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NZD/USD Candelstick Analysis for October, 18

2012-10-18 13:26:39 (читать в оригинале)

Daily

The NZD/USD rate closed with bullish candlestick pattern on Wednesday. At the same time the quotes consolidation under the correctional level of Fibonacci 76.4% - 0.8230 gives us the reason to consider the rate continues its descending movement towards the correctional level of 61.8% - 0.5081. The candlestick formations Counterattack lines and Engulfing Pattern on these sections, while many candlesticks open and close approximately at the same levels, do not influence the market. Giving the consolidation of quotes under the level of correction 61.8% we may expect the rate continues its down move towards the level of correction 50.0% - 0.7963. Consolidation of the quotes above the Fibonacci level 74.6% of Fibonacci gives the pair possibility to resume ascending move towards the correctional level of 100.0% 0 0.8471.
4h

On the 4H Chart the NZD/USD rate has fixed above the correctional level of Fibonacci 38.2% - 0.8187 after the bullish engulfing pattern was built. However, the pair paused and the next 4 candlesticks opened and closed at the same level. The consolidation above the level 38.2% Fibonacci makes a rate growth towards the correctional level 23.6% - 0.8251 of Fibonacci possible. The building of bearish candlestick formation may enable the pair to make a swing in favour of USD and fall towards the correctional level of 38.2%. We may observe the rebound from the correctional level 23.6% of Fibonacci and a swing in favour of USD could be seen.

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

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Daily Trading Forecasts (October 18, 2012)

2012-10-18 12:18:51 (читать в оригинале)

EURUSD: The EURUSD went beyond the forecasted target of 1.3000 yesterday. The price is currently above that level, and would reach the resistance area at 1.3150, if the bullish pressure continues today.

 

USDCHF: This pair is still in a bearish mode, and if this mode continues, the support level might be breached today 0.9200. However, there is also a possibility of a retracement back to 0.9250 – something that is expected to be temporary.

 

GBPUSD: This is yet a bull market. The Cable now experiences some difficulty around the price zone at 1.6150, but it also could reach the distributing zone at 1.6200. The recommended trade here is a long trade.

 

USDJPY: As it was expected, the USDJPY pair reached the target of 79.00 and broke it on the upside. The pressure is still bullish, as the price continues to show more determination towards the next. It is possible that the target at 79.50 be reached today or tomorrow.

 

EURJPY: So far this week, the EURJPY pair has moved up by more than 240 pips. The price is currently above the price level at 103.50 trying to reach the supply zone at 104.00. This would be the ultimate target for this week. 

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

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EUR/NZD - Elliott Wave Analysis for October 18, 2012

2012-10-18 11:57:14 (читать в оригинале)

 

 

Today's Support and Resistance Levels: 

S1: 1.5923                    R1: 1.5981

S2: 1.5891                    R2: 1.6061

S3: 1.5831                    R3: 1.6127

 

Technical Overview:  

 

The correction from the 1.6059 high has become a little bigger than we originally thought it would be. However, it does not alter our preferred scenario. We are still looking for a much bigger rally here. Once the correction from the 1.6059 high finds its end we should see the next powerful rally higher. As concerns the end of the correction from 1.6059, we suppose it is going to end in the range 1.5891to 1.5922. A break above minor resistance at 1.5987 will be the first indicator, that the correction from 1.6059 is over and a new impulsive rally towards 1.6127 and 1.6215 has begun. At this point only a break below 1.5803 will invalidate the expected impulsive rally and indicate that we are still in a wave ii correction.

 

Trading Recommendation: 

You should be long EUR from 1.5725 with 1.5860 stop. If you are not long EUR already buy at 1.5925 with the same stop.

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

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EUR/JPY - Elliott Wave Analysis for October 18, 2012

2012-10-18 11:49:12 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 103.42                    R1: 103.85

S2: 103.14                    R2: 104.19

S3: 102.91                    R3: 104.71

 

Technical Overview:  

The fifth wave rally from 101.03 continues to progress according to the plan. We can observe a test of the top of wave 3 at 103.85 at the moment. Once this top is broken all requirements for the entire rally 94.10 are fulfilled. That means at that point we will be able to count five separate waves and that would give us our first impulsive wave of one larger degree. Also we have to remember that we are closing in on out first target at 104.71. Once this impulsive rally finds its top, we should expect a correction of the entire rally since the 94.10 low. But now we are still looking for a move closer to our target at 104.71.

 

Trading Recommendation:  

You should be long EUR from 102.85. Move your stop higher to break-even and take profit at 104.50.

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

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GOLD Wave Analysis for October 18, 2012

2012-10-18 11:44:21 (читать в оригинале)

GOLD Elliott Wave
Yesterday gold was trading in a sideways move, impulsive wave 5 (coloured blue) of the bigger wave (C) (coloured green) was developing. During the Asian and European sessions we could observe descending movement from 1,752.70 towards the 1,742.16 level. Therefore, during the early New York session this commodity did not manage to hold this level and price retrace back to 1,752.51 level. At the moment gold is trading around 1,747.60 level and we are expecting to see price around 1,728.50 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 4, we can define the potential targets with measuring wave 4, with Take Profit at 1,728.57 (100% of wave 4) and Take Profit 2 at 1,713.34 (161.8% of wave 4). To reduce the risk, we can use invalidation at 1,757.05 level as Stop Loss. Also it is necessary to monitor U.S. Unemployment Claims, Philly Fed Manufacturing Index data that can influence the price.
Support and Resistance
(S3) 1734.1 (S2) 1739.1 (S1) 1745.1 (PP) 1750.1 (R1) 1756.1 (R2) 1761.1 (R3) 1767.1
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1,744.50 with Stop Loss 1,757.05, Take Profit at 1,728.57 and Take Profit 2 at 1,713.34 are recommended.

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