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USD/CAD Intraday Technical Analysis and Trading Recommendations for August 21, 2012

2012-08-21 16:22:59 (читать в оригинале)

 

Despite this prolonged sluggish bearish movement of the USD/CAD pair, bullish Head & Shoulders reversal pattern was expected to be formed yesterday with neck line located around 0.9900. However, the pair expressed a significant bearish price action towards this neck-line as well as the upper limit of the Yellow channel at 0.9900.
Failure of the USD/CAD pair to breakthrough intraday Resistance level at 0.9900 brought it back down towards the lower limit of the Yellow channel around 0.9860 which should constitute an intraday Support level for the pair.
The backside of the broken Violet channel as well as the midline of the Yellow channel located at 0.9880 constitute a strong intraday Resistance level for the USD/CAD pair providing a valid SELL entry with SL located above 0.9900.
TP levels are to be located at 0.9860, 0.9840 then 0.9800.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 21, 2012

2012-08-21 16:07:29 (читать в оригинале)

The GBP/USD pair has expressed wide range movement which was expected taking into account the wide Linear Regression Blue & Yellow channels expressed on Monday.
The upper limit of the short term Violet channel has been broken yesterday which enhanced the bullish view of the pair in the short term hitting its target at 1.5777.
The lower limit of the Violet channel as well as the midline of the Yellow channel are located around the price level of 1.5710 which is considered to be a valid low risk BUY entry with SL located below 1.5670, while TP levels are located around 1.5715, 1.5744 then 1.5785.
The pair has an important intraday Resistance level located around 1.5765 which is being tested now corresponding to the upper limit of the Yellow channel which is expected to demonstrate a further resistance of the bullish movement in short term.

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

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AUD/CAD Wave Analysis for August 21,2012

2012-08-21 12:34:59 (читать в оригинале)

AUD/CAD Elliott Wave
For the last few weeks the AUD/CAD pair was trading in a downward move, developing corrective (A) wave (coloured green) of the bigger (2) wave (coloured orange). Last Friday the AUD/USD pair finished (A) wave, and we could observe the price higher this week when developing the (B) wave starts. In accordance with our wave rules and taking into account that the wave B retraces 61.8% of the wave A, we can define the potential targets with Fibonacci retracement (1.0593-1.0292), with Take Profit 1 at 1.0445(50% of wave A), and Take Profit 2 at 1.0481 (61.8% of wave A). To reduce the risk, we can use the end of the A wave at 1.0292 level as Stop Loss.
Support and Resistance
(S3) 1.0271 (S2) 1.0290 (S1) 1.0301 (PP) 1.0319 (R1) 1.0338 (R2) 1.0349 (R3) 1.0367
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0370 with Stop Loss 1.0292, Take Profit 1 1.0445 and Take Profit 2 1.0481 are recommended.

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

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EUR/USD Wave Analysis for August 21,2012

2012-08-21 12:33:04 (читать в оригинале)

EUR/USD Elliott Wave
Yesterday we presented a weekly EUR/USD wave count and today we want to bring that count to the smaller time frame for intraday traders. Yesterday during the European session we could observe an ascending movement from 1.2320 towards the 1.2368 level. Therefore, during the New York session this major pair did not manage to hold this level and the price started pushing lower. At the moment the EUR/USD pair is developing impulsive 3 wave (coloured purple) of the bigger A wave (coloured blue) and we are expecting to see the price around 1.2500 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 (1.2240-1.2385-1.2255), with Take Profit at 1.2488 (161.8% of wave 1). To reduce the risk, we can use support point at 1.2380 as Stop Loss.
Support and Resistance
(S3) 1.2263 (S2) 1.2291 (S1) 1.2308 (PP) 1.2336 (R1) 1.2364 (R2) 1.2381 (R3) 1.2409
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2405 with Stop Loss 1.2380 and Take Profit 1.2488 are recommended.

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

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GBP/USD Intraday Technical Analysis

2012-08-21 11:26:16 (читать в оригинале)

 

 

As we predicted yesterday, the spot rate bounced off to the intermediate support of its medium term bullish channel at 1.5680 and approaches now the upper limit of this one at 1.5770 suggesting a decline. However, a break of these levels will free a large potential and initiate a more violent bullish trend.
Technical indicators provide buy signals but are approaching overbuy zone supporting a decline and until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement. Furthermore, the spot rate is breaking the superior band supporting the hypothesis of a violent movement to the upper limit of its channel.
The spot rate tests its resistance that is why we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell at the level of 1.5770 with the 1st objective at 1.5710 and then at 1.5690. A breakthrough 1.5790 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance where we recommend a “buy stop”. We advised to buy the spot rate as soon as it is broken through its resistance of 1.5770 with the 1st objective at 1.5830 and then at 1.5850. A breakthrough 1.5750 will invalidate this scenario.

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