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AUD/USD Wave Analysis for October 29, 2012

2012-10-29 14:06:15 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a sideways move, impulsive wave 1 and corrective wave 2 (coloured blue) of the bigger wave (3) (coloured green) is developing. During the Friday's Asian session we could observe descending movement towards the 1.0305 level and we can consider this move as the end of the wave 1 (coloured blue). Therefore, during the European and New York sessions this currency pair did not manage to hold this level and price reached a new daily high at 1.0385 level. We can consider this move as the end of the wave 2 (coloured blue). The AUD/USD pair is trading around 1.0347 level at the moment and we are expecting to see continuation of the bearish mood for the next few days. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 1.0294 (100% of wave 1) and take profit 2 at 1.0237 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0385 level as stop loss.

Support and Resistance
(S3) 1.0274 (S2) 1.0304 (S1) 1.0323 (PP) 1.0354 (R1) 1.0384 (R2) 1.0403 (R3) 1.0434

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0340 with stop loss 1.0385, take profit 1 at 1.0294, and take profit 2 at 1.0237 are recommended.

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

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GBP/USD: Weekly Technical Levels for October 29 - November 2, 2012

2012-10-29 14:02:46 (читать в оригинале)

Weekly Technical Levels:

Tip (s):
R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Observation (s):
If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend.
Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, sure you will lose your profit.
Stop loss should NEVER exceed your maximum exposure amounts.
As a rule, the market has a high volatile 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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EUR/USD: Weekly Technical Levels for October 29 - November 2, 2012

2012-10-29 14:01:56 (читать в оригинале)

Weekly Technical Levels:

Tip (s):
R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Observation (s):
If the trend is of an upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, sure you will lose your profit.
Stop loss should NEVER exceed your maximum exposure amounts.
As a rule, the market has a high volatile 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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EUR/USD Wave Analysis for October 29, 2012

2012-10-29 13:58:00 (читать в оригинале)

Wave Analysis:

During Friday’s trading session the volatility was high; the EUR/USD pair could not continue development of the downtrend. As a result, the price was in the range 1.2900 to 1.2950. Thus, taking into account the current wave situation, it seems that the pair is trying to build the first waves of the inner wave structure in the future wave 3 (or c). If it is so, the further decline towards figure 28 may be observed.

Targets for Wave C (presumably) Downtrend:

 

1.2855 – 76.4% of Fibonacci
1.2804 – 100% of Fibonacci

 

Targets for Up Wave after C is completed:

 

1.2861 – 88.6% of Fibonacci
1.2899 – 76.4% of Fibonacci

 

Summary and Trading Recommendations:

The downtrend consisting of three waves continues building; waves a and b have already been built. In terms of wave c the descending move may continue with targets 1.2855 and 1.2804, which is corresponding to 76.4% and 100.0% of Fibonacci. After it the ascending wave of a new uptrend may start its development; it may raise quotes to 1.2861 and 1.2899, which is corresponding to 88.6% and 76.4% of Fibonacci. The developing channel keeps the outlook of the downtrend. MACD has not formed divergences/convergences.

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

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GBP/USD Forecast for October 29, 2012

2012-10-29 13:05:30 (читать в оригинале)

 

Providing the factor of safety based on the Thursday’s rise, the British pound has dropped a little more than the euro. However, it did not change the uptrend. At 13:30 (UTC+4) Consumer Credit data for October is released. Net Consumer Spending is forecast to be 0.6bln pounds higher against 0.4bln drop in September. Mortgage Approvals are expected to be 49K against 48K.
Amid the Japanese government approved a $5.3bln economic stimulus package of subsidies and tax grants on Friday, Retail Sales rose 0.4% y/y (vs. 1.0%-1.3% forecast) the beginning of the week was marked by positive outlook on the Asian markets.
Targets are seen at the levels of 1.6120, 1.6143. On the H4 the price may be stable for some time.

 

  

 

 

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