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EUR/JPY Wave Analysis for September 6, 2012

2012-09-06 13:20:22 (читать в оригинале)

EUR/JPY Elliott Wave
For the last few weeks the EUR/JPY pair was trading in a sideways move (between 98.00 and 99.00 level), developing corrective (4) wave (coloured purple) of the bigger 3 wave (coloured blue). Yesterday during the Asian and European sessions we could observe a descending movement from 98.58 towards the 97.98 level and we can consider this move as the end of the (4) wave (coloured purple). Therefore, during the early New York session the EUR/JPY pair started pushing higher when the development of the (5) wave started. At the moment this currency is trading around 99.00 level and we are expecting to see the price around 100.200 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 extension (94.13-97.81-95.71), with Take Profit at 100.29 (161.8% of wave 1). To reduce the risk, we can use support at 98.50 level as Stop Loss. Also it is necessary to monitor the EU French 10-y Bond Auction, German Factory Orders m/m, Minimum Bid Rate, ECB Press Conference , ECB President Draghi Speaks and JPY BOJ Gov Shirakawa Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 97.62 (S2) 97.98 (S1) 98.20 (PP) 98.55 (R1) 98.91 (R2) 99.13 (R3) 99.48
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 99.05 with Stop Loss 98.50 and Take Profit at 100.29 are recommended.

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

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Silver Technical Levels and Trading Recommendatios for September 6, 2012

2012-09-06 12:59:08 (читать в оригинале)

 

Overview

The H4 chart demonstrates today that silver takes an upward movement till reaching the Resistance level of 33.00 and currently the metal is testing it. If silver continues the upward movement and manages to break this Resistance level, it will provide a good opportunity to buy above the Resistance level as well as make it possible to reach the Resistance level of 33.70 as the level target. After that we should wait for breaking out of this Resistance level to continue the bullish move. In case silver is able to break the Resistance level of 33.70 and close 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level of 34.00 as a level target.
On the other hand, if silver reverses its bullish move and takes a downward move after its rebound from the Resistance level of 33.00, it will be a strong indicator for the bearish move after closing 4H below the Support level 32.25 enabling the Support level 31.90. In this case we should wait for breaking this Support level to continue the bearish view. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 33.00 is unbroken, the downward move is still expected and invalidating the upward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels

R3(34.00)
R2(33.70)
R1(33.00)

S1(32.25)
S2(31.90)
S3(31.25)

Trading Recommendations

According to the previous analysis, we recommend buying in case of closing 4H above the Resistance level 33.00 with TP 33.60; SL closing 4H below the Resistance 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 6, 2012

2012-09-06 12:56:54 (читать в оригинале)

 

 

Overview

Proceeding from today's H4 chart, the pair is going to take an upward move after its rebound from the support level of 123.95. Currently the pair is trading between the Resistance level of 125.00 and the Support level of 124.50. Given that the pair continues its bullish move and 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 125.30 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 125.80.
On the other hand, if the pair fails to break the Resistance level of 125.00 and bounces from it, it may reverse the bullish move taking a downward move which will enable Support level of 124.50 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 124.25 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 125.00 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(125.80)
R2(125.50)
R1(125.30)

S1(124.50)
S2(124.25)
S3(123.95)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level 125.00 and closing 4H above with TP 125.45; 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/JPY Intraday Technical Analysis

2012-09-06 12:56:05 (читать в оригинале)

 

As we predicted yesterday, the spot rate bounced off to the intermediate support of its medium term bearish channel at 98.30 and approaches now the upper limit of its channel at 99.00 suggesting a decline. However, a break of these levels will free a large potential and initiate violent bullish channel.

Technical indicators do not provide clear signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility. Furthermore, the superior band strengthens the upper limit of the channel supporting the hypothesis of a violent movement in case of failure.

As the spot rate is currently testing the upper limit of its channel, we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell at the level of 99.00 with the 1st objective at 98.40 and then at 98.20. A breakthrough of 99.20 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” that means to buy the spot rate as soon as it is broken through its resistance of 99.00 with the 1st objective at 99.60 and then at 99.80. A breakthrough of 98.80 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-09-06 12:54:18 (читать в оригинале)

 

As we predicted yesterday, gold broke the upper limit of its channel at 1,699 leading to an acceleration and initiated a more violent bullish channel. It approaches now the upper limit of this channel at 1,720 suggesting a decline. However, a break of these levels will free a large potential and initiate again a more violent bullish channel.

Technical indicators provide buy signals and evolve in overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase of these days. Stabilization is expected in a short-term. Furthermore, the superior band strengthens the upper limit of its channel supporting the hypothesis of a violent movement in case of failure.

As gold approaches the upper limit of its channel, we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell a the level of 1,720 with the 1st objective at 1,710 and then at 1,707. A breakthrough of 1,723 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” that means to buy the spot rate as soon as it is broken through its resistance of 1,720 with the 1st objective at 1,730 and then at 1,735. A breakthrough of 1,717 will invalidate this scenario.

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