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EUR/USD: Technical Analysis for October 24, 2012

2012-10-24 11:34:01 (читать в оригинале)

Weekly Pivot Point: 1.3017

Overview:
The EUR/USD pair has broken the resistance level and turned towards the support level near the two-month point of 1.2903. Therefore, the pair has already formed a strong support at 1.2803 / 1.2894. Moreover, having failed to close below 1.2900 yesterday, the pair started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H4 chart; the pair has also formed a strong support at the level of 1.2803 / 1.2894. 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 1.2803. This can be a good sign for buy deals above 1.2803 / 1.2894 with the first target at 1.2970 initiating an uptrend in order to continue the bullish mood towards the point of 1.3015 and further to 1.3130. If the trend breaks the weekly pivot point (1.3017), then the pair will go upwards to these targets. However, it should also be noted that the price is still between 1.3090 and 1.2955, as the last strong resistance level (1.3140) is still able to begin a downtrend at this level. Thus, the market indicates a bearish opportunity at the level 1.3140 on H4 chart with the first target at 1.3090 and continues towards 1.3000.

Weekly Pivot Points:
R3: 1.3392
R2: 1.3266
R1: 1.3143
PP: 1.3017
S1: 1.2894
S2: 1.2768
S3: 1.2645

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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Daily Trading Forecasts (October 23, 2012)

2012-10-23 16:58:38 (читать в оригинале)

EURUSD: There is now a serious threat to the bullish bias – as far as this pair is concerned. If the current correction holds out for the rest of the day and possibly it continues tomorrow, then the bullish outlook would be over. The RSI 14 period is now below the level 50. 

USDCHF: This pair is now showing some new lease of strength – basically because of some noteworthy weakness in EUR. The RSI 14 period is already above the level 50. There is a bullish engulfing candle right now, and if this scenario continues for the next several hours, a bullish signal may become valid.

 

GBPUSD: This is a weak market, as the GBPUSD pair has proven to give short-sellers a good opportunity to enter short at a better price. The short-term rally that occurred yesterday proved to be a rally in a new and valid downtrend. The Williams’ % Range period 20 is already in the oversold region, and therefore there could be a minor correction before the continuation of the downward bias.

 

USDJPY:  As concerns USDJPY, the supply territory at 80.00 was tested once before the present pullback was observed. There is still some weakness in the yen, as the greenback is trying to gather some strength. The price is still above the EMA 56, and the RSI period 14 is going into the oversold region – no wonder the current correction. If the supply level at 80.00 is broken on the upside, the next target would be 80.50.

 

EURJPY: The bullish outlook on this cross is also still vivid – despite the current pullback. It may potentially prove to be a pullback in the context of an uptrend. The EMA 11 is above the EMA 56, while the nearest demand zone is 103.50.

  

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

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SILVER Technical Levels and Trading Recommendations for October 23, 2012

2012-10-23 16:21:27 (читать в оригинале)

Overview

 

The H4 chart demonstrates today that silver takes a downward move after its rebound from the Resistance level of 32.40. Currently, silver is testing the Support level of 31.80. If silver continues its bearish view and manages to break this Support level, it will provide a good opportunity to sell below the Support level 31.80 till enabling the Support level of 31.50 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 31.50 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 31.00 as a level target.
On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level of 31.80, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 32.40 again. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 31.80 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

 

Resistance and Support levels

R3 (33.30)
R2 (33.00)
R1 (32.40)
S1 (31.80)
S2 (31.50)
S3 (31.00)

 

Trading Recommendations

According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 31.80 with TP 31.45; SL closing 4H below the Resistance level might be appropriate. 

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

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EUR/USD Wave Analysis For October 23, 2012

2012-10-23 15:35:16 (читать в оригинале)

Wave Analysis:

As it was expected, during yesterday’s trading session EUR/USD started rebound from the correctional level of 50.0%; the price increased by 60 points and reached the level of 1.3080. The pair’s inability to develop an upward move points out the potential to resume downward move and building of full-fledged five-wave structure in terms of descending trend which begins from the high of October 17 (1.3140) and aims the target which is placed lower the level of figure 30. Meanwhile, the wave structure which does not look like a completed one and was formed during 11 to 17 October provides the euro a chance to start the ascending move in terms of future wave 5. Its first target is 1.3205.

Targets for Wave 5 (presumably) Uptrend:

1.3162 and higher – 100% of Fibonacci

Targets for Wave 4 (if it is not completed):

 

1.3014 – 50.0% of Fibonacci
1.2985 – 61.8% of Fibonacci

 

Summary and Trading Recommendations:

The uptrend continues its building. Wave 5 started its formation; it is presumably a series of up waves. The upward move is in terms of the wave; its target is 1.3162 and higher which is corresponding to 100.0% of Fibonacci. If the wave 4 is not completed or is transforming into a new downtrend, then the rate may resume its down move towards 1.3014 and 1.2985 which is corresponding to 50.0% and 61.8% of Fibonacci. Short upside channel points out the possibility of wave 5 formation.

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

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GBP/JPY Technical Levels and Trading Recommendations for October 23, 2012

2012-10-23 13:41:13 (читать в оригинале)

Overview
The H4 chart demonstrates today that the pair takes a downward move after its failure to break the Resistance level of 128.10. Currently, the pair is trading between the Support level of 127.20 and the Resistance level of 128.10. Given that the pair continues its bearish move and manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which will enable the Support level of 126.85 as a level target. Then we should wait for breaking of this Support level to continue the downward move and the way towards the Support level of 126.15 will be open.
On the other hand, if the pair fails to break the Support level of 127.20 and bounces from it, it may reverse the bearish move taking an upward move enabling the Resistance level of 128.10 again. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and closes 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level of 128.40 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 127.20 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels
R3 (128.75)
R2 (128.40)
R1 (128.10)
S1 (127.20)
S2 (126.85)
S3 (126.15)

Trading Recommendations
According to the previous analysis, we recommend selling after breaking the Support level of 127.20 and closing 4H below with TP 126.65; SL closing 4 hours above the Support level will be appropriate. 

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