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EUR/USD Wave Analysis for September 5,2012

2012-09-05 14:27:23 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis the EUR/USD pair was trading in a downward move, like we expected, developing 1 wave (coloured blue) of the bigger wave (1) (coloured green). Yesterday during the European and New York sessions we could observe a descending move from 1.2627 towards the 1.2554 level and we can consider this move as confirmation of the beginning of 3 wave (coloured blue). At the moment, this major pair is trading around 1.2535 level and we are expecting to see the price around 1.2360 level soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 261.8% of the wave 1, we can define the potential targets with Fibonacci extension (1.2638-1.2567-1.2627), with Take Profit at 1.2424 (261.8% of wave 1). To reduce the risk, we can use invalidation at 1.2559 level as Stop Loss. Also it is necessary to monitor the EU Retail Sales m/m, German 10-y Bond Auction and U.S. Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q data that can change the rate of the pair.
Support and Resistance
(S3) 1.2509 (S2) 1.2537 (S1) 1.2554 (PP) 1.2582 (R1) 1.2610 (R2) 1.2627 (R3) 1.2655
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2500 with Stop Loss 1.2559 and Take Profit at 1.2424 are recommended.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for September 5, 2012

2012-09-05 14:25:59 (читать в оригинале)

The USD/CAD pair was trading in oversold position within a wide range bearish channel which is depicted on the chart in red after the pair broke through the upper limit of the short term bearish channel presented on the chart in Blue, indicating a possible bullish retracement towards the price level of 0.9970 with two successful retestings of the backside of the broken channel at 0.9888 then at 0.9845.
Breakout above the bearish Blue channel gave the opportunity for the USD/CAD pair to visit the upper limit of the longer term channel around the price level of 1.0025. However, the pair found resistance around the price level of 0.9945. Since then, the USD/CAD pair has been trapped within the consolidation range between 0.9845 - 0.9945.
The price level of 0.9845 which corresponds to the lower limit of the consolidation range was tested yesterday when we suggested a BUY entry with SL located below 0.9800 with taking into consideration that price level of 0.9945 turned to a strong resistance level now which corresponds to the upper limit of the long term bearish channel as well.
Some profits should have been taken by now and Stop Loss should be advanced directly below Price Level of 0.9840.
Fixation below the price level of 0.9800 invalidates the bullish scenario for the short-term opening the way towards the lower limif of the channel around price level of 0.9730.
For the long term aspect, the price level of 1.0025 corresponds to Fibonacci levels of 50% and 78.6% of the most recent two bearish swings. That's why price action should be watched there for a valid long term SELL entry with SL located above 1.0080.

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

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EUR/USD Intraday Technical Analysis and Trading Recommendations for September 5, 2012

2012-09-05 14:17:47 (читать в оригинале)

The EUR/USD pair is demonstrating a strong bullish movement which was maintained within the depicted bullish channel. However, during the last week, the market witnessed some bearish retracement in reaction to the upper limit of its movement channel around the price level of 1.2580.
Last week the EUR/USD pair managed to breakdown the short term uptrend line depicted on the chart after finding resistance around the price level of 1.2570. However, the pair came back to retest the backside of the broken trendline few times as depicted on the chart.
The most significant Resistance level is located around 1.2580. This price level was tested last week expressing a bearish engulfing 4H candlestick which pushed the EUR/USD pair to the downside.That's why a low risk SELL entry was suggested and triggered yesterday with a tight SL located above 1.2630, Some profits should have been taken by now to avoid possible bullish reversal.
The lower limit of the movement channel as well as SMA 100 are located around 1.2430 where price action should be watched for a valid low risk BUY entry with SL located below 1.2370.

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

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EUR/USD. Forecast for September 5, 2012

2012-09-05 12:50:03 (читать в оригинале)

 

Macroeconomic data on Tuesday was not as optimistic as many expected. Number of unemployed in Spain increased by 38.2K while the US PMI fixed at the level of 49.6 against forecasted 50.1. It was 48.8 in July. The American stock market (S&P500) lost 0.12%, the European Stoxx600 fell 1.13%.
Today at 12:30 (GMT +3) the Eurozone will disclose its PMI services index for August. As the analysts expect that the reading will not change and make up 47.5. At 13:00 (GMT +3) we are waiting for retail sales for July. The indicator is supposed to drop 0.2% against 0.1% growth in June.
Taking into account weaker statistics, PMI services index may also be less than anticipated.
Technically, the correction is possible towards coincident trend lines on intraday and 4H time frames. Overcoming of 1.2572 will give a way towards 1.2619.

 

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

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IBM Stock Review on Point and Figure Chart

2012-09-05 12:48:36 (читать в оригинале)

 

IBM stocks overcame the resistance level of 196.0 and gave a false signal for buying against the primary trend direction and resumed its downward movement.
The stocks are now in the descending channel, the main target for sellers is the support level of 193.2. After breaking through it, the level of 191.2 will be possible.
After breakout of 196.8 resistance level, you can sell the stocks as the primary tendency will be downward.
Axel levels for today:
If the price is above the pivot point, the asset is bullish.
If the price is below the pivot point, the asset is bearish.
Resistance 1: 196.96
Resistance 2: 198.85
Support 1: 192.80
Support 2: 191.07
We recommend today to sell IBM stocks after the support level of 193.2 is over passed.

 

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