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SILVER Technical Levels and Trading Recommendatios for October 1, 2012

2012-10-01 18:29:06 (читать в оригинале)

 

Overview
The H4 chart demonstrates today that silver takes an upward movement after bouncing from Support level of 34.25. Presently, silver is trading above Resistance level of 35.00. 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 35.50 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 35.50 and close 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level of 36.00 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 35.00, it will be a strong indicator for the bearish move after closing 4H below Support level 34.25 enabling Support level 33.90. 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 35.00 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(36.00)
R2(35.50)
R1(35.00)

S1(34.25)
S2(33.90)
S3(33.30)

Trading Recommendations

According to the previous analysis, we recommend buying in case of closing 4H above the Resistance level 35.00 with TP 35.50; SL closing 4H below the Resistance 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 1, 2012

2012-10-01 18:27:33 (читать в оригинале)

 

Overview

Proceeding from today's H4 chart, the pair is still trading below the Resistance level of 125.80 and can't break it. If the pair takes an upward move and manages today 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 126.30 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 126.85.
On the other hand, if the pair fails to break the Resistance level of 125.80 and bounces from it , it may reverse the bullish move taking a downward move which will enable Support level of 125.30 again. 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 124.75 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 125.80 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(126.85)
R2(126.30)
R1(125.80)
S1(125.30)
S2(124.75)
S3(124.50)

Trading Recommendations
According to the previous analysis, we recommend buying after breaking the Resistance level 125.80 and closing 4H above with TP 126.25; 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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Daily Trading Forecasts (October 1, 2012)

2012-10-01 16:00:24 (читать в оригинале)

                                       

EURUSD: EURUSD is showing some weakness as the pair finds it difficult to move upwards. A short trade is sought here: the price is below the EMA 21.

 

USDCHF: This pair has clearly rejected bearish propensity - at least in the near-term. A long trade is expected to be opened, since the price is above the EMA 21.

 

GBPUSD:  Despite their obstinacy, the bulls were forced to give up their stranglehold on this market. If the market continues to move below the EMA 21, then a new southward position is confirmed.

 

EURJPY: EURJPY cross is still moving sideways - without giving a clear direction. One would need to stay out of this market right now, until a clear signal is generated.

 

USDJPY: This pair saw mixed results last week. All the gains made by sellers were reversed by a bullish breakout that occurred last Friday. The bullish rally would be confirmed (not as a false breakout) when the EMA 11 crosses its EMA 56 counterpart to the upside. 

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

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AUD/USD Wave Analysis for October 01,2012

2012-10-01 13:48:34 (читать в оригинале)

AUD/USD Elliott Wave
For the last few days the AUD/USD pair was trading in a downward move, developing impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured green). During the Friday's Asian session we could observe ascending move towards the 1.0473 level and we can consider this move as end of the corrective wave 2 (coloured blue). Therefore, during the European and New York sessions the AUD/USD pair did not manage to hold this level and the price started pushing lower reaching a new daily low at 1.0365 level. Today during the early Asian session this currency pair continued trading in a bearish mood reaching a 1.0325 level and we can consider this move as an end of the impulsive wave (1) (coloured purple) of the bigger wave 3 (coloured blue). 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 (1.0473-1.0325-1.0400), with Take Profit at 1.0185 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0474 level as Stop Loss. Also it is necessary to monitor U.S. ISM Manufacturing PMI and Fed Chairman Bernanke Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 1.0298 (S2) 1.0339 (S1) 1.0365 (PP) 1.0406 (R1) 1.0447 (R2) 1.0473 (R3) 1.0514
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0400 with Stop Loss 1.0474 and Take Profit at 1.0185 are recommended.

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

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USD/CAD Wave Analysis for October 01,2012

2012-10-01 13:44:48 (читать в оригинале)

USD/CAD Elliott Wave
Last Week the USD/CAD pair finished developing of the corrective wave 4 (coloured purple) and we could observe downward movement at the end of the week when developing of the final impulsive 5 wave starts. During Friday's Asian and European sessions we could observe a descending movement from 0.9810 towards the 0.9780 level and we can consider this move as end of the (1) wave (coloured orange) of the bigger 5 wave (coloured purple). Therefore, during the early New York session the USD/CAD pair did not manage to hold this level and the price started pushing higher reaching a new daily high at 0.9851 level. Today this major pair finished developing of the (2) corrective wave (coloured orange) at 0.9853 level and we are expecting to see the price lower for the next few days. 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 (0.9860-0.9780-0.9853), with Take Profit 1 at 0.9727 (161.8% of wave 1), and Take Profit 2 0.9697 (200% of wave 1). To reduce the risk, we can use invalidation at 0.9860 level as Stop Loss. Also it is necessary to monitor CAD RMPI m/m and U.S. ISM Manufacturing PMI, Fed Chairman Bernanke Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 0.9751 (S2) 0.9778 (S1) 0.9794 (PP) 0.9821 (R1) 0.9848 (R2) 0.9864 (R3) 0.9891
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9810 with Stop Loss 0.9860, Take Profit 1 at 0.9727, and Take Profit 2 at 0.9697 are recommended.

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