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GBP/JPY Technical Levels and Trading Recommendations for October 24, 2012

2012-10-24 16:51:43 (читать в оригинале)

Overview
Proceeding from today's 4H chart, the pair is going to take an upward move after bouncing from the Support level 127.20 and currently the pair is trading between the Support level 127.20 and the Resistance level 128.10. 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 128.40 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 128.80.
On the other hand, if the pair fails to break the Resistance level of 128.10 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 127.20. 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 126.85 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 128.10 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 (128.80)
R2 (128.40)
R1 (128.10)
S1 (127.20)
S2 (126.85)
S3 (126.15)

 

Trading Recommendations
According to the previous analysis, we recommend buying after breaking the Resistance level of 128.10 and closing 4H above with TP 128.55; 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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EUR/JPY Analysis for October, 24

2012-10-24 16:49:32 (читать в оригинале)

Daily

 

The rate fixed above the correctional level of 50.0% - 102.77 Fibonacci and the bearish candlestick formation Harami was built. The bearish Engulfing pattern had been formed before it. Thus, the quotes may continue downward move towards the level of correction 50.0%. The building of bullish candlestick pattern or consolidation above the level of 61.8% of Fibonacci may enable the growth towards the next level of correction 76.4% - 107.34. The rate may retrace the correctional level of 50.0% as well as it may open up the possibility for the pair to turn in favor of the euro.

4h

 

The bearish candlestick pattern enabled the rate to consolidate under the correctional level 100.0% - 103.83 of Fibonacci. The bullish candlestick patterns Harami and Morning Star were built; the price returned to the level of 100% of Fibonacci and the bearish pattern Long-legged Doji was built. As a result, the rate’s consolidation above the correctional level 100% provides a possibility of growth towards the next correctional level 161.8% - 106.44 of Fibonacci. If such a consolidation is not seen, then the rate may continue falling towards the correctional level 76.4% - 102.84 of Fibonacci. Building of a new bullish candlestick pattern gives a reason to consider the consolidation of the rate above the level of 100.0%.

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

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EUR/JPY Intraday Technical Analysis

2012-10-24 14:14:47 (читать в оригинале)

 

 

The spot rate is currently testing the lower limit of its medium-term bullish channel at 102.90 suggesting a rebound. However, a break of these levels will free a large potential and initiate a violent bearish channel.
Technical indicators provide sell signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement. Furthermore, the spot rate evolves on the levels of the inferior band supporting the hypothesis of a rebound.
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 102.90 with the 1st objective at 103.50 and then at 103.70. A breakthrough of 102.70 will invalidate this scenario. The second scenario is a break of its support then we recommend a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 102.90 with the 1st objective at 102.20 and then at 102.00. A breakthrough of 103.10 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-10-24 14:12:16 (читать в оригинале)

 

 

Gold is currently testing the intermediate resistance of its medium-term bearish channel at 1,713. It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1,733.
Technical indicators do not provide clear signals and evolves in oversell zone supporting the hypothesis of a rebound. But until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
Gold is currently testing the intermediate resistance 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 1,713 with the 1st objective at 1,703 and then at 1,700. A breakthrough of 1,716 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,713 with the 1st objective at 1,725 and then at 1,730. A breakthrough of 1,710 will invalidate this scenario.

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

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GBP/USD Intraday Technical Analysis

2012-10-24 14:08:55 (читать в оригинале)

 

 

The spot rate approaches the intermediate resistance of its medium-term bearish channel at 1.6040 and It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1.6150.
Technical indicators provide buy signals, but until the resistance is not broken the assumption of a decline 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 intermediate resistance 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 1.6040 with the 1st objective at 1.5980 and then at 1.5960. A breakthrough of 1.6060 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.6040 with the 1st objective at 1.6100 and then at 1.6120. A breakthrough of 1.6020 will invalidate this scenario.

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