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GBP/JPY Technical Levels and Trading Recommendations for Aug 15, 2012

2012-08-15 14:38:29 (читать в оригинале)

 

Overview

 

Proceeding from today's H4 chart, the pair is trading between the Support level of123.50 and the Resistance level of 124.25. Given that the pair continues its bullish move and manages to break the Resistance level of 124.25 and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 124.75 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 125.00.
On the other hand, if the pair fails to break the Resistance level of 124.25 and bounces from it, it may reverse the bullish move taking a downward direction which will enable Support level of 123.50. 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 123.20 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 124.25 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(125.00)
R2(124.75)
R1(124.25)

S1(123.50)
S2(123.20)
S3(122.70)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level of 124.25 and closing 4H above with TP 124.65; 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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EUR/USD Wave Analysis for August 15,2012

2012-08-15 13:52:22 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis, the EUR/USD pair was trading in a downward move, developing corrective wave (2) (coloured purple) of the bigger 3 (coloured blue). During the Asian and early European sessions we could observe a strong ascending movement towards the 1.2385 level and we can consider this move as the end of the (1) wave (coloured purple). Therefore, during the second half of the EU session the EUR/USD did not manage to hold this level and the price slipped towards the 1.2316 level. At the moment we can observe the price trading in a sideways move and we are expecting to see it higher 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 (1.2240-1.2385-1.2316) with Take Profit 1 at 1.2460 (100% of wave 1) and Take Profit 2 at 1.2550 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.2240 as Stop Loss. Also it is necessary to monitor the U.S. Core CPI m/m, CPI m/m, Empire State Manufacturing Index, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m and Crude Oil Inventories data that can change the rate of the pair.
Support and Resistance
(S3) 1.2272 (S2) 1.2298 (S1) 1.2315 (PP) 1.2341 (R1) 1.2367 (R2) 1.2384 (R3) 1.2410
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2345 with Stop Loss 1.2240, Take Profit 1 1.2460, and Take Profit 2 1.2550 are recommended.

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

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USD/CHF Wave Analysis for August 15,2012

2012-08-15 13:52:06 (читать в оригинале)

USD/CHF Elliott Wave
For the last few days the USD/CHF pair was trading in a downward move developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green). Yesterday during the European and New York sessions we could observe an ascending movement from 0.9696 towards the 0.9751 and we can consider this move as the end of the corrective wave (2) (coloured purple). At the moment this major pair is at the beginning of the impulsive (3) wave (coloured purple) of the bigger 3 wave (coloured blue) and we are expecting to see the price at 0.9575 level 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 (0.9809-0.9696-0.9751) with Take Profit 1 at 0.9642 (100% of wave 1) and Take Profit 2 at 0.9574 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 0.9809 as Stop Loss. Also it is necessary to monitor the U.S. Core CPI m/m, CPI m/m, Empire State Manufacturing Index, TIC Long-Term Purchases, Capacity Utilization Rate, Industrial Production m/m and Crude Oil Inventories data that can change the rate of the pair.
Support and Resistance
(S3) 0.9677 (S2) 0.9698 (S1) 0.9711 (PP) 0.9731 (R1) 0.9752 (R2) 0.9765 (R3) 0.9785
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9730 with Stop Loss 0.9809, Take Profit 1 0.9642, and Take Profit 2 0.9574 are recommended.

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

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EUR/JPY Intraday Technical Analysis

2012-08-15 13:29:54 (читать в оригинале)

 

 

Since yesterday the spot rate is testing the intermediate resistance of its medium term bullish channel at 97.50 and is likely to initiate a decline. A break of these levels would allow reaching the upper limit of its channel at 98.80. However, a decline would allow reaching the lower limit of its channel 96.20.
Technical indicators provide buy signals but approach overbuy zone supporting the assumption of a decline, but until the resistance is not broken, the hypothesis 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 intermediate resistance supporting the assumption of a violent movement in case of break.
The spot rate tests its resistance, for this reason we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend a sell on the level of 97.50 with the 1st objective at 96.90 and then at 96.70. A breakthrough 97.70 will invalidate this scenario. The second scenario is the hypothesis of an exit of its channel, and then we recommend a “buy stop”. We advise to buy the spot rate as soon as it has broken through its resistance of 97.50 with the 1st objective at 98.10 and then at 98.30. A breakthrough 97.30 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-08-15 13:23:18 (читать в оригинале)

 

 

Gold tested yesterday the upper limit of its medium term triangle at 1,625 and demonstrated a decline. It is actually testing the intermediate support of this one at 1,591 suggesting a rebound. However, a break of this level would free a large potential and come close to the lower limit of the triangle at 1,572.
Technical indicators provide sell signals but approach to oversell zone supporting the assumption of a rebound. Moreover, until the support is not broken, the hypothesis of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
We recommend to buy the gold at the level of 1,591 with the 1st objective at 1,602 and then at 1,605. A breakthrough 1,588 will invalidate this scenario.

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