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GBP/JPY Technical Levels and Trading Recommendations for September 11, 2012

2012-09-11 16:21:41 (читать в оригинале)

 

 

Overview

Proceeding from the today's H4 chart, the pair takes downward move after it rebound from the Resistance level 125.30 but it has bounced again from the Support level 124.75 to take slightly upward move.Presently the pair is trading between the Support level 124.75 and the Resistance level 125.30. If the pair continues its upward move and manages to break the Resistance level 125.30 and close the H4 above, this will be a strong indicator for a bullish signal and also a good opportunity to buy enabling the Resistance level 125.70, then we should wait until breaking of the Resistance level to continue the bullish movement.
On the other hand, if the pair reverses its movement and takes a downward move and manages to break the Support level 124.75, it may be a good opportunity to sell enabling the Support level 124.50. Breaking this Support level and closing H4 below indicates bearish strength providing new sell signals with the 124.05 level target.
Based on today's H4 chart, technical indicators provide buy signals, but as long as the Resistance level 125.30 is unbroken, the bearish view is still expected and invalidating the bullish view.

Resistance and Support levels

R3(126.30)
R2(125.70)
R1(125.30)

S1(124.75)
S2(124.50)
S3(124.05)

Trading Recommendations

According to previous analysis, we recommend buying after breaking through the Resistance level 125.30 with TP1 125.75 and TP2 126.20; SL closing 4 hours below the Resistance level.

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

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USD/CAD Wave Analysis for September 11, 2012

2012-09-11 14:32:26 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in a downward move, developing final (5) wave (coloured purple) of the bigger 5 wave (coloured blue). Yesterday during the Asian and European sessions we could observe the price trading in a sideways move between 0.9775 and 0.9789 level. Therefore, during the early New York session, the USD/CAD pair did not manage to hold this levels and price started pushing lower reaching a new daily low at 09755 level. At the moment, price is trading around 0.9755 level and we are expecting to see the price higher when 5 smaller wave of the bigger (5) wave (coloured purple) is over. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracements (0.9917-0.9720) with Take Profit at 0.9837 (61.8% of wave 1). Support at 0.9700 can be used as Stop Loss.
Support and Resistance
(S3) 0.9723 (S2) 0.9738 (S1) 0.9757 (PP) 0.9772 (R1) 0.9791 (R2) 0.9806 (R3) 0.9825
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9750 with Stop Loss 0.9700 and Take Profit 0.9837 are recommended.

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

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AUD/USD Wave Analysis for September 11, 2012

2012-09-11 14:26:46 (читать в оригинале)

AUD/USD Elliott Wave
Last week the AUD/USD pair was trading in aт upward move, developing corrective (B) wave (coloured green) of the bigger wave (E) (coloured orange). Yesterday during the European and New York sessionы we could observe a descending movement from 1.0385 towards the 1.0333 level. Therefore, during the second half of the NY session the AUD/USD pair tried to recover but after testing of 1.0368 resistance level, the price fell back to 1.0333 level. Today during the early Asian session we could observe the price around 1.0320 level and we can consider that move as the end of the corrective B wave (coloured blue) of the bigger (B) wave (coloured green). At the moment the AUD/USD pair is developing final C wave (coloured blue) and we are expecting to see the price around 1.0465 level soon. In accordance with our wave rules and taking into account that the wave C retraces 61.8% of the wave A, we can define the potential targets with Fibonacci extensions (1.0166-1.0399-1.0322) with Take Profit at 1.0466 (61.8% of wave A). Support at 1.0320 can be used as Stop Loss.
Support and Resistance
(S3) 1.0264 (S2) 1.0299 (S1) 1.0316 (PP) 1.0351 (R1) 1.0368 (R2) 1.0403 (R3) 1.0420
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0390 with Stop Loss 1.0320 and Take Profit 1.0466 are recommended

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

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Gold May Fall Back To 1650/30 Levels Before Resuming...

2012-09-11 13:51:36 (читать в оригинале)

 

Technical Outlook and Chart Setups:

After breaking out clearly the long term wedge formation, prices are heading towards 0.786 resistance level as depicted above. It is pretty much clear, looking into last 2 days movement, that a pullback should materialize towards 1650/30 levels which was past resistance area turned into support now. Moreover, the dropping line of resistance would also provide support around the same region. It looks like 1745.00 resistance level should hold for now.

Trading Recommendations:

Remain short from yesterday, stop at 1750, target at 1650/30.

 

Good Luck!

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for September 11, 2012

2012-09-11 13:49:48 (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 recently.

After breakdown of 0.9845, the market went downside reaching price level of 0.9722, achieving the full target for this range bearish breakout located at 0.9745.

Price level of 0.9845 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 0.9730. However, fixation above 0.9845 threatens again the bearish view considering this breakdown as a trap for sellers.

For the long-term aspect, the price level of 0.9945 is a strong resistance level. That's why price action should be watched there for a valid long term SELL entry.

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