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SILVER Technical Levels and Trading Recommendations for October 12, 2012

2012-10-12 14:49:27 (читать в оригинале)

 

Overview

The H4 chart shows today that silver takes a downward move after its rebound from the Resistance level of 34.25 and presently it is approaching the Support level of 33.70. 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 as well as will make it possible to reach the Support level of 33.30 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 33.30 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 33.00 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 33.70, this will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 34.25 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 33.70 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels
R3 (35.50)
R2 (35.00)
R1 (34.25)
S1 (33.70)
S2 (33.30)
S3 (33.00)

Trading Recommendations
According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 33.70 with TP 34.35; SL closing 4H above the Support level might be appropriate.

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

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GBP/JPY Technical Levels and Trading Recommendations for October 12, 2012

2012-10-12 14:46:44 (читать в оригинале)

 

Overview
Today the H4 chart demonstrates that the pair fails to break the Resistance level of 126.00 and bounces from it to take a slightly downward move. Currently, the pair is trading between the Support level of 125.00 and the Resistance level of 126.00. Given that the pair takes a downward 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 124.50 as a level target. Then we should wait for breaking of this Support level to continue the downward move and open the way towards the Support level of 124.05
On the other hand, if the pair takes an upward move enabling the Resistance level of 126.00. 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 close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level of 126.30 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 127.20 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels
R3 (126.80)
R2 (126.30)
R1 (126.00)
S1 (125.00)
S2 (124.50)
S3 (124.05)

Trading Recommendations

According to previous analysis, we recommend selling after breaking the Support level of 125.00 and closing 4H below with TP 125.55; SL closing 4 hours above the Support level will be appropriate.

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

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USD/CHF: Technical Analysis

2012-10-12 14:44:48 (читать в оригинале)

Overview:
USD/CHF is trading with risks skewed lower. The rate is undermined by broadly weaker demand for safe-haven USD amid decreased risk aversion. But USD/CHF losses tempered by positions adjustment before weekend.
Preference:
Short positions below 0.936 with targets at 0.9295 and 0.927 in extension.
Support Levels:
0.9291 (Monday's low)
0.9270 (Oct. 5 low)
0.9235 (Sept. 14 reaction low)   
Alternative scenario:
Above 0.936 look for further upside with 0.939 and 0.9418 as targets.
Resistance Levels:
0.939
0.9418 (Thursday's high), then at
0.9431-0.9438 band (Wednesday's high-Oct. 1 high)  
Comment:
The pair stands below its resistance and remains under pressure. Daily chart is mixed as MACD is bullish, but stochastics is turning bearish.  

 

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

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Wave Analysis of the EUR/USD pair for October 12, 2012

2012-10-12 14:41:15 (читать в оригинале)

Wave Analysis:

During yesterday’s trading session the EUR/USD pair rebounded from the level of 1.2825. It began its upward move by 120 points but it did not reach the level of 1.2950. The whole downtrend which has been developing from the high of October 5 (1.3070) can be interpreted as a range of abc waves as well as incomplete five-wave structure. Thus, if the rate growth continues, then the pair will be involved in the building of a new horizontal correction. Meanwhile, if it resumes its descending move, it will complete wave c, which first target may be at the level of 1.2760.

Targets for Up Wave 5 in c:

 

1.2836 – 50.0% of Fibonacci
1.2758 – 61.8% of Fibonacci

 

Targets for Wave 4 in c or New Uptrend:

1.3011 – 23.6% of Fibonacci

Summary and Trading Recommendations:

The formation of the correctional trend continues at the moment. Wave continues its building from downtrend. The quotes growth, presumably in terms of wave 4 in c towards the level of 1.3011 which is equal to 61.8% of Fibonacci may break the current wave formation. However, the beginning of the down move may denote building of wave 5 in c with targets at 1.2836 and 1.2758 corresponding to 50.0% and 61.8% of Fibonacci. There are still no channels or divergences of MACD.

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

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Daily Trading Forecasts (October 12, 2012)

2012-10-12 13:57:14 (читать в оригинале)

EURUSD: The bearish plunge that started this week has reversed largely. If the price goes back to the level at 1.3000, a bullish bias is confirmed. A long position is being braced for EUR/USD.

 

USDCHF: The attempted rally that begun at the beginning of this week; it has been reversed as well. The RSI is now below the level of 50. A brand-new bearish wave is currently forming, and if it continues, then the next support level would be at 0.9300.

 

GBPUSD: The overall bias is still bearish on this pair, though the price is currently in some sort of rally. It is confirmed further by the Williams’ % Range that is going into the overbought level. If there is no confirmation of the bullish bias, one would need to sell dearer.

 

EURJPY:   This cross is still bullish and it is showing the overall weakness in the Yen. From a low of 100.14 the cross has moved up by more than 170 pips. One thing that could be done is to buy a bearish retracement, say around the demand zone at 101.50.

 

USDJPY: The USDJPY has largely ranged traded this week. If there were a need to make a decision, I would prefer to go long. It is because the pair is currently above the EMA 21, while the RSI 14 is above the level 50. 

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