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USD/CAD Wave Analysis for October 18, 2012

2012-10-18 11:35:27 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in a downward move like we expected, impulsive wave (1) (coloured green) of the bigger wave (3) (coloured orange) is developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9870 towards the 0.9837 level. Therefore, during the New York session the USD/CAD pair continued trading in a bearish mood and price reached a new 2 days low at 0.9772 level. Today this currency pair finishes development of the 1 impulsive wave (coloured green) at 0.9763 level and we are expecting to see price around 0.9820 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1, with Take Profit at 0.9821 (50% of wave 1) and Take Profit 2 at 0.9835 (61.8% of wave 1). To reduce the risk, we can use support at 0.9744 level as Stop Loss. Also it is necessary to monitor U.S. Unemployment Claims, Philly Fed Manufacturing Index, and CAD Wholesale Sales m/m data that can change the rate of the pair.
Support and Resistance
(S3) 0.9709 (S2) 0.9746 (S1) 0.9770 (PP) 0.9808 (R1) 0.9845 (R2) 0.9869 (R3) 0.9907
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9790 with Stop Loss 0.9744, Take Profit 1 at 0.9821 and Take Profit 2 at 0.9835 are recommended.

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

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USD/JPY Intraday Technical Levels for October 18, 2012

2012-10-18 11:26:16 (читать в оригинале)

TODAY's  TECHNICAL  LEVELS:

Resistance 3: 79.53.

Resistance 2: 79.38.

Resistance 1: 79.22

Support 1: 79.02.

Support 2: 78.87.

Support 3: 78.71.

 

DESCRITPION:

Please, pay attention to the levels of support 3 (78.71) and resistance 3 (79.53). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

 

 

Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com

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

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EUR/USD Intraday Technical Levels for October 18, 2012

2012-10-18 11:23:22 (читать в оригинале)

TODAY's  TECHNICAL  LEVELS:

Breakout BUY Level: 1.3173.

Strong Resistance: 1.3164.

Original Resistance: 1.3154.

Inner Sell Area: 1.3141.

Target Inner Area: 1.3109.

Inner Buy Area: 1.3078.

Original Support: 1.3066.

Strong Support: 1.3053.

Breakout SELL Level: 1.3045.
 

 

DESCRIPTION:

 

Today EUR/USD has support and resistance at 1.3066 and 1.3154. The pair is accompanied by strong support at 1.3053 and by 1.3164 as strong resistance.
If EUR/USD breaks out and closes below 1.3045 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and close above 1.3173 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3078 and at 1.3141 a SELL position. In this case both targets should be located at the level of 1.3109.

 

 

 

Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com

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

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EUR/USD Technical Correction - For October 17, 2012 (Daily Strategy)

2012-10-17 20:05:54 (читать в оригинале)

 

The euro is very optimistic because German Chancellor Angela Merkel gave a pro-euro speech, saying that progress has been made against the debt crisis, but it will take years of "systematic work" to resolve the crisis. It was well received and many took bullish positions.
As we mentioned in the previous articles, on Friday and yesterday the euro was within a technical pattern. Yesterday it rose quickly. Now it is trading at the level of 1.3130. It is likely to be a decline in the euro for the next few hours, because it is in front of the weekly resistance level of 1.3134 (W_R2).
If it overcomes this level it may extend to 1.3250 fractal. Therefore, we do not recommend buying. The best is to take bullish positions on the reverse of the pair towards 1.3010 fractal.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my technical analysis, please vote for me, in the portal MT5.com, please login and then vote for me. Thanks.

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

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Fundamental Analysis For October 17, 2012

2012-10-17 19:59:22 (читать в оригинале)

 

The euro came out of the narrow price range. Yesterday we saw the euro exceeded 1.30 and followed quickly up to 1.3130. Now it is trading at this level. We believe the upward movement will extend at least to the level of 1.3250 as strong resistance.
Germany is open to Spain looking for a precautionary credit line from the European rescue fund. German Chancellor Angela Merkel gave a pro-euro speech, saying that progress has been made against the debt crisis, but it will take years of "systematic work" to resolve the crisis. She also noted that Greece is changing its "way of thinking" and she is against a split EU into euro/non-euro.
While, the U.S. retail sales and CPI in September again exceeded the expectations of analysts.
Retail sales rose 1.1% last month, up from 0.6% expected, confirming the recovery in consumption in the United States. In its turn, the consumer price index increased by 1.1%. It was also higher than expected as well as the Wholesale Price Index which was released on Friday. A Labor Department report also showed that the cost of living in the U.S. increased in September for the second consecutive month, reflecting an increase in energy costs.
We expect a rebound of leading currencies in the short term as it is trading around weekly resistance.
Meanwhile, the yen which acts as a refuge from uncertainty reversed from the highs of last week and again is about the level of 79 units.
Gold hits lows, the current price is $ 1,744 and it has a very strong support zone. It seems unlikely that the breakdown of it could extend the bearish mood.

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