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GBP/USD Intraday Technical Analysis and Trading Recommendations for October 29, 2012

2012-10-29 12:25:58 (читать в оригинале)

GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970; a considerable support for the pair has been provided.
Last week the lower limit of the broken DAILY channel was retested around the price zone of 1.6160 - 1.6180 triggering a suggested SELL entry which hit its full target at 1.5930.
As it was expected, strong bullish rejection was expressed on testing 50% Fibonacci around 1.5930 which provided a valid low risk BUY entry.
The upper limit of the depicted 4H channel around 1.6140 (an Intraday Resistance Level) was re-tested last week showing a significant bearish price action so far. However, SELLING is risky this time due to the strong bullish rejection manifested this week. That is why a small lot SELL entry is suggested off 1.6140 with tight SL placed above 1.6180.

 

Support: 1.6060, 1.6020, 1.5960, and 1.5920.
Resistance: 1.6125, 1.6175, and 1.6260.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for October 29, 2012

2012-10-29 12:22:48 (читать в оригинале)

The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725). It was considered to be a bullish signal in the long term with a confirmed bullish 123 reversal pattern appearing on the DAILY chart targeting 0.9980 which was hit earlier today.
Last week, considerable bullish price action was expressed towards 0.9770 (the newly established ascending bottom) which is considered to be a quite strong bullish manifestation.
Price zone 0.9820 - 0.9850 is now considered to be an Intraday Support zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should remain consolidating above this zone.
Price area 0.9960-0.9975 corresponding to the upper limit of the newly established 4H bullish channel is considered to be a strong Intraday Resistance zone where a bearish retracement would probably take place towards 0.9820 - 0.9850 before further continuation of the bullish movements.

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

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EUR/USD Testing Key Trendline Support for October 29, 2012

2012-10-29 12:21:14 (читать в оригинале)

The EUR/USD market has been bearish for the last couple of weeks since finding resistance near 1.3140.
The EUR/USD pair attempted to push lower last week, but found a good support at the lower limit of the bullish channel depicted on the DAILY chart above and failed to close outside/below the lower limit giving a bullish hammer daily candlestick.
If the market consolidates above 1.2875, it respects the trendline. However, a clear break below 1.2850 is likely a confirmed break of the trendline.
The bias is bullish in the short term, especially if price is able to make a clear break above 78.6% Fibonacci Level around price level of 1.3015 allowing the pair to reach 1.3070 initially.
The H&S bearish scenario (4H chart) also remains intact; but an obvious break back below 1.2950 is needed to continue the bearish pressure retesting the lower limit of the bullish channel and 1.2900 Price Zone.

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

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EUR/JPY Intraday Technical Analysis

2012-10-29 12:19:17 (читать в оригинале)

 

 

The spot rate is currently testing the lower limit of its medium-term bearish channel at 102.70 suggesting a rebound. However, a break of these levels will free a large potential and initiate a more violent bearish channel.
Technical indicators provide buy signals, and until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
The spot rate is currently testing the lower limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 102.70 with the 1st objective at 103.30 and then at 103.50. A breakthrough of 102.50 will invalidate this scenario. The second scenario is a break of its support where we recommend a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 102.70 with the 1st objective at 102.10 and then at 101.90. A breakthrough of 102.90 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-10-29 12:17:15 (читать в оригинале)

 

 

Gold approaches the upper limit of its medium-term bearish channel at 1,719 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators provide sell signals, and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement.
Gold is currently testing the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,719 with the 1st objective at 1,708 and then at 1,705. A breakthrough of 1,722 will invalidate this scenario. The second scenario is a break of its resistance where we advises a “buy stop” that’s means to buy gold as soon as it is broken through its resistance of 1,719 with the 1st objective at 1,729 and then at 1,733. A breakthrough of 1,716 will invalidate this scenario.

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