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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 14, 2012

2012-08-14 15:00:20 (читать в оригинале)

 

On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Price level of 1.5767 which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair as expected.
Recently, the GBP/USD pair has found a significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick which was followed by days of indecision as depicted on the chart.

 

During the last week, GBP/USD was moving within the bullish 4H channel depicted on the chart after finding support around price level of 1.5490.
On Friday, price level of 1.5577 expressed a significant bullish action pushing the GBP/USD pair higher towards 1.5700 until now.
The upper limit of the depicted channel is located around 1.5730 corresponding to previous tops and constituting a significant intraday Resistance level.
The market offers a SELL entry around price level 1.5730 with tight Stop Loss located above 1.5750.

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

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EUR/JPY Wave Analysis for August 14,2012

2012-08-14 12:57:20 (читать в оригинале)

EUR/JPY Elliott Wave
Last week the EUR/JPY pair was trading in a downward move developing corrective 2 wave (coloured blue) of the bigger (3) wave (coloured green). Yesterday during the European session we could observe an ascending movement towards the 96.55 level. Therefore, during the New York session this currency pair continued trading in a bullish mood and the price reached a new 2-day high at 96.90 level. Today the EUR/JPY pair is trading around 97.00 level and we are expecting to see the price above 100.00 this week. 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 (94.92-97.80-95.70) with Take Profit 1 at 98.54 (100% of wave 1) and Take Profit 2 at 100.30 (161.8% of wave 1) To reduce the risk, we can use support point at 95.70 as Stop Loss.
Support and Resistance
(S3) 95.50 (S2) 95.87 (S1) 96.10 (PP) 96.47 (R1) 96.84 (R2) 97.07 (R3) 97.44
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 97.35 with Stop Loss 95.70, Take Profit 1 98.54 and Take Profit 2 100.30 are recommended.

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

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EUR/USD Wave Analysis for August 14,2012

2012-08-14 12:55:37 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis, the EUR/USD 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 European and the first half of the New York sessions we could observe an ascending movement from 1.2270 towards the 1.2373 level. Therefore, during the second half of the NY session this major pair did not manage to hold this level and the price slipped towards the 1.2325 level. At the moment the EUR/USD pair is testing yesterday’s high and we are expecting to see continuation of the bullish mood 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 (1.2133-1.2441-1.2259) with Take Profit 1 at 1.2558 (100% of wave 1) and Take Profit 2 at 1.2754 (161.8% of wave 1). To reduce the risk, we can use support point at 1.2240 as Stop Loss.
Support and Resistance
(S3) 1.2208 (S2) 1.2251 (S1) 1.2278 (PP) 1.2321 (R1) 1.2364 (R2) 1.2391 (R3) 1.2434
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2375 with Stop Loss 1.2240, Take Profit 1 1.2558 and Take Profit 2 1.2558 are recommended.

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

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Silver Remains Locked Under 28.30 Levels.

2012-08-14 12:52:53 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
There is absolutely no change in the chart setup and the above structure since several trading sessions for now. Silver remains locked in a rising wedge waiting for the final push above 28.30 level. Support remains strong at 27.00 and 26.50 while resistance stays at 28.30 level for now. Simplification of the above setup is the following: a break of either boundaries of the wedge, as shown above, shall define the trend direction. Normally, rising wedges have tendency to break to the north.
Trading Recommendations:
Hold on to long positions taken earlier, target 30.00.

Good Luck!

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

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Gold Continues Probing Resistance at 1620/25

2012-08-14 12:50:59 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
The yellow metal is still trying to find buying interests above 1620 level. The rising supports are the only reasons for the yellow metal to remain bullish and expect a bullish breakout in the upcoming sessions. 1580 and 1550 levels are immediate supports while resistance remains constant at 1620/30 levels. Our trading patience is being tested here time and again and perseverance is the only solution. Let’s keep this simple, a break above 1620/25 levels will prove extremely bullish opportunity for the counter, while a break below 1550 level will result in a paradigm shift in the trend.
Trading Recommendations:
Stay long for now, target 1650, 1670 and 1700.

Good Luck!

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