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GBP/JPY Technical Levels and Trading Recommendations for Aug 17, 2012

2012-08-17 15:49:33 (читать в оригинале)

 

 

 

Overview

 

Proceeding from today's H4 chart, the pair is trading between the Support level of 124.50 and the Resistance level of 125.00. Given that the pair continues its bullish move and manages to break the Resistance level of 125.00 and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 125.30 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 125.80.
On the other hand, if the pair fails to break the Resistance level of 125.00 and bounces from it, it may reverse the bullish move taking a downward direction which will enable Support level of 124.50. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 123.75 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 125.00 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

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

S1(124.50)
S2(123.75)
S3(123.20)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level of 125.00 and closing 4H above with TP 125.55; SL closing 4 hours below the Resistance level will be appropriate.

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

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AUD/USD Wave Analysis for August 17,2012

2012-08-17 13:09:10 (читать в оригинале)

 

AUD/USD Elliott Wave
From the beginning of the last week the AUD/USD pair was trading in a downward movement, developing the last (E) wave (coloured orange) after it finished corrective (D) wave (coloured orange). Yesterday during the Asian session we could observe a descending movement towards the 1.0474 level. Therefore, during the European and New York sessions the AUD/USD pair did not manage to hold this level and the price reached a new 2-day high at 1.0525 level. At the moment we can observe developing of the impulse 3 wave (coloured blue) and we are expecting to see the price around 1.0270 soon. In accordance with our wave rules and taking into account that the wave 3 retraces 261.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0612-1.0496-1.0577) with Take Profit at 1.0269 (261.8% of wave 1). To reduce the risk, we can use resistance point at 1.0515 as Stop Loss. Also it is necessary to monitor the U.S. Prelim UoM Consumer Sentiment data that can change the rate of the pair.
Support and Resistance
(S3) 1.0452 (S2) 1.0471 (S1) 1.0484 (PP) 1.0503 (R1) 1.0522 (R2) 1.0535 (R3) 1.0554
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0400 with Stop Loss 1.0515 and Take Profit 1.0269 are recommended.

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

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GBP/JPY Wave Analysis for August 17,2012

2012-08-17 12:41:15 (читать в оригинале)

GBP/JPY Elliott Wave
Since our last analysis, the GBP/JPY pair was trading in an upward move, like we expected, developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green). During the yesterday's European and New York sessions we could observe an ascending movement from 123.80 towards the 124.87 level. At the moment we are close to 161.8% retracement, and we need to be prepared for entering short position when 4 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 4 retraces 100% of the wave 2, we can define the potential targets with measuring the 2 wave, with Take Profit at 123.70 (100% of wave 2). To reduce the risk, we can use support point at 125.50 as Stop Loss.
Support and Resistance
(S3) 123.30 (S2) 123.76 (S1) 124.04 (PP) 124.50 (R1) 124.96 (R2) 125.24 (R3) 125.70
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 125.20 with Stop Loss 125.50 and Take Profit 123.70 are recommended.

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

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GOLD Intraday Technical Analysis

2012-08-17 12:23:18 (читать в оригинале)

 

 

Gold broke yesterday the intermediate resistance if its medium term bearish channel leading to a violent acceleration. It approaches now the upper limit of this one at 1,625 suggesting a decline. However, a break of these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell signals but 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, superior band strengthens the upper limit of its channel supporting the assumption of a violent movement in case of break.
The spot rate tests the intermediate resistance of its channel that is why we recommend 2 scenarios: The first one is the hypothesis of a decline where we suggest a sell on the level of 1,625 with the 1st objective at 1,615 and then at 1,610. A breakthrough 1,628 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance and we recommend a “buy stop”. We advise to buy the spot rate as soon as it is broken through its resistance of 1,625 with the 1st objective at 1,635 and then at 1,640. A breakthrough 1,622 will invalidate this scenario.

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

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GBP/USD Intraday Technical Analysis

2012-08-17 12:21:07 (читать в оригинале)

 

 

The spot rate has bounced violently yesterday and is now testing the upper limit of its medium term bullish channel at 1.5760 and seems to initiate a decline. However, a break of these levels will release a good potential and initiate a more violent bullish trend.
Technical indicators provide buy signal 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 are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
The spot rate tests its resistance and we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell on the level of 1.5760 with the 1st objective at 1.5700 and then at 1.5680. A breakthrough 1.5780 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance where we advise a “buy stop”. We recommend to buy the spot rate as soon as it is broken through its resistance of 1.5760 with the 1st objective at 1.5820 and then at 1.5840. A breakthrough 1.5740 will invalidate this scenario.

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