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USD/CAD Wave Analysis for October 10,2012

2012-10-10 12:00:39 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair was trading in an upward move like we expected, developing corrective wave (C) (coloured green) of the bigger wave (2) (coloured orange). Yesterday, during the Asian and European sessions we could observe ascending movement from 0.9745 towards the 0.9770 level. Therefore, during the New York session this major pair continued trading in a bullish mood and price reached 0.9807 level. We can consider this move as the end of the wave (2) (coloured orange). The USD/CAD pair is trading around 0.9790 level at the moment and we are expecting to see price around 0.9565 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 measuring wave 1, with Take Profit at 0.9658 (100% of wave 1) and Take Profit 2 at 0.9566 (161.8% of wave 1). To reduce the risk, we can use invalidation at 0.9808 level as Stop Loss. Also it is necessary to monitor U.S. FOMC Member Yellen Speaks, 10 Year Bond Auction, Beige Book data that can change the rate of the pair.
Support and Resistance
(S3) 0.9714 (S2) 0.9738 (S1) 0.9753 (PP) 0.9777 (R1) 0.9801 (R2) 0.9816 (R3) 0.9840
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9775 with Stop Loss 0.9808, Take Profit at 0.9658, and Take Profit 2 at 0.9566 are recommended.

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

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EurJpy Is Still Supported By Trendline. Look For A Bullish Bounce Here

2012-10-10 11:50:48 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As depicted above, prices are testing the trend line that offered support to the single currency. A bullish bounce here would change the outlook. Short-term timeframes are already suggesting/hinting a possible reversal from here on. Intermediary support is between 99.50 and 100.00 levels. On the flip side, a clear break would suggest further bearishness towards 98.00 level in the coming sessions. It is not recommended to go aggressively short at the moment since a bullish reversal is possible. Look out for opportunities to go long.

Trade Recommendations:

Book profits from the short positions taken earlier. Go long now. Stop at 99.10. Target open.

 

Good Luck!

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

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1.4900 Still Remains A Possibility For GbpChf

2012-10-10 11:27:09 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As it was discussed yesterday, the single currency pair produced Bullish Engulfing Pattern just shy of 1.4900 level. Longs were recommended around 1.5 level and prices still have a bit more room left on the upside. Sequence of lower lows and lower highs is forming at the moment, so it is suggested to book small profits on long positions. As depicted above, the downside Fibonacci extensions spread through 1.4900 (shown in red). Furthermore, trend line convergence is also at the same level. There is a possibility that prices fall back to 1.4900 and bounce thereafter. On the other side, bulls will gain more makeweight if prices take out 1.5250 resistance from here on. Keeping it simple, taking small profits should be the trade mantra. 1.4900 remains key to the bears, while 1.5250 remains key to the bulls.

Trade Recommendations:

Book profits from longs taken yesterday. Scalp between 1.4900 (go long) and 1.5100 (go short).

 

Good Luck!

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

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USD/JPY Intraday Technical Levels for October 10, 2012

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

TODAY's  TECHNICAL  LEVELS:

Resistance 3: 78.66.

Resistance 2: 78.51.

Resistance 1: 78.35.

Support 1: 78.16.

Support 2: 78.01.

Support 3: 77.85.

 

DESCRIPTION:

 

Please, pay attention to the levels of support 3 (77.85) and resistance 3 (78.66). 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
Email : 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 10, 2012

2012-10-10 10:53:20 (читать в оригинале)

TODAY's  TECHNICAL  LEVELS:

Breakout BUY Level: 1.2920.

Strong Resistance: 1.2912.

Original Resistance: 1.2900.

Inner Sell Area: 1.2888.

Target Inner Area: 1.2857.

Inner Buy Area: 1.2827.

Original Support: 1.2814.

Strong Support: 1.2802.

Breakout SELL Level: 1.2795.

 

DESCRIPTION:

 

Today EUR/USD has support and resistance at 1.2814 and 1.2900 and is accompanied by strong support at 1.2802 and by 1.2912 as strong resistance.
If EUR/USD breaks out and closes below a 1.2795 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and close above 1.2920 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 1.2827 and at 1.2888 a SELL position. In this case both targets should be located at the level of 1.2857.

 

 

 

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

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