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AUD/CAD Wave Analysis for August 28,2012

2012-08-28 12:23:53 (читать в оригинале)

AUD/CAD Elliott Wave
Last week the AUD/CAD pair finish the development of the corrective B wave at 1.0430 level and we could observe a strong downward move when developing the final C wave (coloured green) starts. Yesterday during the Asian and European sessions we could observe a descending movement from 1.0340 towards the 1.0280 level. Therefore, during the New York session the AUD/CAD pair continued trading in a bearish mood and the price reached new low at 1.0266 level. At the moment the price is trading around 1.0260 level and we are expecting to see it around 1.0200 today. 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 Retracement (0.9953-1.0595), with Take Profit at 1.0200 (61.8% of wave 1). To reduce the risk, we can use resistance at 1.0290 level as Stop Loss. Also it is necessary to monitor the CAD Corporate Profits q/q data that can change the rate of the pair.
Support and Resistance
(S3) 1.0220 (S2) 1.0248 (S1) 1.0266 (PP) 1.0294 (R1) 1.0322 (R2) 1.0340 (R3) 1.0368
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0250 with Stop Loss 1.0290 and Take Profit 1.0200 are recommended.

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

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GBP/USD Support and Resistance for Tuesday, 28 August 2012

2012-08-28 12:08:50 (читать в оригинале)

 

Monday, 27 August, was a regular day for the British pound. It was trading in the sideways price channel in the range of 1.5793-1.5818 and has not expressed any distinct dynamics in the regard of the further direction.
At the end of the day, the prices were placed in the areas of VAL – 1.5997 and VAH – 1.5814. The point of control POC was formed in the 1.5808.
Forecast for Today:
During today’s Asian session the British pound dropped sharply against the US dollar and then restored its positions.
In case of downtrend resumption, the first resistance level will be POC area from 22 August – 1.5797. From that level the uptrend will continue from VAL of 24 August – 1.5823 and then to the POC level of that day – 1.5861 and after that towards VAH of 24 August – 1.5897.
The most conservative longs will be up to VAL of 16 May – 1.5906.
In case the downturn continues, the first support level will be in the POC area of 21 August – 1.5760. After that the decline will extend towards POC of 16 August – 1.5737 and then to POC of 20 August – 1.5707.
The most conservative shorts will be up to POC of 14 August – 1.5690.

 

 

 

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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EUR/USD. Forecast for 28 August 2012

2012-08-28 12:05:55 (читать в оригинале)

 

Nothing has changed much on Monday both in technical and fundamental view. Macroeconomic data was mixed and the officials did not make any announcements. Technically, the euro was in flat position the whole day, stock indices were mixed.
Today at 11:00 (+3 GMT) Spain will disclose information on GDP for the second quarter. It can be a real threat as, according to revised data, GDP fell 0.3% in 2010 in Spain against the previous reading of -0.1%. For 2011 the growth revised from 0.7% to 0.4%. For this reason financial aid of 100 bn euro may be not enough for the country.
We could see yesterday, that bitter public statements of some politicians about Greece exit from the Eurozone as well as criticism in respect of bond purchase program do not affect the market as investors are waiting for real steps from the ECB since September.
Conference in Jackson Hole on 31 August will be a very important event. There, Ben Bernanke will tell about the beginning of QE3 as expected. Traditionally, the president of the Fed informs about monetary policy prospects during this conference. Thus, in 2010 Bernanke notified about QE2. But, as it was said earlier, they may say about monitoring of economic data or program launching in November as the additional emission is still required for the budget (to be more precise for covering the deficit of the budget but not for economy development). On Wednesday we are waiting for the revised US GDP data for the second quarter. The forecast was quite positive: 1.7% against 1.5% (JPMorgan expected 1.4%).
We expect the correction to end near 1.2445. In case of breakthrough of the support area, it will be possible to reach 1.2418. Growth is possible to 1.2515.

 

  

 

 

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

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USD/CHF Wave Analysis for August 28,2012

2012-08-28 11:42:13 (читать в оригинале)

USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading in a upward move finishing corrective (4) wave (coloured purple) of the bigger 3 wave (coloured blue). Yesterday during the early European session we could observe a descending movement towards the 0.9580 and we can consider this move as the end of the B wave of the bigger (4) wave (coloured purple). Therefore, during the New York session the USD/CHF pair start pushing higher when developing the final C wave. At the moment we can observe the start of the final 5 wave (coloured purple) of the bigger 3 wave (coloured blue) and we can expect to see price around 0.9416 soon. 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 0.9696 level as Stop Loss. Also it is necessary to monitor the CHF Employment Level and U.S. S&P/CS Composite-20 HPI y/y, CB Consumer Confidence data that can change the rate of the pair.
Support and Resistance
(S3) 0.9566 (S2) 0.9579 (S1) 0.9588 (PP) 0.9601 (R1) 0.9614 (R2) 0.9623 (R3) 0.9636
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9600 with Stop Loss 0.9696 and Take Profit 0.9416 are recommended.

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

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EUR/NZD - Elliott Wave Analysis for August 28 - 2012

2012-08-28 11:12:46 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 1.5395                    R1: 1.5492

S2: 1.5323                    R2: 1.5555

S3: 1.5270                    R3: 1.5620

 

Technical Overview: 

The correction in red wave 2, which began at 1.5442, is pretty complex in character, but we should soon see a break below 1.5409 and more importantly 1.5383, which will confirm the decline towards 1.5195 as the ideal target for red wave 2. At 1.5195 red wave 2 will have a correction of 50% of red wave 1 and, at the same time, 1.5195 marks the bottom of red wave iv, which is a very common target for a correction of one larger degree.

As long as support at 1.5409 has not been broken, we should think of one more new high near 1.5505, which was the original target for red wave 1, but not much more than that.

 

Trading Recommendation: 

You should be short EUR against NZD from 1.5420 with a stop at 1.5525. Take profit on the short EUR position at 1.5205. If you are not short EUR already, you can sell EUR upon a break below 1.5409 (sell at 1.5400) with the same stop and take profit.

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