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GBP/USD Sell Bellow 1.5956 - For November 22, 2012 (Daily Strategy)

2012-11-22 19:54:53 (читать в оригинале)

The pound has continued bouncing above 1.5850 and the 200 day moving average periods. Now it has the daily fractal 1.5956 in front. Now this level serves as a resistance, so we must observe the price. If the pair is below this level you can sell with targets back towards 1.5870 support. I suggest placing stop loss above yesterday's high. However if your strategy is to buy, a close above 1.5965 increases the likelihood that the pair could continue its upward movement to 1.6066, the moving average level of 100 periods and Fibonacci retracement line. Given that in the medium term we remain bullish for the pound, you should consider all retreat to the daily supports, as there is an opportunity to buy the pair. I think that in the coming months, the pound will be trading at the key levels of 1.63 and 1.65.

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USD/CAD Intraday Technical Analysis and Trading Recommendations for November 22, 2012

2012-11-22 15:54:45 (читать в оригинале)

Last week, in the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.

Price zone 0.9880 - 09845 (Important Fibonacci Levels) provided strong support expressing strong bullish price action which is manifest in the giant bullish engulfing daily candlestick.

On Friday the USD/CAD pair expressed strong bearish reaction towards 1.0020-1.0050, failing to consolidate above 1.0040 (the high of Thursday's DAILY candlestick). This indicated a strong bearish move towards 0.9995; then 0.9945 to take place which actually took place after Intraday Support around 0.9980 was broken down.
4H chart shows a confirmed bearish Head and Shoulders reversal pattern to be targeting at 0.9955 initially, which has been hit this week.

Support:   0.9945, 0.9925, and 0.9875.
Resistance: 0.9980, 1.0010, 1.0040, and 1.0080.

• Recommendation

Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060.
Now 0.9980 is still considered to be another valid SELL entry on retesting targeting 0.9900 initially.

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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 22, 2012

2012-11-22 15:53:37 (читать в оригинале)

The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.

The narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780.

The false breakout above the short-term descending resistance depicted on the 4H chart was maintained at Daily Resistance Level 1.6160. It activated the bearish scenario, which anticipated further downside pressure supported by the breakdown below 50% Fibonacci (1.5930) that took place a week ago. It's important to notice that Yesterday the pair has managed to re-consolidate above this level again.

Consolidation below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the bearish movement. However, indications of a bullish corrective movement appeared on the daily chart conditioned that the pair succeeds to step above 50% Fibonacci (1.5930).

Price levels around 1.5970 constitute a strong DAILY resistance, hence a valid long-term SELL entry with SL is located just above 1.6050.

SUPPORT:  1.5920, 1.5830,1.5800, 1.5760, and 1.5670.
Resistance:  1.5970, 1.6000, and 1.6030.

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Gold Wave Analysis for November 22, 2012

2012-11-22 13:42:44 (читать в оригинале)

Gold Elliott Wave
Gold has been trading in a sideways move since Monday, corrective wave 2 (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the Asian session we could observe ascending movement from 1,722.55 toward the 1,728.70 level. Therefore, during the European and New York sessions this commodity continued trading higher and the price reached new daily high at 1,732.38 level. At the moment Gold is trading around 1,729.80 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,767.60 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1,704.86 level as stop loss.

Support and Resistance
(S3) 1,707.3 (S2) 1,712.9 (S1) 1,720.9 (PP) 1,726.5 (R1) 1,734.5 (R2) 1,740.1 (R3) 1,748.1

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why Long positions at level 1,7320 with stop loss 1,704.86 and take profit at 1,767.60 are recommended.

 

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USD/CHF Wave Analysis for November 22, 2012

2012-11-22 13:40:34 (читать в оригинале)

USD/CHF Elliott Wave
Since our last analysis the USD/CHF pair was trading in a downward movement like we expected, impulsive wave 3 (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 0.9457 toward the 0.9396 level. Therefore, during the New York session this pair continued trading in a bearish mood and the price reached a new low at 0.9358 level; we can consider this move as the end of the impulsive (1) wave (coloured pink) of the bigger 3 wave (coloured blue). At the moment the price is trading around 0.9369 level and we are expecting to see the price higher soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9420 (61.8% of wave 1). To reduce the risk, we can use invalidation at 0.9358 level as stop loss.

Support and Resistance
(S3) 0.9365 (S2) 0.9369 (S1) 0.9372 (PP) 0.9376 (R1) 0.9380 (R2) 0.9383 (R3) 0.9387

Trading Forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why Long positions at level 0.9380 with stop loss 0.9358 and take profit at 0.9420 are recommended.

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