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EUR/NZD - Elliott Wave Analysis for November 1, 2012

2012-11-01 12:24:37 (читать в оригинале)

EUR/NZD - Monthly

 

EUR/NZD - 4 Hourly

 

Today's Support and Resistance Levels: 

S1: 1.5745                    R1: 1.5836

S2: 1.5705                    R2: 1.5906

S3: 1.5652                    R3: 1.6009

 

Technical Overview: 

 

Looking at monthly chart first, we can see that we have encountered strong resistance near 1.6059 in form of a long-term downtrend line, going back to early 2011. We still think that this resistance will ultimately be broken, which will open up for a much larger rally higher. The first major target will be at 1.6967, but in the long term we should see a much larger rally once this downtrend line is broken.
Looking at the 4 hourly chart, we suppose that we ended a expanded flat correction at 1.5690 and we should see a break above minor resistance at 1.5836 soon, which will confirm the bottom and the next rally higher. The first target for black wave iii is at 1.6516, but we think that it likely will extend towards 1.6712 and maybe even 1.6967.

 

Trading Recommendation: 

You should be long EUR from 1.5790 with a 1.5700 stop. If you are not long EUR already you should buy here or a break above 1.5836 with the same stop.

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

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EUR/JPY - Elliott Wave Analysis for November 1, 2012

2012-11-01 12:20:54 (читать в оригинале)

EUR/JPY - Weekly

 

EUR/JPY - 4 Hourly

 

Today's Support and Resistance Levels: 

S1: 103.50                    R1: 103.97

S2: 102.68                    R2: 104.42

S3: 102.17                    R3: 104.75

 

Technical Overview:

 

As we have entered a new month, we should take a look at the larger picture too. So, the upper chart is the weekly chart of the EUR/JPY pair. As we can see, we have just tested the long-term downtrend line going back to early 2011. It seems likely that it will not be an easy fight; we suppose to observe a deeper correction back towards at least 100.58 and more likely 99.35, as wave ii is needed for EUR to regain strength enough to break clearly above this long-term resistance. Once it is broken it opens up for a much larger rally higher towards 111.43 as the first major target.
Looking at the 4 hour chart below, we can see that minor resistance at 103.39 was broken yesterday. It is resulted in a move higher towards 103.94 (our target was 103.92). However, we should be close to a top and a new decline towards support at 101.45 starts. A break below 103.50 will be the first good indication that the expected decline has begun. As we have said, a break above 104.42 is needed to invalidate our bearish scenario and call for a new high above 104.59.

 

Trading Recommendation:

You should be short EUR from 104.50 with a break-even stop. If you are not short EUR already you could sell here or upon a break below 103.50 with the same stop.

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

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Daily Trading Forecasts (November 1, 2012)

2012-11-01 11:54:56 (читать в оригинале)

EURUSD: The recent rally on the EURUSD pair was halted at the resistance line at 1.3000. The price now hovers above the support line around 1.2950. The fact that the RSI 14 is still above the level 50 suggests a bullish possibility, but it would be prudent to stay out of this market until a clearer signal is generated.

 

USDCHF: Further bearish plunge was checked. The price now stays above the level at 0.9300. The RSI period 14, which is below the level 50, still shows some bearish presence. However, whatever may influence the pair. Right now, the situation remains unclear.

GBPUSD: Rather than falling to the south, the cable traded in a tight range yesterday. There is a distribution zone at 1.6150 and an accumulation zone at 1.6100. If the price breaks above the zone 1.6150, it would show a bullish continuation; whereas a break below the accumulation zone at 1.6100 would signal a bearish reversal.

USDJPY: At last, this market breached the supply territory at 80.00 to the upside. The latest candle on the chart shows a strong bullish determination. The EMA 56 and the RSI 14 also support this bullish determination. If the market continues doing likewise, the next price target would be the supply territory at 80.50.

 

EURJPY: Just like USDJPY, the EURJPY cross also shows some bullish strength. The price seems to have decided to test the supply zone at 104.00. The Williams’ % Range in the overbought territory gives a warning of a possible pullback in the near term. The immediate demand zone is at 103.50.  

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

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EUR/USD: Technical Analysis for November 1, 2012

2012-11-01 11:28:11 (читать в оригинале)

Weekly Pivot Point: 1.2967

Overview: 
The EUR/USD pair has broken the resistance level and turned towards the support level near the two-weekpoint of 1.2853. Therefore, the pair has already formed a strong support at 1.2853. Moreover, it failed to close below 1.2957 yesterday and started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H1 chart; the pair has also formed a strong support at the level of 1.2853. The pair will move upwards, it is convincing; the structure of the upside movement does not look corrective and is indicating a bullish opportunity above 1.2853. This can be a good sign for buy deals above 1.2853 with the first target at 1.2890 initiating an uptrend in order to continue the bullish mood towards the point of 1.2970 (the weekly pivot point) and further to 1.3350. If the trend breaks the weekly pivot point (1.2967), then the pair will go upwards to these targets. However, it should also be noted that the price is still between 1.3080 and 1.2853, as the last strong resistance level (1.3360) is still able to begin a downtrend at this level. Thus, the market indicates a bearish opportunity at the level 1.3060 on H1 chart with the first target at 1.3000 and continues towards 1.2930.

Weekly Pivot Points:
R3: 1.3253
R2: 1.3167
R1: 1.3053
PP: 1.2967
S1: 1.2853
S2: 1.2767
S3: 1.2653

Range:
1.3080 - 1.2853 = 227 pips.

A risk to reward ratio of 1:1.5 is recommended.
Risk of 227 pips has to make a profit of 340.50.

Observation (s):
If the trend is ascending, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
Stop loss should NEVER exceed your maximum exposure amounts.
The market has a high volatile as usual if the last day had a huge volatility.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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

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USD/JPY Intraday Technical Levels for November 1, 2012

2012-11-01 11:23:35 (читать в оригинале)

TODAY's  TECHNICAL  LEVELS:

 

Resistance 3: 80.32.
Resistance 2: 80.16.
Resistance 1: 80.01.
Support 1: 79.81.
Support 2: 79.65.
Support 3: 79.49.

 

DESCRIPTION:

Please, pay attention to the levels of support 3 (79.49) and resistance 3 (80.32). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

 

Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com

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