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GBP/JPY Technical Levels and Trading Recommendations for October 16, 2012

2012-10-16 14:26:49 (читать в оригинале)

 

Overview
Proceeding from today's 4H chart, the pair is going to take an upward move after breaking the Resistance level of 126.50 and currently the pair is trading between the Resistance level of 127.10 and the Support level of 126.50. 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 127.75 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 128.40.
On the other hand, if the pair fails to break the Resistance level of 127.10 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 126.50. 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 125.80 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 127.10 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 (128.40)
R2 (127.75)
R1 (127.10)
S1 (126.50)
S2 (125.80)
S3 (125.30)

Trading Recommendations
According to the previous analysis, we recommend buying after breaking the Resistance level of 127.10 and closing 4H above with TP 127.70; 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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USD/CHF: Technical Analysis for October 16, 2012

2012-10-16 14:14:22 (читать в оригинале)

Forecast:
Strong level (Resistance) will be formed at 0.9430 providing a clear signal for sell deals with the target seen at 0.9325 level. Stop-loss is to be placed above 0.9475.
Strong level (Support) will be formed at 0.9280 providing a clear signal for buy deals with the target seen at 0.9350 level. Stop-loss is to be placed below 0.9245.

Overview:
USD/CHF: It is necessary to consider that the price is still located between points of 0.9320 and 0.9375, i.e. above the strong resistance level of 0.9430. The pair has already formed a strong resistance at this level of 0.9430 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and indicating the bearish opportunity below 0.9430 level. Sell deals are recommended below 0.9430 with the first target seen at 0.9370 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9325 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9280. The saturation is likely to take place around 0.9280. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9280 with the first target seen at 0.9350 level and if the weekly pivot point (0.9354) will be broken successfully, then the pair will go further at 0.9403 level.

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

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GBP/USD. Forecast for October 16, 2012

2012-10-16 14:10:38 (читать в оригинале)

 

As it was expected, the British pound repeated the euro’s movements; the rate fell 8 points yesterday.
At 12:30 (GMT+4) Inflation Report Hearings are released. PPI Input and PPI Output data are forecast to be lower than in August (0.0% vs. 2.0%). Core Consumer Price index is foreseen to come out in line with expectations at 2.6%. Retail price index is awaited to be lower, 2.6% against 2.9% in August. House Price index is expected to be lower the previous data, 1.9% vs. 2.0%. The provided data is likely to ease the Bank of England’s fears about inflation. Taking into account possible Trade Surplus in the Eurozone and increase in U.S. industrial production, the British pound may grow in line with the stock market.
Technically, the ascending move may develop in case the rate fixes above 1.6084 with targets at the levels of 1.6125, 1.61966. In case the rate is in the negative territory, the rate may reach the level of 1.6047, if the level of 1.6047 is broken.

 

  

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

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GOLD Wave Analysis for October 16, 2012

2012-10-16 12:56:16 (читать в оригинале)

GOLD Elliott Wave
For the last few days Gold was trading in a downward move, developing corrective (c) wave (coloured green) of the bigger (4) wave (coloured orange). Yesterday, during the European session we could observe ascending movement from 1740.90 toward the 1748.26 level. Therefore, during the New York session Gold did not manage to hold this level and price started pushing lower reaching a 1727.98 level. We can consider this move as the end of the 3 impulsive wave (coloured blue). Today this commodity is trading higher and we are expecting to see price around 1728.57 level in the next few days. 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 1728.57 (100% of wave 4). To reduce the risk, we can use invalidation at 1757.05 level as Stop Loss. Also it is necessary to monitor U.S. Core CPI m/m, CPI m/m, TIC Long-Term Purchases, Capacity Utilization Rate, and Industrial Production m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1701.4 (S2) 1715.5 (S1) 1727.2 (PP) 1741.3 (R1) 1753.0 (R2) 1767.1 (R3) 1778.8
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1746.31 with Stop Loss 1757.05 and Take Profit at 1728.57 are recommended.

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

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USD/CAD Wave Analysis for October 16, 2012

2012-10-16 12:54:02 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in an upward move, developing corrective wave (2) (coloured green) of the bigger wave (3) (coloured orange). Yesterday, during the Asian and European sessions we could observe descending movement from 0.9810 towards the 0.9768 level. Therefore, during the early New York session this major pair started pushing higher and price retraced back to 0.9810 level. Today the USD/CAD pair finished developing of the (2) wave (coloured green) at 0.9824 level. We are expecting to see price around 0.9706 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with Fibonacci Extensions (0.9834-0.9762-0.9924), with Take Profit at 0.9750 (100% of wave 1) and Take Profit 2 at 0.9706 (161.8% of wave 1). To reduce the risk, we can use invalidation at 0.9835 level as Stop Loss. Also it is necessary to monitor CAD Foreign Securities Purchases, Manufacturing Production m/m and U.S. Core CPI m/m, CPI m/m, TIC Long-Term Purchases, Capacity Utilization Rate, and Industrial Production m/m data that can change the rate of the pair.
Support and Resistance
(S3) 0.9753 (S2) 0.9769 (S1) 0.9779 (PP) 0.9795 (R1) 0.9811 (R2) 0.9821 (R3) 0.9837
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9795 with Stop Loss 0.9835, Take Profit 1 at 0.9695 and Take Profit 2 at 0.9706 are recommended.

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