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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 23, 2012

2012-08-23 17:59:43 (читать в оригинале)

 

The GBP/USD pair has expressed a wide range movement which was expected considering the wide Linear Regression Yellow channels expressed this week.
Again, the GBP/USD pair has resumed its bullish movement recording a higher high today at 1.5912 after breaking through 1.5810 without having its expected bearish retracement.
The pair has an important intraday Resistance level located around 1.5910 which was tested today corresponding to the upper limit of the Yellow channel which acted as a resistance of the bullish movement in the short term.
The lower limit of the Violet channel as well as the midline of the Yellow channel are located around the price level of 1.5860 which is considered to be an intraday Support level which needs to be broken in order to allow the GBP/USD pair to make retracement towards the lower limit of the Yellow channel around 1.5820.

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Fundamental Analysis, for August 23, 2012

2012-08-23 17:51:46 (читать в оригинале)

 

The minutes of the last FOMC meeting finally had the desired effect about which we talked yesterday. Far from the indecision that Europe presents at this time deepening into recession, the Fed made it clear that several of its members favor the implementation of a new plan for economy stimulation, and if it is not done so far is just because the majority voted otherwise.
Immediately, the dollar lost strength on all fronts, even against the yen which often moves in the opposite direction to the rest of the coins. Also the Wall Street actions recovered some of their losses and closed the session almost unchanged.
But we are dealing with currencies, and in this context, the euro clearly exceeded 1.25, and although its strength is more limited by the European session on Thursday, it appears that 1.2630 could be your next major resistance.
It is interesting that the European currency is gaining strength amid scandalous lack of political will of the old continent. What was obvious at the end of the day that the only currency that losing its positions is the dollar.
The pound sterling also demonstrates an upward movement, exceeded 1.59 momentarily, but this strength seems to be lower than that one of the euro in the short term. It will be hard to get through 1.60, and only in case the dollar continues its devaluation, the British currency will continue its rally.
The yen, meanwhile, rose against the dollar, reaching 78.35 where it established a pullback against the downtrend line extending since the end of March. This rebound may lead to an upward movement of the crossing USD / JPY in the coming days, looking for the 80.10 area.
Meanwhile, the currencies linked to oil remained unchanged with the Canadian dollar parity looking against the dollar, far from their highs on Monday. The Mexican peso showing new signs of strength and could reach the level of 13 per dollar next week.
The Dow Jones index futures demonstrating an upward direction is probably approaching towards the high for the year reached on Tuesday, and maybe even exceed it. In that case, the currency gain strength again before the U.S. dollar weakens again.

 

 

 

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

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USD/CAD: Technical Analysis for August 23, 2012

2012-08-23 16:07:26 (читать в оригинале)

 

Overview:

The market will continue showing bearish strength by moving to the level of 1.0033 (50% of Fibonacci retracement levels -- Daily chart). Therefore, USD/CAD support was broken and turned into resistance a week ago (on the 3rd of August, 2012); the pair has already formed a strong resistance at the level of 1.0033. So the market indicates a bearish opportunity at the level of 1.0033 with 0.9903 seen as first objective and continues its movement towards 0.9850 and further to 0.9810. However, if the trend does not manage to break through and close below the level 0.9745, then an upside momentum will start which is rather convincing. The upraise structure seems to be non-corrective, for that the market will indicate a bullish opportunity at 0.9745, hence it will be a good sign to buy at this level in order to continue the upward movement towards 0.9935.

Trading Recommendations:

According to the previous events, the price remains between 0.9975 and 0.9800.

• Consider the downside movement below 0.9960 with target seen at the level of 0.9903  then 0.9850 / 0.9810.

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.

Key level at 0.9960.

The pair will probably experience the same at this level.

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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

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USD/CHF Wave Analysis for August 23,2012

2012-08-23 13:12:00 (читать в оригинале)

USD/CHF Elliott Wave
Last week the USD/CHF pair finished developing of the corrective B wave (coloured orange) and the price was trading in a downward move developing the final C wave (coloured orange) start. Yesterday during the European session we could observe an ascending movement towards the 09660 level. Therefore, during the early New York session this major pair did not manage to hold this level and the price pushed lower, reaching a new daily low at 0.9577 level. At the moment the USD/CHF pair is trading around 0.9570 level and we are expecting to see the price around 0.9490 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 (0.9972-0.9656-0.9808) and Take Profit at 0.9490 (100% of wave A). To reduce the risk, we can use resistance at 0.9660 level as Stop Loss.
Support and Resistance
(S3) 0.9442 (S2) 0.9524 (S1) 0.9553 (PP) 0.9606 (R1) 0.9635 (R2) 0.9688 (R3) 0.9770
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9555 with Stop Loss 0.9660 and Take Profit 0.9490 are recommended.

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NZD/USD Wave Analysis for August 23,2012

2012-08-23 13:10:13 (читать в оригинале)

NZD/USD Elliott Wave
For the last few days the NZD/USD pair was trading in an upward move, developing Triangle B wave (coloured blue) of the bigger wave (2) (coloured green). Yesterday during the Asian and European sessions we could observe sideways movement in this major pair between 0.8075 and 0.8105 level. Therefore, during the early New York session, the NZD/USD pair did not manage to hold this level and the price aggressively pushed higher to the new daily high at 0.8145.Today during the Asian session we could observe continuation of the bullish mood and the price reached a new high at 0.8185 level and we can consider this move as the end of the final E wave of the bigger wave B (coloured blue).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 0.7998 (100% of wave A). To reduce the risk, we can use invalidation point at 0.8224 level as Stop Loss.
Support and Resistance
(S3) 0.7978 (S2) 0.8046 (S1) 0.8085 (PP) 0.8114 (R1) 0.8153 (R2) 0.8182 (R3) 0.8250
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8160 with Stop Loss 0.8224 and Take Profit 0.7998 are recommended.

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