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USD/CAD Intraday Technical Analysis and Trading Recommendations for August 24, 2012

2012-08-24 14:07:09 (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.
Recently, the USD/CAD pair broke through the upper limit of the short term bearish channel which is depicted on the chart in Blue indicating a possible bullish retracement towards the price level of 0.9970 seen on Wednesday with successful retesting of the backside of the broken channel at 0.9888.
Breakout above the bearish Blue channel opens the way for the USD/CAD pair to visit the upper limit of the longer-term channel around the price level of 1.0025 as long as the pair is trading above the most recent low around 0.9840. However, the pair is currently facing resistance around price level of 0.9945 where a recent short-term top is located. It needs to be broken in order to resume the movement towards 1.0000.
Price level of 1.0025 not only corresponds to Fibonacci levels of 50% and 78.6% of the most recent two bearish swings, but also corresponds to the upper limit of the long term bearish channel depicted on the chart. That's why price action should be watched there for a possible SELL entry with SL located above 1.0080.

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

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Silver Technical Levels and Trading Recommendatios for Aug 24 , 2012

2012-08-24 13:45:26 (читать в оригинале)

 

 

 

 

 

 

Overview

 

The H4 chart demonstrates today that silver is still trading between the Support level of 30.00 and the Resistance level of 30.50. If silver continues the upward movement and manages to break this Resistance level, it will provide a good opportunity for buying above the Resistance level as well as make it possible to reach the Resistance level of 30.90 as a 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 30.90 and close 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level 31.50 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 30.50, this will be a strong indicator for the bearish move after closing 4H below the Support level of 30.00 enabling the Support level of 29.70. 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 of 30.50 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(31.50)
R2(30.90)
R1(30.50)

S1(30.00)
S2(29.70)
S3(29.10)

Trading Recommendations

According to previous analysis, we recommend buying in case of closing 4H above the Resistance level 30.50 with TP 30.85; 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 Aug 24, 2012

2012-08-24 13:20:44 (читать в оригинале)

 

 

 

 

 

 

Overview

 

The H4 chart demonstrates today that the pair is taking a downward move after its rebound from the Resistance level of 125.00. Currently the pair is trading between the Support level of 124.00 and the Resistance level of 125.00. Given that the pair manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which will enable the Support level of 123.50 as a level target. Then we should wait for breaking of this Support level to continue the downward move and open the way towards the Support level of 122.80.
On the other hand, if the pair fails to break the Support level of 124.00 and bounces from it, it may reverse the bearish move taking an upward move enabling the Resistance level of 125.00. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level of 125.30 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 124.00 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels

R3(125.80)
R2(125.30)
R1(125.00)

S1(124.00)
S2(123.50)
S3(122.80)

Trading Recommendations

According to previous analysis, we recommend selling after breaking the Support level 124.00 and closing 4H below with TP 123.60; SL closing 4 hours above the Support level will be appropriate.

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

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NZD/USD Wave Analysis for August 24,2012

2012-08-24 13:18:29 (читать в оригинале)

NZD/USD Elliott Wave
Since our last analysis the NZD/USD pair was trading in a downward move like we expected developing final C wave (coloured blue) of the bigger (2) (coloured green). During the early Asian session we could observe an ascending movement towards the 0.8185 level and we can consider this move as the end of the E wave of the bigger (B) wave. Therefore, during the European and New York sessions this major pair started pushing lower when developing of the C wave starts and price reached a new daily low at 0.8125 level. At the moment the NZD/USD pair is trading around 0.8115 level and we are expecting to see the price around 0.8000 soon. In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (0.8224-0.8038-0.8185), with Take Profit at 0.8000 (100% of wave A). To reduce the risk, we can use resistance at 0.8145 level as Stop Loss.
Support and Resistance
(S3) 0.8085 (S2) 0.8108 (S1) 0.8123 (PP) 0.8146 (R1) 0.8169 (R2) 0.8184 (R3) 0.8207
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8110 with Stop Loss 0.8145 and Take Profit 0.8000 are recommended.

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

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AUD/USD Wave Analysis for August 24,2012

2012-08-24 13:13:54 (читать в оригинале)

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a downward move, developing corrective wave E (coloured orange). Yesterday during the European and New York sessions we could observe a descending movement from 1.0544 towards the 1.0435 level and we can consider this move as the beginning of the impulsive 3 wave of the bigger wave (A) (coloured green). At the moment the AUD/USD pair is trading around 1.0420 and we are expecting to see price lower 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 (1.0613-1.0410-1.0544) with Take Profit 1 at 1.0336 (100% of wave 1) and Take Profit 2 at 1.0211 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0445 level as Stop Loss.
Support and Resistance
(S3) 1.0364 (S2) 1.0406 (S1) 1.0432 (PP) 1.0474 (R1) 1.0516 (R2) 1.0542 (R3) 1.0584
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0410 with Stop Loss 1.0445, Take Profit 1 1.0336, and Take Profit 2 1.0211 are recommended.

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