP for SELL orders should be located at 0.9910.

Breakdown of 1.0020 invalidates the bearish scenario; thus, SL is to be located a bit above.

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

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USD/JPY Wave Analysis for March 30, 2012

2012-03-30 12:21:48 (читать в оригинале)

 

Wave marking analysis:
As it was expected, during the yesterday’s trades the USD/JPY pair continued the formation of the inner wave structure of the wave C of the whole downside correction that has been developing since March 21. In the afternoon the pair decreased by almost 90 basis points. Despite the significant price rebound from the reached high, the inner wave structure of the wave C still looks as not completed. If that proves to be so, then the descending movement is likely to continue towards the correction level 76.4% (81.40) that corresponds to the equality of waves A and C of the whole current corrective structure. At the same time it is necessary to consider the MACD divergence, as it indicates that the formation of the upward trend can be resumed anytime.

 

Targets for the variant with the wave 4 in 3 or C:
81.91 – 61.8% according to Fibonacci
81.40 – 76.4% according to Fibonacci

Targets for the variant with wave 5 in 3 or C:
83.26 – 23.6% according to Fibonacci
83.69 – 11.4% according to Fibonacci

General conclusions and trading recommendations:
At the moment the uprising part of the trend continues its formation with targets seen at the level of figure 85. Presently we can observe the descending movement within the wave 4 of the global uprising trend. The current correction within the wave 4 has 81.91 and 81.40 as downside targets which are equal to 61.8% and 76.4% of Fibonacci. The downside impulse is likely to be seen within the wave 4 in C (which is not fully formed yet). The resumption of the descending part of the trend will take place when the whole wave 4 is developed.

 

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

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GBP/JPY Elliott Wave Count and Fibonacci Levels for March 30, 2012

2012-03-30 11:20:17 (читать в оригинале)

The GBP/JPY pair is developing the corrective wave B of the medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have two subwaves (magenta in the chart), A, and B that is developing from 129.94. Within this wave there are three subwaves (red in the chart), and potential impulse subwave C is developing from 130.08.

The upside targets are Fibonacci expansions 126.48-133.42-129.94, 129.94-133.32-130.08, 130.08-131.57-130.58 and retracements 133.32-130.08.

Resistances:

- 131.70 = .50 retracement
- 132.07-08 = confluence area of objective point (OP) and .618 ret
- 132.17 = contracted objective point (COP)
- 132.99 = expanded objective point (XOP)
- 133.46 = OP
- 134.23 = COP

The downside targets are Fibonacci retracements 126.48-133.42 and expansions 133.42-129.94-133.32.

Supports:

- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.13 = .618 ret

Overbought/Oversold

The bigger wave is now moving down, so it is better to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (current prices). Consider the 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 March 30, 2012

2012-03-30 11:18:16 (читать в оригинале)

The AUD/USD is developing the potential corrective wave B of the medium term uptrend (coral in the chart) from 1.0856. Within this wave there are subwaves A, B and C (royal blue in the chart). An impulse subwave C is developing from 1.0636. Within the latter we have subwaves A, B (magenta in the chart), and an impulse wave C developing from 1.0557. The latter also includes its own subwaves (red in the chart): A and B that is developing from 1.0304.

The downside targets are Fibonacci retracements 0.9861-1.0856 and expansions 1.0856-1.0423-1.0636, 1.0636-1.0336-1.0557.

Supports:

- 1.0257 = objective point (OP)
- 1.0241 = .618 retracement
- 1.0203 = OP

The upside targets are Fibonacci retracements 1.0856-1.0304, 1.0557-1.0304.

Resistances:

- 1.0431 = .50 ret
- 1.0460 = .618 ret
- 1.0580 = .50 retracement
- 1.0645 = .618 ret

Overbought/Oversold

The larger wave is now moving down, so it is prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-30 pips above the current prices), watch for possibilities 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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EUR/JPY Intraday Technical Analysis

2012-03-30 11:15:59 (читать в оригинале)

 

The spot rate is presently testing the upper limit of its medium term bearish channel in 109.70 and is expected to begin a decline. However, a breakdown of these levels will reveal significant potential and result in the beginning of a bullish trend.

Technical indicators provide signals for Buy-deals but as long as the resistance is  unbroken, the pair is most likely to decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from the previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in the point 109.70 with 110.30 and 110.50 seen as first objectives. A breakdown in 109.50 will reverse this scenario.

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