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Gold Breaks Immediate Trendline Support, We Favour Further Downside

2012-09-27 12:19:58 (читать в оригинале)

 

Technical Outlook and Chart Setups:

At last, the yellow metal got into the short-term line of support as expected and depicted above. Furthermore, it hits the first measured target below 1750 level at 1739. This completes the first downswing or wave, consisting of lower lows and lower highs from 1787 level. We expect to see another downswing being carved out towards 1720/00 levels by the metal soon. 1775 level is resistance now, where we stood yesterday, just at the tip of trend line. In other words, till the time prices are below 1775 level, expect lower lows and lower highs to be carved out. Furthermore, the recent upswing seems to be stalling out right at past support turned to resistance around 1750/60 levels; this should be used as another opportunity to go short.

Trading Recommendations:

Stay short , stop at 1790 (we shall move it down soon), target 1720/00 at least.

 

Good Luck!

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

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EUR/USD Analytical Review with the Forecast for September 27, 2012

2012-09-27 12:17:48 (читать в оригинале)

 

Safe-haven currencies, including the dollar which strengthened against the euro yesterday, draw market’s attention again. The greenback managed to improve its position amid uncertain financial situation and strikes in Spain.
The trading session closed to the good of the dollar which gained 26 points against the euro, the volatility was 78 points.
Fundamental Review:
According to Ministry of Labor in France, the unemployment rate grew 0.8% in August in contrast to July totaling 3,011,000 people. Last year in August the indicator accelerated 9.2%.
Disappointing data on the US house market pressured the single currency even more. Thus, new home sales declined modestly in August.
According to Department of Trade and Commerce in the USA, new home sales lost 0.3% against July to 373,000 houses a year. Economists expected that the indicator will demonstrate the reading of 380,000 houses a year.
Technical Analysis:
It is too early to tell about critical change in downtrend of EUR/JPY pair. However, during today’s Asian session the pair demonstrates a stable growth. The trading is performed in descending price channel which lower borderline is placed at 25th September low (1.2885) and at yesterday’s minimum of 1.2834. The upper limit of this channel crosses 21th September high at 1.3047 and 25th September high at 1.2970.
The level of 1.2836 turned to be too strong for bears who failed yesterday to break it through. Now the first support is at 1.2871. In case this level is broken, the pair will reach 1.2836 and will test 1.2814 there.
20-day moving average is still below 60-day moving average which is indicative of downtrend.
1.2903 is an important resistance level for now. If the pair breaches it, we will observe a short-term upward channel and growth towards 1.2927. The furthest target is at 1.2961.
Bollinger Bands demonstrate the descending move on the pair and are heading to the downside. However, the trading is carried out in the upper part of the channel and the middle line placed at 1.2868 serves as dynamic support level.
MACD indicator cannot fix above zero level. The market is dominated by bears right now and the euro prospects are not clear now. However, 1.2871 and 1.2836 levels are crucial for long positions that is why I recommend to pay more attention to them. As soon as the market will give us signs of uptrend, open positions above these levels.

 

 

 

Key support and resistance levels for today:
Support levels: 1.2871, 1.2836, 1.2814
Resistance levels: 1.2903, 1.2927, 1.2961
60-day Moving Average (yellow line) – 1.2896
20-day Moving Average (green line) – 1.2868

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

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EurJpy Maybe Still Looking Lower

2012-09-27 11:34:24 (читать в оригинале)

 

Technical Outlook and Chart Setups:

The short-term line of support has been clearly broken now, and the single currency has been neatly carving out a sequence of lower lows and lower highs since recent swing highs. The downtrend line shown above is also intact and prices are currently testing the same level before resuming downswing further. Kindly note that 101.00 level is resistance now, and till the time prices are below that, we expect lower lows and lower highs. Furthermore, if we consider the rally from 94.00 to 104.00 as large upswing, the 0.618 retracement is passing through 97.80 level, and bears might be targetting the same, before giving up.

Trade Recommendations:

Remain short for now, move down stop to 101.50 levels. Target 97.80/98.00.

 

Good Luck!

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

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Daily Trading Forecasts (September 27, 2012)

2012-09-27 11:33:02 (читать в оригинале)

EURUSD: This pair continues to plunge. The price has tested the support level at 1.2850, and would go for the level at 1.2800 if the bearish pressure continues.

USDCHF: USDCHF has continued to rise. The price has tested the resistance level at 0.9400 and could go on to the level at 0.9450 if the bullish attempt continues.

 

GBPUSD:  The Cable still tests the support level at 1.6150, and the next target could be the support level at 1.1600 if the bearish run continues. Immediate resistance levels are at 1.6200 and 1.6250.

 

EURJPY: The bulls are trying to push up this cross upwards and beyond the psychological level at 100.00. If this level could halt this bullish push, the price would be forced back to the level at 99.50.

 

USDJPY: Here, the bullish bias still holds, though the market was volatile yesterday. The demand zone at 77.50 is still to be tested; I still prefer a ‘sell’ trade at 78.00. 

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

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GBP/USD. Forecast for September 27, 2012

2012-09-27 11:31:40 (читать в оригинале)

 

Retail sales for September in the UK demonstrated the growth to 6 against expected 5 and in contrast to the reading of -3 in August, according to CBI.
Today, at 12:30 (GMT +3) investors are waiting for current account data for the second quarter. The indicator is expected to drop to -12.2 bn against -11.2 bn in the first quarter. At the same time, the UK GDP for the second quarter is published which should remain unchanged at the level of -0.5%. Pending home sales in the USA are forecasted to be at -0.7% in contrast to 2.4% in July.
The main breaking news is release of Spanish budget for 2013 from which investors will know if the country is ready to cut the budget and follow the EU reforms (which is a sign that Spain will ask for a bailout). The markets will react with a rally in this case.
The bullish targets are at 1.6215, 1.6245/50, and 1.6285. Targets for bears are placed at 1.6126, 1.6107.

 

  

 

 

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