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GBP/USD Intraday Technical Analysis and Trading Recommendations for September 26, 2012

2012-09-26 14:07:29 (читать в оригинале)

After having few indecisive movements last week, the pair reacted strongly towards the price level of 1.6160 pushing the pair to test 1.6300 – 1.6350 zone.

On Friday, the GBP/USD pair almost reached the price level of 1.6300 when the market reacted strongly bearish which was manifested in the daily bearish Hammer candlestick which strongly suggests an upcoming bearish retracement towards retesting of the broken long-term trend line around 1.6150-1.6100.

The GBP/USD pair has been trapped within consolidation range 1.6160-1.6300 which is being broken down today after showing a possible bearish Head & Shoulders reversal pattern on the 4H chart which enables 1.6060 if confirmed.

Support: 1.6230, 1.6200, 1.6180, 1.6150, 1.6125 and 1.6075.

Resistance: 1.6250, 1.6285, 1.6300, 1.6350 and 1.6390.

Intraday support is seen around 1.6160. However, an obvious break below that level could lead the price to neutral zone in nearest term testing 1.6130-1.6050, while a longer-term support is seen around price level of 1.5920 (50% Fibonacci Level).

The long-term view remains bullish as long as we have daily closure above the broken long-term trend line depicted on the chart .

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

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GBP/USD: Technical Analysis for September 26, 2012

2012-09-26 13:53:11 (читать в оригинале)

 

Weekly Pivot Point: 1.6234.

 

 

Weekly Pivot Points:

 

R3: 1.6449
R2: 1.6379
R1: 1.6304
PP: 1.6234
S1: 1.6159
S2: 1.6089
S3: 1.6014

GBP/USD "Pound-Dollar":
• Resistance: 1.6303 (sell below this level).
• Support: 1.6160 (buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels of 1.62013 and 1.6275.

 

• The descending movement will probably be lower than 1.6303 level with the first target at 1.6237 and 1.6163 levels.
• Buy deals are recommended above the 1.6160 level with targets at 1.6257 and 1.6300 levels.

 

Overview:

It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.6213 and 1.6303, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6160 level with their first target at the level of 1.6210. From this point, the pair is likely to begin an ascending movement to the point of 1.6260 and further to the level of 1.6300. However, if the pair fails to pass through the level of 1.6303, the market will indicate a bearish opportunity below the strong resistance level of 1.6303. In this regard, sell deals are recommended lower than the 1.6303 level with the first target at 1.6267. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6212 then 1.6159 (the weekly support 1).

 

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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

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EUR/USD Wave Analysis for September 26, 2012

2012-09-26 13:52:58 (читать в оригинале)

 

Wave Analysis:
During yesterday’s trading session, the EUR/USD pair was trading in a narrow price range near level of 29 figure. At the same time, despite the rate has made the second unsuccessful attempt to fix under 1.2900, the price came back to day’s lows. Thus, there is a possibility that the pair will continue its downward move. In spite of MACD’s divergence, it will reach the positions, corresponding to the correctional level 50.00% (1.2835).
Targets for Down Wave e:
1.2836 – 50.0% of Fibonacci
1.2758 – 61.8% of Fibonacci
Targets for First Wave of New Uptrend:
1.3011 – 23.6% of Fibonacci
1.3092 – 11.4% of Fibonacci

 

Summary and Trading Recommendations:
The most probable scenario is prolongation of the correctional trend. Wave e possibly continues building of a downward trend now, where the descending move to 1.2836 and 1.2758 levels can be observed, 50.0% and 61.8% of Fibonacci respectively. After wave e is worked out, we may notice a growth in the terms of wave 1 of the new ascending movement towards 1.3011 and 1.3092, corresponding to 23.6% and 11.4 of Fibonacci. MACD’s convergence points out that the correctional trend or its first wave, which consists of 5 waves, are possibly in imminent completion.

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

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AUD/CAD Wave Analysis for September 26,2012

2012-09-26 13:48:37 (читать в оригинале)

AUD/CAD Elliott Wave
For the last few days the AUD/CAD pair was trading in a downward move, developing corrective C wave (coloured blue) of the bigger wave (2) (coloured green). Yesterday during the European session, we could observe an ascending movement from 1.0190 towards the 1.0229 level. Therefore, during the early New York session the AUD/CAD did not manage to hold this level and price started pushing lower reaching a new daily low at 1.0175 level. At the moment, this currency pair is trading around 1.0160 level and we are expecting to see price around 1.0100 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with Fibonacci Retracement (1.0050-1.0268), with Take Profit 1 at 1.0100 (78.6% of wave 1). To reduce the risk, we can use resistance at 1.0185 level as Stop Loss.
Support and Resistance
(S3) 1.0145 (S2) 1.0166 (S1) 1.0179 (PP) 1.0200 (R1) 1.0221 (R2) 1.0234 (R3) 1.0255
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0150 with Stop Loss 1.0185 and Take Profit at 1.0100 are recommended.

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

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AUD/USD Wave Analysis for September 26,2012

2012-09-26 13:17:55 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair was trading in a downward move, developing impulsive 3 wave (colured blue) of the bigger wave (3) (coloured green) like we expected. During the Asian and European sessions, we could observe a descending movement towards the 1.0405 level where this major pair found support and price pushed higher in the early New York session. Therefore, during the second half of the NY session the AUD/USD pair did not manage to hold this level and the price started pushing lower reaching 1.0382 level. At the moment, the price is trading around 1.0360 level and we are expecting to see continuation of the bearish mood today. 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 (1.0518-1.0386-1.044), with Take Profit 1 at 1.0229 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0386 level as Stop Loss. Also it is necessary to monitor U.S. New Home Sales and Crude Oil Inventories data that can change the rate of the pair.
Support and Resistance
(S3) 1.0328 (S2) 1.0360 (S1) 1.0379 (PP) 1.0410 (R1) 1.0442 (R2) 1.0461 (R3) 1.0492
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0345 with Stop Loss 1.0386 and Take Profit at 1.0229 are recommended.

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