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EUR/USD Bearish Outlook for August 07, 2012 (Daily Strategy)

2012-08-07 18:32:21 (читать в оригинале)

 

The EUR/USD pair remains above 1.2395 fractal, an area that was moved during Monday session, despite the release of German factory orders data which demonstrated a higher than expected fall in July. This data in another context would have generated a significant drop in the pair, but for now pushed it back for only a few points.
It is possible that the euro can continue this upward trend, but on its way to the south the currency has many obstacles, for example, the level of 1.2485 is the resistance weekly, and the fractal above 1.2510 is a very strong level to overcome and stay above. On the other hand, the euro will continue to suffer from European crisis for a long period of time as no decision was taken.
Therefore, we recommend selling the 1.2485 level, with short term to the nearest support of 1.2210. The stop loss is placed above 1.2510 fractal.

 

 

If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD Strong Resistance 1.5760 - For August 07, 2012 (Daily Strategy)

2012-08-07 18:27:33 (читать в оригинале)

 

The British pound is growing, affected by the manufacturing data from the UK. As it is seen, poor data does not have a significant impact on peer leaders.
The pair broke the 1.5585 significant support, which increased the pair chances to negotiate in the upcoming days above the 1.56 level. Overcoming of 1.5760 could accelerate growth in the previous days but the pair was locked in the price range of 1.54 - 1.5765.
Therefore, a return to the level of 1.5590 will give us the opportunity to buy at low prices with the objective of 1.5760 resistance, a break above 1.5770 will be the beginning of a new sequence upward to 1.5945.

 

If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my Fundamental analysis, please vote for me, but first you must register at the portal MT5 for a vote to be valid. Thanks.

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Fundamental Analysis, for August 07, 2012

2012-08-07 18:23:20 (читать в оригинале)

 

European currencies maintained an upward bias during Tuesday's session, following the behavior of stock indices of the Old World.
The euro remains above 1.24, an area that was overcame during the U.S. session on Monday, despite the fact that factory orders in Germany in July showed a greater decline than it was expected. One thing that could have had a great impact was a significant drop of the single currency, but currently it lost just a few points.
The pound sterling is also growing, fueled by the manufacturing data from the UK, with a smaller drop than expected. As it is shown, poor data did not have significant impacts on peer leaders.
The Dow Jones index futures also maintain an upward trend in the short term. It seemed that Monday could be characterized by an upward movement, but it was marked with quite modest movements.
On the other hand, both the Canadian dollar and the Mexican peso remained firm linked to oil and solid fundamentals of their own economies. The loonie offset its position against the dollar, approaching the level of 0.9920 during the U.S. session.
The Mexican currency is approaching to the level of 13 peso to one dollar. But the USD / CAD rate maintains a strong bearish bias, which could lead to price the area of ​​12.80 in the upcoming days.
The yen was unchanged, leaving a very narrow price range. The Australian dollar accelerated its growth after the Reserve Bank of Australia left interest rate unchanged early in the morning. Now the currency is heading towards the next target of 1.0610. Only the break of 1.0420 could change its upward course.
There are no more fundamental data for now. The European economic statistics initiate transcendent variations in prices. Only Ben Bernanke presentation, the chairman of the Fed, which is held at 2:30 PM could generate a more substantial foreign exchange movements.

 

 

If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my Fundamental analysis, please vote for me, but first you must register at the portal MT5 for a vote to be valid. Thanks.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for August 7, 2012

2012-08-07 16:08:57 (читать в оригинале)

 

The USD/CAD pair movement is almost sideways during the previous days of consolidation which is manifested in the slightly bearish direction of the Yellow channel depicted on the chart.
In fact, still there's no significant price action today. However, some bearish price action was expressed today towards the upper limit of the Violet & Blue channels around 1.0000.
The lower limit of the Violet channel & the midline of the Yellow one around price level of 0.9975 which are considered an Intraday Support for the GBP/USD pair are being tested now waiting for bullish price action in order to catch a BUY opportunity with TP levels located at 1.0030 then 1.0080.
Bearish breakdown of 0.9960 invalidates the bullish scenario for the current time opening the way towards bearish targets at 0.9940 then 0.9915.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 7, 2012

2012-08-07 16:07:37 (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 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair in short term as expected. However, temporary breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840 which expressed its bearish pressure quickly.
Last week, the GBP/USD pair has found 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.
Price level of 1.5770 is still considered as a strong resistance for the GBP/USD pair which is manifested in yesterday's daily candlestick. However, traders should be careful because of the remarkable bullish price action expressed on Friday towards level 1.5490 which may extend the bullish journey towards higher levels starting with price level of 1.5840.

 

 

 

Last week, the GBP/USD pair failed to fix above 1.5720 after going over this considerable price level.
Price zone between 1.5670-1.5725 has been rejecting the GBP/USD pair obviously as depicted on the chart above, which makes it worth watching for price action while being tested again.
The upper limit of the bearish channel depicted on the chart is also located around price level of 1.5670. That's why bearish retracement was expected towards 1.5550 yesterday. However, a break above 1.5670 opens the way for further bullish movements towards 1.5773 and then probably 1.5840.
Price level of 1.5540 constitutes an important support level where price action should be watched carefully.

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