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AUD/USD Wave Analysis for September 24,2012

2012-09-24 11:42:24 (читать в оригинале)

AUD/USD Elliott Wave
Last week the AUD/USD pair was trading in a downward move, developing impulsive wave (1) (coloured green) of the bigger (C) wave (coloured orange). During the Friday's Asian and European sessions, we could observe ascending movement from 1.0427 towards the 1.0518 and we can consider this move as the end of the (2) corrective wave (coloured green). Therefore, during the early New York session, the AUD/USD pair did not manage to hold this level and the price retrace back to 1.0440 level when development of the (3) wave starts. Today this major pair continued trading in a bearish mood and we are expecting to see the price lower this week. 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 (1.0624-1.0367-1.0518), with Take Profit at 1.0152(161.8% of wave 1). To reduce the risk, we can use resistance at 1.0519 level as Stop Loss. Also it is necessary to monitor the U.S. FOMC Member Williams Speaks and AUD RBA Financial Stability Review data that can change the rate of the pair.
Support and Resistance
(S3) 1.0370 (S2) 1.0406 (S1) 1.0428 (PP) 1.0465 (R1) 1.0501 (R2) 1.0523 (R3) 1.0560
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0380 with Stop Loss 1.0519 and Take Profit at 1.0152 are recommended.

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

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Silver Hits 33.50, Further Downside Seen Towards Atleast 32.50

2012-09-24 11:40:57 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As depicted above, kindly note that

i. Prices tested the highs on Friday and pulled back sharply to close lower.

ii. The fall till now has managed to reach 33.50 level and also the short-term trend line.

A bullish reversal from here warns highs to be taken off, while a break down should further accelerate downside towards 32.50 and lower. The second count seems to be more probable at the moment. Favour short positions.

Trading Recommendations:

Stay short, stop 35.25, targetting 32.50 and lower.

 

Good Luck!

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

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Gold At Critical Levels. A Break Of 1755.00 Levels Will Accelerate Downside.

2012-09-24 11:39:44 (читать в оригинале)

 

Technical Outlook and Chart Setups:

We fell just short of the last spike in yellow metal before reversing from 1787 level. Nonetheless, our expectations of a sharp selloff have materialized and one can see a rising wedge formation being broken. At the moment, prices are testing the short-term support line passing through 1760.00 level, and a breakdown here would accelerate downside towards 1700/20 levels at least. Moveover, a huge retracement towards 1640/50 level also cannot be ruled. We favour short positions for now.

Trading Recommendations:

Stay short if not stopped out, re-enter short positions, stop at 1790.00, target 1720/00.

 

Good Luck!

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

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EurJpy Targetting 100.00 Levels and Lower

2012-09-24 11:38:32 (читать в оригинале)

 

Technical Outlook and Chart Setups:

A daily setup has been presented here for a larger trend view. Prices have been retracing after hitting close to 104.00 level last week and the Fibonacci support begins from 100.13 level as depicted above. Please, also consider that the support trend line, passing through the lows since 94.00 levels, is hitting 99.00 levels at the moment. Therefore, it is quite possible that the single currency pair maybe heading towards 98.00-99.00 levels on a break of 100.20 level. Bearish pressure remains for now. Temporary resistance comes in above 102.00 level.

Trading Recommendations:

Remain short for now, targeting 100.00 and lower. Stop at 102.50.

 

Good Luck !

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

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EUR/NZD - Elliott Wave Analysis for September 24 - 2012

2012-09-24 11:34:44 (читать в оригинале)

 

 

Today's Support and Resistance Levels: 

S1: 1.5671                    R1: 1.5750

S2: 1.5638                    R2: 1.5810

S3: 1.5593                    R3: 1.5899

 

Technical Overview:  

We saw a slightly lower low one Friday at 1.5569. This was our risk scenario playing out as wave 2 has not finished and the slightly lower low turned wave 2 into a flat correction. Such scenario indicates that we should soon see a break above minor resistance at 1.5810 confirming that wave c of 2 is finished indeed and a new rally in wave 3 has begun. The minimum target for wave 3 is at 1.6506, but we should expect an extension in wave 3, which would call for much higher levels.

However, as long as minor support at 1.5810 has not been broken, we must accept, that there still is a risk for a new decline towards 1.5569, but we do regard this possibility as a very low one.

 

Trading Recommendation: 

You should be long EUR at 1.5620 with a stop at 1.5565. If you are not long EUR already you can buy a break above 1.5810 with at stop at 1.5590.

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