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Daily Trading Forecasts (September 28, 2012)

2012-09-28 14:54:13 (читать в оригинале)

EURUSD: This pair is currently caught in a rally, quickly recovering the loss it has sustained this week. The resistance level at 1.2950 is being battled with, and it seems that the next target will be 1.3000.

USDCHF: USDCHF is now trying to give up some of its gains in the near-term. The support level at 0.9350 has already been broken to the downside - the next target is at 0.9300.

 

GBPUSD:  What is happening on Forex market, is having an anticyclical effect on this pair, as it is coming down gradually. Eventually, the condition that affects EURUSD would determine the direction of the Cable.

 

EURJPY: EURJPY has found it difficult to go clearly below the psychological level at 100.00. It found a bottom around 99.50 and is now trying to rally towards 101.00.

 

USDJPY: Weak USDJPY reached a bottom at 77.50. It looks as if a further bearish move is about to be rejected. If this is true, the price would go back to the resistance level at 78.00, and if not, the support level at 77.50 would be tested again.

  

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

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Silver Is Preparing To Breakdown. 35.25 Key To Bulls.

2012-09-28 13:11:41 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Believe it or not, silver is the same as gold. The top formed at 35.15 level last week is Head, 34.70/75 levels are the Left Shoulder and the recent rally is carving out a lower low at 34.75 level again. This could possibly be the Right Shoulder. The next step should be lower and minimum expectations are 32.00 level. On the other side, a clear break above, 35.25 level will take the metal higher upto 37.00 and 39.00 levels. The former one is high probability trade setup for now.

Trading Recommendations:

Go short again now, stop at 35.25/30 levels, target 32.00 and 30.00.

 

Good Luck!

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

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Gold Is Setting Up A Possible Breakdown. 1790.00 Remains The Key.

2012-09-28 13:09:38 (читать в оригинале)

 

Technical Outlook and Chart Setups:

It has proved to be a bit early in defining 1775.00 as core resistance yesterday. A classical trading setup is being carved out here. The rally till now is impressive, but technically this looks to be setting up for a reversal!

1. Gold peaks out at 1787.00(Head)

2. The metal drops and takes out support at 1750.00 level.(Neck Line)

3. The present rally maybe carving out a lower high below 1787.00. (Right Shoulder. The Left Shoulder is placed at 1778/80 levels.)

If the above count is correct, the yellow metal is set to see 1700.00 level soon. This looks to be a tough trade call, but as they say, "trading is all about taking smart chances...". On the contrary, a break of 1790 leves, will help the yellow metal to rise towards fresh highs. At the moment, shorts are favoured.

Trading Recommendations:

Go short again, stop at 1792.00, Target at 1700.00 and 1650.00. Risk/Reward ratio offered is the optimum.

 

Good Luck!

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

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USD/CAD Wave Analysis for September 28, 2012

2012-09-28 12:39:15 (читать в оригинале)

USD/CAD Elliott Wave
For the last few weeks, the USD/CAD pair was trading in an upward move, developing corrective wave (Y) (coloured orange) of the bigger wave 4 (coloured purple). Yesterday during the Asian session, we could observe a descending movement from 0.9855 towards the 0.9818, when development of the final 5 wave started. Therefore, during the New York session, the USD/CAD pair continued trading in a bearish mood and the price reached a new daily low at 0.9790 level. At the moment, this major pair is trading around 0.9785 level and we are expecting to see the price around 0.9582 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 1, we can define the potential targets with measuring wave 1, with Take Profit at 0.9582 (100% 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 GDP m/m and U.S. Core PCE Price Index m/m, Personal Spending m/m, Chicago PMI, Revised UoM Consumer Sentiment data that can change the rate of the pair.
Support and Resistance
(S3) 0.9753 (S2) 0.9777 (S1) 0.9793 (PP) 0.9817 (R1) 0.9841 (R2) 0.9857 (R3) 0.9881
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9780 with Stop Loss 0.9860 and Take Profit at 0.9582 are recommended.

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

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EurJpy Bounces Off Trendline, Take Profits For Now

2012-09-28 12:37:32 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As depicted above, the single currency pair bounces right through the trend line support producing a Morning Star. We need to respect this fact and, therefore, a safe trade recommendation would be to book profits on shorts taken earlier. At the same time, it is needed to be observed that immediate resistance is still not broken at 101.00 level; so it would be pre-mature at this moment to assume that prices are headed northwards. At this point, we would wait to see a resistance break or trend line break to re-enter.

Trading Recommendations:

Flat for now. Take profits.

 

Good Luck!

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