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EUR/USD Intraday Technical Analysis

2012-08-29 12:18:33 (читать в оригинале)

 

 

Yesterday the spot rate bounced off to the lower limit of its short term bearish channel at 1.2470 and is testing now the upper limit of this one at 1.2580 suggesting a decline. However, a break of these levels will release a good potential and initiate a bullish channel.
Technical indicators provide sell signals and until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase of these days. Stabilization is expected in a short term.
As the spot rate tests 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 1.2580 with the 1st objective at 1.2520 and then at 1.2500. A breakthrough of 1.2600 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 1.2580 with the 1st objective at 1.2640 and then at 1.2660. A breakthrough of 1.2560 will invalidate this scenario.

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

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USD/CHF Wave Analysis for August 29,2012

2012-08-29 12:15:53 (читать в оригинале)

USD/CHF Elliott Wave
Yesterday the USD/CHF pair was trading in a downward move developing impulsive 5 wave (coloured purple) of the bigger wave 3 (coloured blue). During the European and New York sessions we could observe a descending movement from 0.9626 towards the 0.9547 level and we can consider this move as the end of the (1) wave (coloured black) of the bigger 5 wave (coloured purple). At the moment this major pair is developing corrective (2) wave (coloured blue) and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9798-0.9699-0.9767), with Take Profit at 0.9416 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 0.9635 level as Stop Loss. Also it is necessary to monitor the CHF KOF Economic Barometer and U.S. Prelim GDP q/q, Pending Home Sales m/m, Crude Oil Inventories, Beige Book data that can change the rate of the pair.
Support and Resistance
(S3) 0.9439 (S2) 0.9493 (S1) 0.9526 (PP) 0.9580 (R1) 0.9613 (R2) 0.9667 (R3) 0.9700
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9560 with Stop Loss 0.9635 and Take Profit 0.9416 are recommended.

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

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EUR/USD Ready for 1.2000 - Weekly Wave Analysis

2012-08-29 12:14:50 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis the EUR/USD pair was trading in a downward move like we expected, but if we take another look, we will come to a conclusion that corrective 4 wave is not over, so, there is no much change in our wave count. Yesterday during the early Asian session this major pair found support at 1.2465 level and we could observe a strong ascending move towards the 1.2575 level (3 days high). At the moment the EUR/USD pair is developing final 5 wave (coloured blue) of the bigger (C) wave (coloured green) and we are expecting to see price around 1.2000 level when the development of the final (5) wave (coloured orange) starts. In accordance with our wave rules and taking into account that the wave 5 retraces 161.8% of the wave 1, we can define the potential targets by measuring wave 1, with Take Profit 1 at 1.9964 (138.2% of wave 1) and Take Profit 2 at 1.1884 (161.8% of wave 1) To reduce the risk, we can use resistance at 1.2700 as Stop Loss. Also it is necessary to monitor the U.S. Prelim GDP q/q, Pending Home Sales m/m, Crude Oil Inventories, Beige Book and EU German Prelim CPI m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.2383 (S2) 1.2424 (S1) 1.2494 (PP) 1.2535 (R1) 1.2605 (R2) 1.2646 (R3) 1.2716
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2520 with Stop Loss 1.2700, Take Profit 1 1.9964, and Take Profit 2 1.1884 are recommended.

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

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GBP/USD Supports and Resistances for Wednesday, 29 August, 2012

2012-08-29 12:08:05 (читать в оригинале)

 

On 28th of August the British pound demonstrated a healthy deviation.
Having dropped against the dollar, the British currency then was trying to recover its positions during the Asian session. It managed to climb to week highs near 1.5837 and interrupted its 3-day fall.
At the end of the day the price was near VAL 1.5754 and VAH 1.5807. POC was in 1.5789 area.
Forecast for Today:
During the Asian session, the pound was trading in the narrow price range against the dollar.
In case of the following upward movement, the first resistance level will be at VAL of 24 August – 1.5823. From that level the growth will extend towards POC of 1.5861 and then to VAH of 24 August – 1.5897.
The most conservative longs will be up to VAL of 16 May – 1.5906.
In case of downward movement, the first support level will be placed at POC of 27 August – 1.5808. From this level the fall will extend towards yesterday’s POC of 1.5789 and then towards POC of 21 August – 1.5760, after that to POC of 16 August - 1.5737.
The most conservative shorts will be at POC of 20 August – 1.5707.

 

 

 

Description
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.

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

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USDCAD Tic-Tac-Toe Analysis

2012-08-29 11:46:29 (читать в оригинале)

 

USD/CAD Analysis (203 step chart):
On the 203 step chart, the pair is in the grip of downtrend.
Still we can see that the price is moving away significantly from the trend line which signifies of the upcoming correction.
As far as the main tendency is descending, it is necessary to look for sell signals on the smaller chart.

 

 

USD/CAD Analysis (103 step chart):
Let us examine the most optimal intraday sell points on this chart:
1) Overcoming of the support at 0.985 (sell signal)
2) Overcoming of the resistance at 0.994 (sell signal)
The main sellers’ purpose is the support level of 0.98.

 

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