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Gold Steady Above 1600 Levels. Still Needs To Convincingly Clear 1620 Levels To Declare Breakout.

2012-08-10 13:31:09 (читать в оригинале)

 

Technical Outlook and Chart Setups:
Gold has failed to clear resistance at 1620 level. It demonstrated an absolute sideways movement between 1604 and 1615 levels above the cone structure. Such a movement is unnatural after a range breakout. A bullish breakout still remains a fair possibility till the prices remain above 1580 level. Intermediary resistance is well placed at 1620 level and strong support comes in only at 1550 level. The yellow metal was sideways for an extended period now, so one thing is assured: the breakout will be powerful, whenever it happens.
Trading Recommendations:
Hold on to long positions taken earlier, target 1650-1670-1700.

Good Luck!

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

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EUR/USD Ready To Push Higher - Analysis for August 10,2012

2012-08-10 13:26:00 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis the EUR/USD pair was trading in a downward move like we expected, this major pair is currently developing final C wave (coloured purple) of the bigger corrective wave 2 (coloured blue). Yesterday during the European and New York sessions we could observe a strong descending movement towards the 1.2266 level. At the moment the EUR/USD pair is trading around 1.2260 level and we are expecting to see price higher today when the development of the impulsive 3 wave (coloured blue) starts. 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 1.2563 (100% of wave 1) and Take Profit 2 at 1.2759. To reduce the risk, we can use invalidation point at 1.2133 as Stop Loss. Also it is necessary to monitor the EU French Industrial Production m/m, French Gov Budget Balance and U.S. Import Prices m/m, Federal Budget Balance data that can change the rate of the pair.
Support and Resistance
(S3) 1.2198 (S2) 1.2245 (S1) 1.2273 (PP) 1.2319 (R1) 1.2366 (R2) 1.2394 (R3) 1.2440
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2310 with Stop Loss 1.2133, Take Profit 1 1.2563 and Take Profit 2 1.2759 are recommended.

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

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EurJpy Still Remains Poised To Extend Gains

2012-08-10 12:18:48 (читать в оригинале)

 

Technical Outlook and Chart Setups:
Last 2 trading sessions have proved to be a bit difficult for bulls, targeting a breakout. We are focusing on 2 things at the moment.
1. The drop from recent highs at 97.80 level can be still defined as corrective in nature; since it is in 3 waves.
2. The line of support from 94.00 leves is still intact.
Keeping these views in mind, we still recommend holding earlier long positions, for a bullish resumption which would target 98.50 and 99.00 levels at least. Aggressive selling is still not favourable. We are expecting a bullish reversal soon enough.
Trading Recommendations:
Hold on to long positions taken earlier. If yesterdays' stops might have triggered, one can still take fresh long positions now, stop below 95.00, target 98.50 and 99.00.

Good Luck!

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

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GbpChf Retraces Recent Downswing. Maybe Preparing To Resume Towards 1.5000 Levels.

2012-08-10 12:14:46 (читать в оригинале)

 

 

Technical Outlook and Chart Setups:
As depicted above, the pullback has taken a pause after 3 sessions of bullish action. We still believe that charts are not yet indicating a bullish reversal; and there may be one more downswing towards 1.5000 level. As one can see, the rising trend line support and 0.618 Fibonacci confluence is also at 1.5000 level. We had recommended initiating a short position yesterday with proper risk management and we still favor that trade. A bearish reversal may materialize anytime soon. Only a clear break above the dropping line of resistance (shown above) would indicate that a bottom is in place at 1.5100 level.
Trading Recommendations:
Stay short from yesterdays' position; stop at 1.5400, target 1.5000

Good Luck!

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

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EUR/JPY Intraday Technical Analysis

2012-08-10 11:52:31 (читать в оригинале)

 

 

The spot rate has broken the intermediate support of its medium term bullish channel at 96.50 leading to an acceleration after the Bank of Japan (BoJ) has refrained from taking further monetary easing at a meeting of its Monetary Policy Committee completed Thursday. At the same time it evolves now in a short term bearish channel and tests the lower limit of this one at 96.10. A break of this level will allow it to reach the lower limit of its medium term channel at 95.70.
Technical indicators provide sell signals but approach 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 have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
We can consider two scenarios: the first one is to buy at the level of 96.10 with the 1st objective at 96.60. The second one is a “sell stop” and sell as soon as the spot rate is broken through its support at 96.10 with the 1st objective at 95.70.

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