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USD/JPY Technical Analysis and Trading Recommendations for March 16, 2012

2012-03-16 15:12:33 (читать в оригинале)

4H

General situation:
Analyzing the USD/JPY market for March 16, it is evident that in the course of the yesterdays deals the price rebounded from the second resistance level and declined to the first resistance level indicating a current correction. The current signal for Buy-deals is confirmed as Chinkou Span is located above the price chart and the price is fixed above the Ichimoku Cloud. Thus, the target for the ascending movement is seen at the second resistance level 83.94. In case it has been overcome, the third resistance level 85.24 will be considered as the next target. The upward movement will remain relevant as long as the price is higher than the Kijun-Sen (83.05). In case the price is fixed below this line, the further elaboration of the signal for Buy-deals will be questioned indicating a possible reversal of the price to downwards and a bullish mood on the USD/JPY market. Bollinger Bands indicates the ascending movement, lines are slightly tightened reflecting the current correction and directed upwards. Thus, long positions are considered as relevant. MACD is directed downwards indicating the current descending movement. Therefore, it is recommended to refrain from opening the long positions until the MACD reverses to upside providing the signal for bullish trade.

 

Trading recommendations:
On the USD/JPY market it is recommended to consider Buy-positions with target seen at the 83.94 level. In case this level is passed through, the point 85.24 will be considered as the next target. Stop Loss is to be placed below the point 83.05. As the price goes higher, Stop Loss can be replaced upside. If the MACD reverses to upwards, it will be possible to open the long positions. If the price passes 30-40 pips to the required side, the Stop Loss can be placed to the non-loss area. Take Profits are be placed approximately at levels 83.85 and 8510.

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.

 

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

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USD/CAD Elliott Wave Count for March 16, 2012

2012-03-16 14:47:41 (читать в оригинале)

Market Overview
Yesterday the USD/CAD pair was trading in the downward movement. During the European session the major started the descending movement towards the 0.9915 level.Therefore, in the eraly New York session we could observe the upward movement towards the 0.9948 level before the continuation of the bearish mood.The USD/CAD pair finished the trading day at daily low at 0.9918 level.Today during the early Asian session we could observe the bullish movement to the 0.9940 line. Today the USD/CAD pair is expected to test 1.0000 level. Also it is necessary to consider the data concerning the USD Core CPI m/m, Prelim UoM Consumer Sentiment and CAD Foreign Securities Purchases, Manufacturing Sales m/m that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9882 (S2) 0.9898 (S1) 0.9908 (PP) 0.9925 (R1) 0.9941 (R2) 0.9951 (R3) 0.9968

USD/CAD Elliott Wave Analysis
The USD/CAD has finished the wave 1 of the bigger C wave in the point 0.9946 and wave 2 in the point 0.9871. Presently we can observe the wave 3. In accordance with our wave rules and taking into account that the wave 3 retraces 138.2 or 161.8% of the wave 1, we can define the potential targets with the help of Fibonacci retracement (0.9872-0.9946-0.9871) with first Take Profit at level 0.9984 (138.2% of the wave (1)) and second Take Profit at 1.0002 (161.8% of the wave (1)). For Stop Loss we can use 0.9905 support 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 0.9940 with Stop Loss at 0.9905, Take Profit at 0.9984 and Take Profit 2 at 1.0002 are recommended.

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

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AUD/USD Elliott Wave Count for March 16, 2012

2012-03-16 14:42:22 (читать в оригинале)

Market Overview
Yesterday the AUD/USD pair was trading within upward movement. During the European session the major started the ascending movement to the 1.0529 level. Therefore during the New York session we could observe the continuation of the bullish mood and price reaching the daily high at 1.0555 level. The AUD/USD pair did not manage to hold this level and at the end of NY session we saw pullback in this major pair to 1.0525 level.Today during the Asian session we could observe upward movement of this pair and price test resistance level (yesterday's high)Today the AUD/USD pair is expected to brake above 200 EMA resistance level and test 1.6000 level. Also it is necessary to consider the data concerning the USD Core CPI m/m and Prelim UoM Consumer Sentiment that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0370 (S2) 1.0420 (S1) 1.0451 (PP) 1.0501 (R1) 1.0551 (R2) 1.0582 (R3) 1.0632

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave (5) of the bigger corrective wave A in the point 1.0422. Presently we can observe the beginning of the corrective wave B. In accordance with our wave rules and taking into account that the wave B retraces 61.8 or 78.6% of the wave A, we can define the potential targets with the help of Fibonacci retracement (1.0855-1.0422) with first Take Profit at level 1.0690 (61.8% of the wave A) and second Take Profit at 1.0763 (78.6% of the wave A). For Stop Loss we can use 1.0470 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 1.0550 with Stop Loss at 1.0470, Take Profit at 1.0690 and Take Profit 2 at 1.0763 are recommended.

 

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

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GOLD Intraday Technical Analysis

2012-03-16 12:24:18 (читать в оригинале)

 

Gold is currently testing the intermediate resistance of its medium term bearish channel in 1665 indicating a possible decline. However, if these levels are broken down, the significant potential will be revealed opening the way to the upper limit of its channel to 1685.

Technical indicators provide signals for Sell-deals confirming the possible decline that is expected to take place soon.  Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to the previous events, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1665 with a 1st objective seen at 1675 and 1680 levels. A breakdown in 1662 will reverse this scenario.



 

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

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SILVER Intraday Technical Analysis

2012-03-16 12:18:33 (читать в оригинале)

 

The spot rate is presently testing the upper limit of its medium term bearish channel in 32.90 and is expected to initiate a decline. However, a breakdown of these levels will reveal significant potential resulting in the beginning of a bullish trend.

Technical indicators do not provide clear signals but as the resistance is unbroken, the assumption of a decline is relevant. Bollinger bands have greatly tightened in recent days indicating a decline in volatility and the imminence of a violent movement.

Considering the previous situation, the market indicates a bullish opportunity as soon as the silver will has broken its resistance level 32.90 with a 1st objective seen at 33.50 and 33.70 levels. If the level 32.70 is broken down the proposed scenario will be cancelled.  

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