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USD/JPY Wave Analysis for September 20, 2012

2012-09-20 14:03:29 (читать в оригинале)

 

Wave Analysis:
After the Bank of Japan has extended its asset purchasing program by 10 trillion yen, yesterday’s trading session for the USD/JPY passed rather volatile. At the same time, the test of level of 79 figure with the price coming closer to 79.20 led to rebound in price near 100 points. Meanwhile, despite the drop, it seems like the pair may resume formation of upward correctional structure. It is estimated that it may begin from the yesterday’s low or the level of 77.90.

 

Targets for Down Wave b:
78.16 – 50.0% of Fibonacci
77.92 – 61.8% of Fibonacci
Targets for Wave of Uptrend:
78.41 – 38.2% of Fibonacci
78.71 – 23.6% of Fibonacci
78.96 – 11.4% of Fibonacci

Summary and Trading Recommendations:
At the moment, the wave is forming the ascending correctional trend which is rather complicated and mixed. The upward move to the levels of 78.41, 78.71, and 78.96 may continue, corresponding to 38.2%, 23.6%, and 11.45 of Fibonacci in terms of wave 3 or c. Before the building of the wave the correctional wave b with targets of 78.16 and 77.92, corresponding to 50.0% and 61.8% of Fibonacci may continue.

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

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EUR/USD Analytical Review with the Forecast for September 20, 2012

2012-09-20 13:10:42 (читать в оригинале)

 

The European currency continued to fall against the dollar during the first half of Wednesday’s trading session. However, encouraging fundamental data on housing market from the USA managed to stop the descending trend of the pair and it restored some of the lost positions.
The session drew a tie: the opening price was absolutely the same as the closing price. Miracles happen.
Fundamental Review:
As it was noticed above, housing starts increased in the USA in August. According to the US Trade Department, the housing starts grew 2.3% and made up 750,000 houses annually. In contrast to the same period last year, the index accelerated 29%.
Economists expected that housing starts will hit the reading of 765,000 houses a year or 2.5% against July.
Existing home sales also increased in the USA. According to NAR, the index gained 7.8% in contrast to July and fixed at 4.82 bn houses in a year. In 2011 the sales accelerated 9.3% for the same period.
Analytics forecasted that existing home sales will add 2.0% aтв make up 4.56 bn houses a year.
Technical Analysis:
Despite yesterday’s drawn game, the pair resumed its 3-day correctional reduction during today’s Asian session. The trading is still in the descending price channel, the lower boundary of which is placed near September 18 low of 1.3031 and near yesterday’s minimum of 1.2992. The upper limit of this channel is close to this month’ high of 1.3171.
Chinese statistics worsen the experts’ mood towards the euro. The level of support 1 is placed at yesterday’s target of 1.2985. From this level the pair can test 1.2961 level and then 1.2927. The most distant target is 1.2903 level for now.
For EUR/USD restoration, the pair has to fix above 1.3013 and then continue its growth towards 1.3048 area and after that the pair may try to hold the most serious bullish point for today – 1.3079.
20-day moving average is still indicating a descending trend and is under 60-day average line which is considered to be additional resistance level for the pair as it is placed at 1.3958.
Bollinger Bands are parallel to each other which is indicative of sideways market movements. However, taking into account the current situation, the market is gaining more volatility in the regard of EUR/USD. The trading is performed in the upper part of the channel and the medium line at 1.3035 acts as dynamic resistance level.
MACD indicator bounced back to zero point yesterday, but today reached the sell area again. However, we are not sure if these sells are strong enough to initiate downtrend movement on this currency pair. In order to continue the downtrend, the pair has to fix below 1.2985, the level which is of great importance for further market moves.

 

 

 

Key support and resistance levels for today:
Support levels: 1.2985, 1.2961, 1.2927
Resistance levels: 1.3013, 1.3048, 1.3079
60-day Moving Average (yellow line) - 1.3958
20-day Moving Average (green line) - 1.3035

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

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EUR/JPY - Elliott Wave Analysis for September 20 - 2012

2012-09-20 12:40:00 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 101.55                 R1: 102.39
S2: 101.08                 R2: 102.84
S3: 100.53                 R3: 103.63

 

 

Technical Overview:  

Black wave 4 is in progress and should soon test the first correction target at 101.55, which is the 23.8% corrective target of black wave 3. However, we would not be overly surprised if the correction from the 103.85 extends down towards the next corrective target at 100.13. The only thing we know for sure is that it will not be in a straight line. So one we close the 23.8% correction target, we should expect some kind of a  bounce. It is still too early to tell about the shape of the correction as it could still be a triangle or a combination of three wave correction. We just have to follow closely the price-action and try to decipher the current situation.

 

Trading Recommendation:

You should be short EUR from 103.35. Move your stop lower to 102.55 and move your take profit to 101.75. You will get the profit no matter what the outcome will be.

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

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EUR/NZD - Elliott Wave Analysis for September 20 - 2012

2012-09-20 12:18:30 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 1.5700                    R1: 1.5810

S2: 1.5672                    R2: 1.5902

S3: 1.5633                    R3: 1.5974

 

Technical Overview:  

The decline from 1.5899 has become deeper that initially anticipated, but we must count for a very deep correction in red wave ii. A deep correction is very common in second waves and they often tend to be of zig-zag shape as they gather momentum for a powerful move to the upcoming wave three. 

Until now we have seen a perfect 61.8% correction of red wave i, but we should count for a slightly deeper correction towards the 70.7% corrective target. In the currency world this is a very common corrective target. The 70.7% comes at 1.5672. The break above 1.5810 will indicate that the correction is over and a new rally higher has begun. The first target for red wave iii is at 1.6230.

 

Trading Recommendation:

If you are not long EUR already, you could buy at 1.5685 or upon a break above 1.5810 (one order cancels the other). Stop should be placed at 1.5575.

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

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USDCAD Point and Figure Chart Review

2012-09-20 12:15:52 (читать в оригинале)

 

USD/CAD 103 Chart:
On 103 chart the pair is near the resistance level of 0.977.
If buyers manage to overcome 0.977 level, it will enable the resistance level of 0.985.
As far as the main tendency is descending, the current ascending movement is considered to be a correction, for this reason we do not recommend to buy the pair.
Sell USD/CAD after the support level of 0.972 is broken with the first target at 0.965.

 

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