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USD/CAD Intraday Technical Analysis and Trading Recommendations for September 20, 2012

2012-09-20 17:29:03 (читать в оригинале)

The USD/CAD pair found resistance around the price level of 0.9915 corresponding to the upper limit of the bearish channel breaking down the lower limit of the consolidation range at 0.9845 which previously acted as support level.

After breakdown of 0.9845, the market went to the downside reaching the price level of 0.9635, achieving the full target for this range bearish breakout located at 0.9745 and testing the lower limit of the depicted bearish long-term channel

Price level of 0.9840 should be watched for price action at retesting as it will probably offer a valid SELL entry with target at the lower limit of the channel around 0.9650. However, fixation above 0.9845 threatens again the bearish view confirming the possible bullish Head & Shoulders pattern depicted on the chart.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for September 20, 2012

2012-09-20 17:28:14 (читать в оригинале)

The GBPUSD pair continued its bullish movement last week recording a high at 1.6254. However, Monday's daily candlestick failed to close above Friday's candlestick high.

The GBPUSD had one more indecisive movement on Tuesday manifested in the Doji daily candlestick which was followed by a bearish candlestick yesterday which may be a sign for a possible bearish retracement which is taking place today.

The view remains bullish in short-term testing 1.6300 – 1.6350 zone.

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

Resistance: 1.6250, 1.6285, 1.6300, 1.6350, 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 1.5920 (50% Fibonacci Level).

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

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AUD/USD Wave Analysis for September 20,2012

2012-09-20 14:30:40 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a downward move, as we expected, developing impulsive (3) wave (coloured green) of the bigger wave (C) (coloured orange). Yesterday during the European session, we could observe descending movement from 1.0473 towards the 1.0429 level. Therefore, during the early New York session the AUD/USD pair started pushing higher reaching a 1.0496 levelб and we can consider this move as the end of the corrective (2) wave (coloured green). At the moment, this major pair is trading around 1.0400 level and we are expecting to see price around 1.0200 soon. 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 (1.0624-1.0409-1.0496), with Take Profit 1 at 1.0199 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0500 level as Stop Loss. Also it is necessary to monitor the U.S. Unemployment Claims, Flash Manufacturing PMI, FOMC Member Lockhart Speaks, Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.0386 (S2) 1.0416 (S1) 1.0434 (PP) 1.0464 (R1) 1.0494 (R2) 1.0512 (R3) 1.0542
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 1.0500 and Take Profit at 1.0199 are recommended.

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

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EUR/USD: Technical Analysis for September 20, 2012

2012-09-20 14:19:37 (читать в оригинале)

Weekly Pivot Point: 1.3017

Time Frame: H1

 

 

Weekly Pivot Points:

R3: 1.3692
R2: 1.3430
R1: 1.3279
PP: 1.3017
S1: 1.2866
S2: 1.2604
S3: 1.2453
 

Trading Recommendations:

According to the previous events, the price is still located between 1.2921 and 1.3168.

• Buy deals are recommended above 1.2760 with the targets seen at 1.3170 and 1.3275 levels.
• Look for further downward movement below 1.3280 with the first target seen at 1.3083 and 1.2765 levels.

Overview:

The EUR/USD pair has broken the resistance level and turned towards the support level near the two week point of 1.2760. Therefore, the pair has already formed a strong support at 1.2760. Moreover, having failed to close below 1.2700, the pair started showing a bullish reaction at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H1 chart; the pair has also formed a strong support at the level of 1.2760. So, the pair will move upwards which is a convincing fact; the structure of the upside movement looks as non-corrective indicating a bullish opportunity above 1.2760. This can be a good sign for buy deals above 1.2760 with the first target at 1.3113 initiating an uptrend in order to continue the bullish mood towards the point of 1.3170 and further to 1.3275. If the trend breaks the weekly pivot point (1.3017), then the pair will go upwards in these targets. However, it should also be noted that the price is still between 1.2921 and 1.3168, as the last strong resistance level (1.3280) is still able to begin a downtrend at this level. So the market indicates a bearish opportunity at the level 1.3280 on H4 chart with the first target 1.3083 and continues towards 1.2765.

Observation (s):

• If the trend is ascending, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
• Stop Loss should NEVER exceed your maximum exposure amounts.
• Usually the market has a high volatile, if the last day had a huge volatility.
  

 

 

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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USD/CHF Wave Analysis for September 20,2012

2012-09-20 14:19:07 (читать в оригинале)

USD/CHF Elliott Wave
For the last few days the USD/CHF pair was trading in a sideways move, developing corrective (4) wave (coloured green) of the bigger (A) wave (coloured orange). During yesterday’s Asian session we could observe a descending movement towards the 0.9257 level. Therefore, during the early European session this major pair did not manage to hold this level and price started pushing higher reaching a new daily high at 0.9306 level. During the New York session price retrace back to 0.9260 level before we could observe continuation of the European bullish mood. At the moment the USD/CHF pair is trading around 0.9335 level and we are expecting to see price around 0.9442 level soon. In accordance with our wave rules and taking into account that the wave 4 should retrace 100% of the wave 2, we can define the potential targets with measuring 2 wave, with Take Profit 1 at 0.9442 (100% of wave 2). To reduce the risk, we can use invalidation at 0.9238 level as Stop Loss. Also it is necessary to monitor the U.S. Unemployment Claims, Flash Manufacturing PMI, FOMC Member Lockhart Speaks, Philly Fed Manufacturing Index data as it can change the rate of the pair.
Support and Resistance
(S3) 0.9231 (S2) 0.9249 (S1) 0.9261 (PP) 0.9280 (R1) 0.9298 (R2) 0.9310 (R3) 0.9329
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9340 with Stop Loss 0.9238 and Take Profit at 0.9442 are recommended.

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