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EUR/NZD - Elliott Wave Analysis for August 13 - 2012

2012-08-13 12:36:28 (читать в оригинале)

 

EUR/NZD Daily

EUR/NZD 4 Hourly

 

Today's Support and Resistance Levels:

S1: 1.5122                    R1: 1.5164

S2: 1.5091                    R2: 1.5197

S3: 1.5084                    R3: 1.5216

 

 

Technical Overview:
First, looking at the larger picture, we can see that the decline 1.9570 has been a major diagonal ending, which we believed finished with the test of 1.4965. The decline to 1.4965 caused a small decline below the diagonal ending of support line, which was quickly reversed and is very common at major turning points. However, the decline from 1.9570 has also been in five overlapping waves, which is why this is the diagonal ending.
When zooming in on the last part of the decline from 1.6969, we can see that the decline here also was performed in five waves and with the break above the downtrend line. We favor that an important low is in place at 1.4965. The minor rally from 1.4965 up to 1.5200 does look impulsive which also adds confidence in our view that and important bottom is in place. In short term we still see the possibility for a move lower towards the 1.5035 - 1.5050 area before a break above 1.5200 eases the downside pressure for a rally in red wave iii towards resistance at 1.5439.

Trading Recommendation:
We recommend buying EUR against NZD at 1.5055 or upon a break above 1.5200 (buy at 1.5210). One order cancels the other. Stop should be placed at 1.4960

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

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EUR/JPY Elliott Wave Analysis for August 13 - 2012

2012-08-13 12:32:08 (читать в оригинале)

 

EUR/JPY Daily

EUR/JPY 4 Hourly

 

Today's Support and Resistance Levels:

S1: 96.01                      R1: 96.41

S2: 95.86                      R2: 96.74

S3: 95.76                      R3: 97.02

 

 

Technical Overview:
If we look at the larger picture first we could see that an important bottom is in place with 94.09 low and that we have started a new impulsive rally towards the 101.50 - 101.66 area as the first major resistance area.
Zooming in to the 4 hourly chart (the lower chart) we can see, that after the 94.09 low we have seen a nice five wave rally from 94.09 to 97.33 as wave 1 followed by a clear three wave zigzag correction down to 94.92, which corrected around 70.7% of wave 1. On the currency market we see quite often that the first waves are being corrected by 70.7%. From 94.92 we have seen a new impulsive rally, which we think is only the first wave of wave 3 which ideally will continue towards at least 100.24, where wave 3 will be 1.618 times longer than wave 1.
In a short term we expect that support at 95.72 will protect the downside, but only a break below strong support at 94.92 will invalidate our bullish view.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.95 stop. Upon a break above 97.28, move stop up to 95.70.

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

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Silver Hits Resistance At 28.20 Levels. Needs To Clear Through

2012-08-13 12:27:56 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
Still there is a possibility of wedge formations. During the Friday’s session a breakout of the wedge was most expected, but silver failed once again at 28.20/25 levels. The nearest support/low on the rising boundary comes in at 27.00 level. Until the prices are above 27.00, a bullish breakout is warranted. We emphasize again that rising wedge structures have a tendency to break higher in most of the cases. We are precisely 25 cents away from a price breakout level at this moment. Expect a high anytime now.
Trading Recommendations:
Hold on to long positions taken earlier, target 29.00 and 30.00.

Good Luck!

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

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Gold Almost Breaks Higher Above 1625. It need to Sustain Here...

2012-08-13 12:24:42 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
It has been all about consolidations, trading range, and scalping during last one week and gold did not change its positions. 1625-1630 levels define resistance for the range. The yellow metal has still not been successful to break these levels convincingly on the higher side. As we discussed last week, immediate support/low is at 1580 level, and until the prices are above these levels, a break higher is the most probable output here.
Trading Recommendations:
Hold on to long positions taken earlier, target 1650 and 1700. Time frame is 1-2 weeks.

Good Luck!

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

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EurJpy 95.70 Levels Defines Support For Bulls

2012-08-13 12:21:24 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
The single currency pair bounced off the recent trend line support as depicted above on Friday. This level (95.70) defines the line in sand for bulls to fight back and move higher. A failure would shift focus once again towards fresh lows. Nevertheless, at this moment EurJpy is holding well its previous gains. Immediate support is just below 95.00 while resistance is close at 98.00 level.
Trading Recommendations:
Hold on to long positions taken earlier, target 98.50.

Good Luck!

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