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GBP/JPY Technical Levels and Trading Recommendations for October 25, 2012

2012-10-25 17:55:41 (читать в оригинале)

Overview

 

Proceeding from today's 4H chart, the pair is going to take an upward move and manages to break the Resistance level 129.00. Currently the pair is trading between the Support level 129.05 and the Resistance level 129.50. Given that the pair continues its bullish move and manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 130.00 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 130.35.
On the other hand, if the pair fails to break the Resistance level of 129.50 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 129.05. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 128.40 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 129.50 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

 

Resistance and Support Levels 

R3 (130.35) R2 (130.00) R1 (129.50) S1 (129.05) S2 (128.40) S3 (127.20)

 

 

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level of 129.50 and closing 4H above with TP 130.05; SL closing 4 hours below the Resistance level will be appropriate.  

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

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GBP/JPY Ichimoku Indicator - Technical Analysis for October 25, 2012

2012-10-25 17:52:08 (читать в оригинале)

 

 

 

Daily
During yesterday’s trading session the pair closed higher the level of weekly cloud. Today it renewed the high level and now it is 128.77. The Golden Cross has been built and the indicator is supporting an uptrend again. Now the key issue is to consolidate on the reached high and close the week above the weekly cloud.

 

 

Н4
Amid the pair managed to preserve the Golden Cross, it could break and has almost worked out the triangle and reached the Median Line of Andrew’s Pitchfork. Having seen such a rapid move a consolidation could be expected.

 

 

 

 

Н1
The uptrend is observed on the time frame; all the targets are met and the lines of indicator are support Tenkan (128.70) and Kijun (128.20). Now it has reached one of the lines of Andrew’s Pitchfork and the boarder of the uptrend channel is coming. It may enable some kind of halt.

 

 

 

Legend:
Ichimoku parameters – Hosoda standard 9.26.52.
Short-term trend line – Tenkan – red
Medium-trend line – Kidjun – green
Long-term trend – Senoku Span B – blue
Senoku Span A – pink, Chinokou – grey
Fibo Kidjun lines – green dotted line

 

 

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

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Daily Trading Forecasts (October 25, 2012)

2012-10-25 17:20:37 (читать в оригинале)

EURUSD: EURUSD is currently trying to rally, though not in a very significant mode. The RSI period 14 is now pointing towards the level 50. If this rally continues for the rest of today and the RSI indicator eventually crosses the level 50 on the upside, a ‘buy’ signal would be generated eventually. But I prefer to stay out of the market right now.

 

USDCHF: The scenario on EURUSD is almost similar to the one on the USDCHF, albeit in an opposite manner. One would need to wait for a clearer signal before opening a long order. Here, I would prefer the RSI 14 to cross the level 50 on the downside before looking for an entry point.

 

GBPUSD: The cable is currently showing a bullish pressure, coupled with strong northward determination. There has been a significant rally today, and as a result of it, looking for a long entry would be sensible in the long run. However, the Williams’ % Range is in an overbought region; it may cause a temporary pullback in the market.

 

USDJPY: The JPY pairs in most cases have been caught in a steady and protracted bullish bias for many days. The USDJPY pair is no different. The great supply territory at 80.00 was breached on the upside as it was predicted. The next target would be 80.50, if scenario continues. Please bear it in mind that the RSI 14 has constantly stayed in the overbought region.

 

EURJPY: The EURJPY pair, bullish EURJPY! This cross has rejected the bearish correction it had experienced recently. The correction took the price to the demand zone at 103.00, and since then, the price has rallied by around 130 pips. The bullish trend on the cross is still valid.

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

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EUR/USD Intraday Technical Analysis and Trading Recommendations for October 25, 2012

2012-10-25 16:04:49 (читать в оригинале)

 

 

 

 

 

 

 

 

 

 

 

The EUR/USD pair attempted to push lower yesterday, but found a good support at the lower limit of the bullish channel depicted on the DAILY chart above and traded higher earlier today hitting 1.3012.
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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GBP/USD Intraday Technical Analysis and Trading Recommendations for October 25, 2012

2012-10-25 16:01:55 (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 which has been providing considerable support for the pair.
The lower limit of the broken DAILY channel was retested around the price zone of 1.6160 - 1.6180 last week 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) is being re-tested today. However, SELLING is risky this time due to the strong bullish rejection manifested this week.

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