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GbpChf Struggling To Break Past 1.5250

2012-09-28 12:35:26 (читать в оригинале)

 

Technical Outlook and Chart Setups:

At the moment, the single currency pair seems to be struggling to clear 1.5230/50 levels. Immediate support is fixed at 1.5150 level. The backside of short-term trend line is providing resistance as it comes naturally and the currency would take some more time to break through it. A more conservative trading approach at this moment would be to take profits off long positions and wait for a clear break through to re-enter. Strong support would be at the 1.5 level, also defined by 0.618 Fibonacci retracement level. Broadly, prices stay between 1.5150 and 1.5250 for a while before breaking out.

Trading Recommendations:

Conservative approach would be to take profit from long positions taken earlier and wait to re-enter on a dip or breakout above 1.5250.

Aggressive approach would be to move stop-loss to 1.5 or breakeven points and hold on to long positions.

 

Good Luck!

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

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NZD/CAD Wave Analysis for September 28, 2012

2012-09-28 12:29:51 (читать в оригинале)

NZD/CAD Elliott Wave
For the last 3 days the NZD/CAD pair was trading in an upward move, developing first impulsive wave (1) (coloured green) of the bigger wave (3) (coloured orange). During the European and New York sessions, we could observe an ascending movement towards the 0.8160 level and we can consider this move as the end of the impulsive (3) wave (coloured purple). Today during the early Asian session, the NZD/CAD pair continued trading in a bullish mood reaching 0.8176 level and we can consider this move as the end of the (1) wave (coloured green). At the moment, this currency pair is trading around 0.8160 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 2 should retrace 61.8% of the wave 1, we can define the potential targets with Fibonacci Retracement (0.8025-0.8176), with Take Profit 1 at 0.8105 (50% of wave 1) and Take Profit 2 at 0.8086 (61.8% of wave 1). To reduce the risk, we can use invalidation at 0.8182 level as Stop Loss. Also it is necessary to monitor NZD Building Consents m/m and CAD GDP m/m data that can change the rate of the pair.
Support and Resistance
(S3) 0.8090 (S2) 0.8110 (S1) 0.8123 (PP) 0.8143 (R1) 0.8163 (R2) 0.8176 (R3) 0.8196
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at the level 0.8150 with Stop Loss 0.8182 ,Take Profit 1 at 0.8110 and Take Profit 2 at 0.8086 are recommended.

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

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EUR/USD Wave Analysis for September 28, 2012

2012-09-28 12:28:04 (читать в оригинале)

 

Wave Analysis:
EUR/USD has tested correctional level of 50.0% yesterday once again and dropped 50 points from the earlier reach high. In the terms of unsuccessful continuation of the downward movement, the area which was formed from September 17 highs looks like uncompleted 5 wave structure. If it is so, there is a possibility that the pair will resume its descending trend from the level of 1.2950 (or higher) towards the targets placed near 27 figure.
Targets for Down Wave 5:
1.2836 – 50.0% Fibonacci
1.2758 – 61.8% Fibonacci
Targets foe Wave 4 or 1 of the new upward trend:
1.2915 – 38.2% Fibonacci
1.3011 – 23.6% Fibonacci
Summary and Recommendations:
The most probable scenario is continuation of correctional trend which may be 5 wave structure. Downtrend wave or uptrend wave 1 may already start its building in the terms of which the rise towards 1.2915 and 1.3011 which is equal to 38.2% and 23.6% of Fibonacci is expected. After wave 4 is worked out, we can see a fall in the terms of wave 5 to 1.2836 and 1.2758 or 50.0% and 61.8% of Fibonacci respectively. A short downward channel may indicate the building of bearish pattern.

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

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EUR/JPY Candlestick Analysis for September 28, 2012

2012-09-28 12:08:07 (читать в оригинале)

Daily

EUR/JPY is still falling on daily chart. The rate has fixed below the correctional level of 38.2% - 100.73 Fibonacci. Thus, the descending movement may extend to correctional level of 23.6% - 98.18. We have also witnessed bullish candlestick formation Harami which may help the pair to make a swing to the good of the euro. In this case the quotes will be able to return to the level of 38.2% Fibonacci and fix above it which will contribute to a stronger growth. Rebound from correctional level of 23.6% will also help the pair to go up. The quotes may drop if rebound from Fibonacci 38.2% or fix below Fibonacci 23.6%.
4h

On 4H time frame the quotes reached Fibonacci 76.4% - 99.84, after that bullish candlestick formation Piercing Line. After that the pair was trading with a minimum upwards movement and most of the candlesticks had long shadows which indicate flat position. For this reason all formation built yesterday did not affect the market much. If we see a rebound from correctional level of 76.4%, the rate may go towards 100.0% - 101.61. Fixation below Fibonacci 76.4% will make the pair to fall down to correctional level of 61.8% - 98.74.

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

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GBP/USD Support and Resistance Levels for September 28, 2012

2012-09-28 11:38:13 (читать в оригинале)

 

On Thursday, September 27, the market profile on the British pound can be regarded as normal daily deviation.
The British pound demonstrated mixed trading against the dollar due to the fact that the UK GDP contraction in the second quarter was not significant and the pair managed to resume its downward move.
According to ONS, British GDP lost 0.4% for the period from April to June in contrast to the first quarter. The economists were waiting for revised data as the predicted the index to reach -0.5%.
At the end of the day a fair price area was in the range of VAL – 1.6175 and VAH – 1.6221. The point of control POC was formed at 1.6189.
Forecast for Today:
In the course of today’s Asian session the British pound strengthened against the dollar.
In case the ascending movement continues, the first resistance levels will be placed at POC of September 21 – 1.6251, from which the acceleration will extend to VAH of September 21 – 1.6286 and then to POC of August 21 – 1.6309.
The most conservative longs will be trading below POC of August 30 – 1.6330.
In case the pair continues its descending movement, the first support level will be today’s POC – 1.6235 from which the fall will accelerates to POC of September 24 – 1.6219 and then to POC of September 20 – 1.6192.
The most conservative shorts will be trading below POC of September 26 – 1.6127.

 

 

Description:
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.

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