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USD/CAD Wave Analysis for September 7, 2012

2012-09-07 14:43:13 (читать в оригинале)

USD/CAD Elliott Wave
For the last few days the USD/CAD pair was trading in a sideways move developing triangle (4) wave (coloured orange) of the bigger 3 wave (coloured purple). Yesterday during the early European session we could observe a strong descending movement from 0.9913 towards 0.9872 level. Therefore, during the New York session, the USD/CAD pair continued trading in a bearish mood and the price reached 0.9807 level. Today during the Asian session we could observe one more downward move that brings this major to 0.9804 level and we can consider this move as the end of the (1) wave (coloured green) of the bigger (5) wave (coloured orange). In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with Fibonacci retracements (0.9917-0.9804), with Take Profit at 0.9874 (61.8% of wave 1). To reduce the risk, we can use the end of the (1) wave as Stop Loss. Also it is necessary to monitor the CAD Building Permits m/m,Employment Change, Unemployment Rate, Labor Productivity q/q, Ivey PMI, BOC Gov Carney Speaks and U.S. Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m data that can change the rate of the pair.
Support and Resistance
(S3) 0.9743 (S2) 0.9784 (S1) 0.9809 (PP) 0.9849 (R1) 0.9890 (R2) 0.9915 (R3) 0.9955
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9830 with Stop Loss 0.9804 and Take Profit at 0.9874 are recommended.

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

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USDCAD Point and Figure Chart Review

2012-09-07 12:21:46 (читать в оригинале)

 

USDCAD on 303 Chart:
On the 303 chart the pair came closer to the strong support level of 0.98.
Now it is better to buy the pair with the first target at 0.992.
A significant deviation from trend line is indicative of following correction.

 

 

USDCAD on 103 Chart:
On 103 chart the pair hit the lower limit of the descending channel at 0.98.
Now we better start buying the pair.
The first target will be placed at the resistance level of 0.99 from where the pair can initiate the downward move.
The prevailing tendency is descending.

 

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

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Silver Technical Levels and Trading Recommendatios for September 7, 2012

2012-09-07 12:09:29 (читать в оригинале)

 

 

Overview

The H4 chart shows today that silver takes a downward move after its rebound from the Resistance level of 33.00 and presently it is testing the Support level of 31.90 . If silver continues its bearish view and manages to break this Support level, it will provide a good opportunity to sell below the Support level as well as will make it possible to reach the Support level of 31.25 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 31.25 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 30.00 as a level target.
On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level 31.90 , this will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level 32.55. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 31.90 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels

R3(33.25)
R2(33.00)
R1(32.55)

S1(31.90)
S2(31.25)
S3(31.00)

Trading Recommendations

According to previous analysis, we recommend selling in case of closing 4H below the Support level 31.90 with TP 31.45; SL closing 4H above the Support level might be appropriate.

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

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GBP/JPY Technical Levels and Trading Recommendations for September 7, 2012

2012-09-07 12:09:13 (читать в оригинале)

 

Overview

Proceeding from today's H4 chart, the pair is going to take an upward move after breaking the Resistance level 125.30 and closing 4H above . Currently the pair is approaching the resistance level of 126.15. Given that the pair manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 126.45 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 126.80.
On the other hand, if the pair fails to break the Resistance level of 126.15 and bounces from it, it may reverse the bullish move taking a downward move which will enable Support level of 125.30 again. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 125.00 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 126.15 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

R3(126.80)
R2(126.45)
R1(126.15)

S1(125.30)
S2(125.00)
S3(124.50)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level 126.15 and closing 4H above with TP 126.55; SL closing 4 hours below the Resistance level will be appropriate.

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

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EUR/USD. Forecast for September 7, 2012

2012-09-07 12:08:56 (читать в оригинале)

 

Manufacturing orders for July in Germany gained 0.5% against the forecast of 0.3% growth and in contrast to 1.6% fall in June. Ahead of Mario Draghi’s press conference, Spain and France placed their bonds quite successfully, much cheaper than during the previous auctions. The ECB left its interest rate unchanged at the level of 0.75% and revised the economy growth forecast to the downside to the range of -0.6% - -0.2%. As the result, the euro lost 65 points. After the following conference held by the head of the ECB, stock markets demonstrated a more significant rally than currencies. Draghi confirmed the plans on unlimited purchase of bonds, having said the ECB would block effectively any potentially undesired scenarios. Investors were not confused by the sterilization mechanism which suggests that the additional liquidity is left on bank’s balance sheet. Obviously, the market players are more interested in the euro’s speculative power rather than economic development and the ECB’s plan supported their optimism.
As the result, Dow Jones grew 1.87%, Stoxx600 accelerated 2.33%, Span 10-Y bonds yield fell from 6.45% to 6.03%.
In addition to the main events of yesterday, the US data was positive. According to ADP, the number of job positions increased to 201K against forecasted 142K taking into account that July data was revised from 163K to 173K. Nonmanufacturing PMI was up from 52.6 to 53.7.
Today we are waiting for encouraging statistics from the Eurozone and the USA>
At 14:00 (GNT +3) the markets will get data on manufacturing output from Germany for July. The indicator will demonstrate the reading of -0.9% against 0.1%.
At 16:30 nonfarm payrolls index is expected for August. The economists anticipate it to reach 121K in contrast to 163K in July. But as far as the growth in the private sector was the highest for the last 6 months, nonfarm payrolls should be above expectations as well.
Technically the price broke through the downward channel of October 37, 2011 and May 1, 2012 (thick red line on daily timeframe), it still should fix above the maximum of June 18 (1.2746). Targets for growth: 1.2672 and 1.2720.

 

  

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