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GBP/USD Bullish Outlook for March 23, 2012 (Daily Strategy)

2012-03-23 18:04:07 (читать в оригинале)

The GBP / USD pair is trading within the bullish channel on the 4 hour chart, just above the moving average of 200 periods. However, wit is crucial that the moving average is crossing 50 periods from the bottom up the moving average 200 periods being a bullish signal.
only a break of the bullish channel and a close below this, exchange perspective for the next few sessions.

We recommend buying above the trend line and sell at the break of the channel.

The MACD indicator and Momentum indicator are showing bullish signals.

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

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EUR/USD Intraday Technical Analysis and Trading Recommendations for March 23, 2012

2012-03-23 17:24:26 (читать в оригинале)

According to the linear regression channels the chart shows the following:

The EUR/USD pair showed the significant bullish presence during the first few hours of today  breaking the upper limit of the identical violet and blue bearish channels at 1.3195.

Price level 1.3195 is also correspond to the intermediate line of the yellow channel which acts as the pair's support level.

The previous facts render price level 1.3195 as an important Intraday support for the pair and a good BUY entry with SL located below 1.3120.

Profits should be taken at 1.3240, 1.3285 and 1.3335.

 

 

 

 

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

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Fundamental Analysis for March 23, 2012

2012-03-23 17:22:50 (читать в оригинале)

 

After Tuesday’s losses the European currencies regained their positions in the early hours of Friday’s trading sessions. However, despite the fact that the euro hit its high since March 8, like the Swiss franc, the recovery was reversed during the European session. This movement took place amid the new data of the old continent, indicating that the major indices have lost over 0.6%.

On the other side, both the Canadian dollar and Australian dollar have not changed their yesterday’s downtrend. The loonie has just lost parity with the dollar due to the new WTI data on barrel price listed at $ 105.63 (recovered some of their yesterday’s losses). The USD / CAD pair is able to approach the area of 1.03 the next day, though, of course, it also depends on the behavior of oil prices.

Meanwhile, the Australian dollar is coming back to its primary uptrend line that passes through the 1.0290 area. This breakdown will affect the upward direction of the loonie developing since last September. The loonie came close to its high in July 2011 (1.1085) but failed to overcome this level. The Australian dollar is closely linked to the gold prices, remaining these days within the strong correction from last year’s $ 1910 level. This fact took place due European debt crisis.

The central financial markets are recently showing the greater stability, as gold approaches the level $ 1610 per ounce. This fact is considered as very important and serves as a support for the aussie.
The key data concerning the American economy are available, as it was announced at 10:00 Eastern particularly the new home sales in February. The official figure is expected to be the best this year boosting the investors’ optimism with regard to a sustainable recovery of the world's largest economy for the near future.

Ben Bernanke, the chairman of the Fed, is expected to be presented at 1:45 p.m. to Washington, though his statement is not likely to affect the rates.

 

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for March 23, 2012

2012-03-23 16:39:01 (читать в оригинале)

According to the linear regression channels the chart indicates the following:

During the past few hours the GBP/USD currency pair showed a considerable bullish strength manifested in the long bullish candlesticks breaking the upper limit of the bearish violet channel at 1.5820.

Bullish movement found resistance at the upper limit of the Yellow channel around 1.5877 which boosted the downside movement of the pair.

Price level 1.5820 corresponds to the upper limit of the broken violet channel and the intermediate line of the yellow one which constitutes an important intraday support for the pair and a good Intraday BUY entry.

Stop Loss is to be located below 1.5765; Take Profits is to be placed at 1.5860 and 1.5920 levels.

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

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USD/CAD Elliott Wave Count for March 23, 2012

2012-03-23 15:41:40 (читать в оригинале)

Market Overview
Yesterday the USD/CAD pair was trading within the upward trend. During the European session the major started ascending movement to the 0.9960 level. Therefore, during the New York session we could observe the strong bullish mood; the price has reached the new daily high at 1.0007 level.The USD/CAD pair did not manage to hold this level and at the end of the New York session we could observe the pricere bound to the 0.9985 level. Today during the Asian session we could observe an upward move to the yesterday's high where this pair find resistance and has started to decline. Today the USD/CAD pair is expected to test 50EMA support before we can see price above 1.0000 again. Also it is necessary to consider the data concerning the CAD Core CPI m/m, CPI m/m and USD New Home Sales that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9871 (S2) 0.9908 (S1) 0.9931 (PP) 0.9968 (R1) 1.0005 (R2) 1.0028 (R3) 1.0065

USD/CAD Elliott Wave Analysis
The USD/CAD pair has finished 1 wave (colored pink) of the bigger C wave (colored blue) in the point 0.9968, and 2 wave (colored pink) in the point 0.9873. Presently we can observe end of wave 3 wave (colored pink). Proceeding from our wave rules and considering that the wave 3 will retrace 161.8% of 1 wave, we can define the potential targets with the help of Fibonacci extension (0.9859-0.9968-0.9873) with Take Profit at level 1.0049 (161.8% of the wave 1. For Stop Loss we can use 0.9960 support level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin an upward movement. That is why long positions at levels 0.9980 with Stop Loss at 0.9960 and Take Profit 1.0049 are recommended.

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