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Silver Technical Levels and Trading Recommendatios for Aug 7 , 2012

2012-08-07 15:39:09 (читать в оригинале)

 

 

Overview

 

The H4 chart demonstrates today that silver is trading between the Resistance level of 28.05 and the Support level of 27.90 after breaking the Support level of 27.90. Currently silver is testing the Resistance level of 28.05 and trying to break it through in order to continue its bullish view. If silver continues the upward movement and manages to break this Resistance level, it will provide a good opportunity to buy above the Resistance level as well as make it possible to reach the Resistance level of 28.40 as a level target. After that we should wait for breaking out of this Resistance level to continue the bullish move. In case silver is able to break the Resistance level of 28.40 and closes 4H above, we will get a bullish strength which will provide new buy signals and enable the Resistance level 29.00 as a level target.
On the other hand, if silver reverses its bullish move and takes a downward move after its rebound from the Resistance level 28.05, this will be a strong indicator for the bearish move after closing 4H below the Support level 27.90 enabling the Support level 27.65. In this case we should wait for breaking this Support level to continue the bearish view. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 28.05 is unbroken, the downward move is still expected and invalidating the upward movement. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support levels

R3(29.00)
R2(28.40)
R1(28.05)

S1(27.90)
S2(27.65)
S3(27.10)

Trading Recommendations

According to previous analysis, we recommend buying in case of closing 4H above the Resistance level 28.05 with TP 28.37; SL closing 4H below the Resistance level might be appropriate.

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

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GBP/JPY Technical Levels and Trading Recommendations for Aug 7, 2012

2012-08-07 15:00:07 (читать в оригинале)

 

 

Overview

 

Proceeding from today's H4 chart, the pair is starting to take an upward move after its rebound from the support level of 121.80. Currently the pair is trading above the Resistance level 122.50 and is trying to break it through to continue its bullish move. Given that the pair manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which enable the Resistance level 122.75 as a level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level 123.20.
On the other hand, if the pair fails to break the Resistance level 122.50 and bounces from it, the pair may reverse its bullish move taking a downward move which will enable Support level of 121.80. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and close 4H below, we will get a bearish strength providing new sell signals enabling the Support level of 121.55 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 122.50 a is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels

R3(123.20)
R2(122.75)
R1(122.50)

S1(121.80)
S2(121.55)
S3(121.15)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level 122.50 and closing 4H above with TP 122.75; SL closing 4 hours below the Resistance level will be appropriate.

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

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EUR/NZD - Elliott Wave Analysis for August 7 - 2012

2012-08-07 13:43:07 (читать в оригинале)

 

 

Today's Support and Resistance Levels:

S1: 1.5086                    R1: 1.5147

S2: 1.5059                    R2: 1.5156

S3: 1.5022                    R3: 1.5219

 

 

Technical Overview:
Did we finally see an important low with the test of 1.4968? Probably we did, but we need the final confirmation, which comes with a break above minor resistance at 1.5219. A break above 1.5219 will call for a new rally higher towards the top of black wave 4 of the former downtrend at 1.5429. However, as long as resistance at 1.5147 and more importantly at 1.5219 protects the upside, there will be a risk is towards the downside for a deeper decline and a break below 1.5059 would call for a new test of 1.4968 and likely lower.

Trading Recommendation:
We will be on the safe side and only buy EUR against NZD upon a break above 1.5219 (buy at 1.5230) with a stop at 1.4960.

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

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GBP/JPY Wave Analysis for August 7,2012

2012-08-07 12:59:10 (читать в оригинале)

 

GBP/JPY Elliott Wave
Yesterday the GBP/JPY pair was trading in a strong descending movement developing corrective wave 2 (coloured blue) of the bigger wave (3) (coloured green). During the Asian and the European sessions we could observe a downward movement of this exotic currency pair that brought price towards the 121.67 level and we can consider this move as the end of the 2 wave (coloured blue). Therefore, during the New York session the GBP/JPY pair did not manage to hold this level and the price started pushing higher when the development of the impulsive 3 wave (coloured blue) started. 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 (121.03-123.12-121.67) with Take Profit 1 at 123.73 (100% of wave 1) and Take Profit 2 at 124.97 (161.8% of wave 1). To reduce the risk, we can use Support point at 121.40 as Stop Loss. Also it is necessary to monitor the UK Manufacturing Production m/m, NIESR GDP Estimate, Industrial Production m/m data that can change the rate of the pair.
Support and Resistance
(S3) 120.88 (S2) 121.43 (S1) 121.77 (PP) 122.32 (R1) 122.87 (R2) 123.21 (R3) 123.76
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 122.20 with Stop Loss 121.40 Take Profit 1 123.73 and Take Profit 2 at 124.97 are recommended.

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

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AUD/CHF Wave Analysis for August 7,2012

2012-08-07 12:56:41 (читать в оригинале)

AUD/CHF Elliott Wave
For the last few days the AUD/CHF pair was trading in a downward move, developing corrective wave (2) (coloured green) of the bigger (5) wave (coloured orange). Yesterday during the early Asian session we could observe a descending movement towards the 1.0202 and we can consider this move as the end of the C wave of the bigger (2) wave. Therefore, during the European and New York sessions the AUD/CHF pair did not manage to hold this level and price reached a new daily high at 1.0292 level. At the moment, this currency pair was developing impulsive (3) wave and we are expecting to see the price around 1.0565 level soon. 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 (1.0127-1.0345-1.0202) with Take Profit 1 at 1.0428 (100% of wave 1) and Take Profit 2 at 1.0565 (161.8% of wave 1). To reduce the risk, we can use Invalidation point at 1.0126 as Stop Loss. Also it is necessary to monitor the Swiss Foreign Currency Reserves and CPI m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1.0153 (S2) 1.0188 (S1) 1.0210 (PP) 1.0245 (R1) 1.0280 (R2) 1.0302 (R3) 1.0337
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0270 with Stop Loss 1.0126 Take Profit 1 1.0428 and Take Profit 2 at 1.0565 are recommended.

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