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USD/CHF Wave Analysis for August 8,2012

2012-08-08 14:02:10 (читать в оригинале)

USD/CHF Elliott Wave
For the last few days the USD/CHF pair was trading in a downward move developing motive wave 1 (coloured blue) of the bigger (3) wave (coloured green). During the early European session we could observe a strong descending movement towards the 0.9657 level and we can regard this move as the end of the 1 wave (coloured blue). Therefore, during the early New York session this major pair did not manage to hold this level and the price started pushing higher when the development of the corrective 2 wave (coloured blue) started. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracement (0.9897-0.9657) with Take Profit 1 at 0.9777 (50% of wave 1) and Take Profit 2 at 0.9805 (61.8% of wave 1). To reduce the risk, we can use support at 0.9660 as Stop Loss. Also it is necessary to monitor the Swiss SECO Consumer Climate and U.S.Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Crude Oil Inventories, 10-y Bond Auction data that can change the rate of the pair.
Support and Resistance
(S3) 0.9634 (S2) 0.9653 (S1) 0.9665 (PP) 0.9683 (R1) 0.9702 (R2) 0.9714 (R3) 0.9732
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9720 with Stop Loss 0.9660 Take Profit 1 0.9777 and Take Profit 2 at 0.9805 are recommended.

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

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EUR/JPY Elliott Wave Analysis for August 8 - 2012

2012-08-08 13:59:58 (читать в оригинале)

 

Today's Support and Resistance Levels:

S1: 96.83                      R1: 97.40

S2: 96.44                      R2: 97.80

S3: 96.27                      R3: 98.13

 

 

Technical Overview:
Having failed to break above 97.80, the correction in red wave ii can be still regarded as a flat correction, which means that we shall see one more decline below 96.70 before red wave ii is over. Then a more powerful red wave iii can take over for a rally towards 100.30 and possibly higher towards 101.52.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.95 stop. If you are not long EUR already, use the decline to just below 96.70 to buy EUR with the same stop.

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

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EUR/USD Wave Analysis for August 8,2012

2012-08-08 13:55:35 (читать в оригинале)

EUR/USD Elliott Wave
From the beginning of August the EUR/USD pair was trading in an upward move, developing impulsive 1 wave (coloured blue) of the bigger (3) wave (coloured green). Yesterday during the Asian and European sessions we could observer an ascending movement from 1.2375 towards the 1.2442 and we can consider this move as the end of the 5 wave of the bigger wave 1 (coloured blue). Therefore, during the New York session the EUR/USD pair did not manage to hold this level and the price retraced to the 1.2392 level. At the moment we can observe the beginning of the corrective 2 wave (coloured blue) and we are expecting to see the price around 1.2260 level soon. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracement (1.2134-1.2442) with Take Profit 1 at 1.2291 (50% of wave 1) and Take Profit 2 at 1.2254 (61.8% of wave 1). To reduce the risk, we can use resistance at 1.2440 as Stop Loss. Also it is necessary to monitor the EU German Industrial Production m/m, German 10-y Bond Auction and U.S. Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Crude Oil Inventories, 10-y Bond Auction data that can change the rate of the pair.
Support and Resistance
(S3) 1.2339 (S2) 1.2364 (S1) 1.2380 (PP) 1.2405 (R1) 1.2430 (R2) 1.2446 (R3) 1.2471
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2360 with Stop Loss 1.2440 Take Profit 1 1.2291 and Take Profit 2 at 1.2254 are recommended.

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

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Silver Faces Resistance Yet Again At 28.20 Levels...

2012-08-08 11:57:34 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
We would like to overview silver consolidation sequence happening during last few weeks. As depicted above, this is a classic example of a rising wedge formation where the resistance remains constant around 28.25/30 area and support continues to increase (26.00, 26.50, 27.00). The probabilities of rising wedge breakouts are more likely to head towards north side; moreover, they are very powerful. We strongly believe, that once resistance is cleared at 28.25/30 levels, silver is going to rush towards 29.00 and 30.00 levels quickly. Stay long, breakout is expected very soon.
Trading Recommendations:
Hold on to long positions. Target 30.00 and above.

Good Luck!

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

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Gold Is Inching Higher Towards Resistance At 1650..

2012-08-08 11:33:39 (читать в оригинале)

 

 

Technical Outlook and Chart Setup:
As depicted above, gold can be found around 1605.00 and 1617.00 levels for the last 2 trading sessions. Until the support at 1580 level remains intact, expect it to break higher towards 1650-1670 and 1700 levels. The positive sign is that it is out of the consolidation zone and is ready to continue its rally further. No doubt, resistance remains strong around 1620 level, but since the supports are inclined higher, the probability of a strong bullish breakout remains intact. Stay long for now.
Trading Recommendations:
Hold on to long positions. Target above 1650.

Good Luck!

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