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Daily Trading Forecasts (October 16, 2012)

2012-10-16 19:07:40 (читать в оригинале)

 

USDCHF: There has been a bearish bias confirmation on this pair – a scenario that is expected to be carried on. The price is now far below both the EMA 11 and 56, as the RSI 14 is still below the level of 50. The next price target could be 0.9250.

 

GBPUSD: I still prefer to stay out of this market as I await new bullish confirmation. If the present scenario continues, a long possibility would eventually be confirmed. The Williams’ % Range is already in the oversold region.

 

EURJPY: The EUR/JPY pair started its bullish signals before the end of the last week. Now the signal is more than confirmed; as the price has gone up by roughly 170 pips this week. The price is far above the EMA 11 and 56, and the next target to be breached is 103.00 – approximately to the upside.

 

 

USDJPY: The current situation influences the other JPY pairs. The market is travelling northward, being above the EMA 56. As the RSI 14 is above the level 50, 79.00 is the next price target. 

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for October 16, 2012

2012-10-16 18:55:23 (читать в оригинале)

The GBP/USD pair reacted strongly towards 1.6300 – 1.6350 zone confirming the bearish retracement scenario expected in the previous weeks.
The bearish Head and Shoulders reversal pattern on the 4H chart, which was confirmed on Friday, enabled 1.6060 level as a full target for the pattern which got hit on Monday with further decline towards 1.6000.
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 so far.
The lower limit of the depicted 4H channel provided considerable support pushing the GBP/USD pair to the upper limit of the bearish 4H channel around 1.6125 where price action should be watched.
A long-term support is seen around the price level of 1.5920 (50% Fibonacci Level). However, the recommended trade is to SELL the pair at retesting of the lower limit of the broken channel around 1.6160 with SL located above 1.6215.

Support: 1.6070, 1.6020, 1.5970, and 1.5920.
Resistance: 1.6125, 1.6160, 1.6260, and 1.6315.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for October 16, 2012

2012-10-16 15:46:21 (читать в оригинале)

 

After the USD/CAD pair broke below 0.9845 the market went to the downside. It reached the price level of 0.9635 testing the lower limit of the depicted bearish long-term channel which expressed a considerable bullish strength.
The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725) which is considered to be a bullish signal in the long term with a possible bullish 123 reversal pattern appearing on the DAILY chart targeting 0.9980.
It is important to notice that USD/CAD broke below the established ascending bottoms around 0.9797 and 0.9780. It is the way for the pair to retest the broken bearish channel and 61.8% of Fibonacci level of the newly established bullish swing around 0.9725 where price action should be watched for a valid BUY entry.
Price zone 0.9820-0.9850 is an intraday resistance zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should be a break above the intraday resistance zone.
Fixation below price level of 0.9650 invalidates the bullish scenario for the current situation.

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

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GBP/USD: Intraday Technical Analysis for October 16, 2012

2012-10-16 15:44:34 (читать в оригинале)

Weekly Pivot Point: 1.6060.

Weekly Pivot Points:

R3: 1.6328
R2: 1.6236
R1: 1.6152
PP: 1.6060
S1: 1.5976
S2: 1.5884
S3: 1.5800

GBP/USD "Pound-Dollar":
Resistance: 1.6150 (sell below this level).
Support: 1.6060 (buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels of 1.6055 and 1.6125.

The descending movement will probably be lower than 1.6150 level with the first target at 1.6100 and 1.6050 levels.
Buy deals are recommended above the 1.6060 level with targets at 1.6115 and 1.6150 levels.

Overview:

It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.6055 and 1.6125, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6060 level with their first target at the level of 1.6100. From this point, the pair is likely to begin an ascending movement to the point of 1.6125 and further to the level of 1.6150. However, if the pair fails to pass through the level of 1.6150, the market will indicate a bearish opportunity below the strong resistance level of 1.6150. In this regard, sell deals are recommended lower than the 1.6150 level with the first target at 1.6100. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6150 then 1.5980 (the weekly support 1).

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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SILVER Technical Levels and Trading Recommendations for October 16, 2012

2012-10-16 15:01:10 (читать в оригинале)

 

Overview
The H4 chart demonstrates today that silver starts taking a slightly upward movement after bouncing from Support level of 32.65. Presently, silver is testing the Resistance level of 33.00. If silver continues the upward movement and manages to close 4H above this Resistance level, it will provide a good opportunity to buy above the Resistance level as well as make it possible to reach the Resistance level of 33.30 as the level target. After that we should wait for breaking out of this Resistance level to continue the bullish move. In case silver is able to break the Resistance level of 33ШІ30 and close 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level of 33.65 as a level target.
On the other hand, if silver reverses its bullish move and takes a downward move after its rebound from the Resistance level of 33.00, it will be a strong indicator for the bearish move after closing 4H below Support level of 32.65 enabling Support level of 31.90. In this case we should wait for breaking this Support level to continue the bearish view. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 33.00 is unbroken, the downward move is still expected and invalidating the upward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels
R3 (33.65)
R2 (33.30)
R1 (33.00)
S1 (32.65)
S2 (31.90)
S3 (31.90)

Trading Recommendations
According to the previous analysis, we recommend buying in case of closing 4H above the Resistance level of 33.00 with TP 33.45; SL closing 4H below the Resistance level might be appropriate.

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