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EUR/USD Buy Above 1.2250 For August 03, 2012 (Weekly Strategy)

2012-08-03 18:48:37 (читать в оригинале)

 

 

Yesterday the euro dropped again reaching 1.2138 amid Mario Draghi’s announcements supported by several European leaders. However, the ECB President did not meet investors’ expectations. His announcements were just empty declarations without any steps to be taken which proved again that nobody knows how to cope with the crisis.
On a technical level, the euro is trading below 1.2250 weekly pivot, offsetting yesterday’s losses. Only a close above 1.2250 will indicate the beginning of a new upward trend with the target of 1.2410 which is likely to be unchanged during the next week as well. We, therefore, recommend buying above 1.2250.
The indicators are showing an imminent upward bounce.

 

 

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

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EUR/JPY Elliott Wave Analysis for August 3 - 2012

2012-08-03 17:41:16 (читать в оригинале)

 

Today's Support and Resistance Levels: 

S1: 94.98                      R1: 96.58

S2: 94.66                      R2: 96.98

S3: 94.09 (Bottom)     R3: 97.33

 

 

Technical Overview:
With the decline to 94.98 after yesterday’s Central Banks and the ECB disappointment, the corrective wave ii from 97.33 is most likely done and a new impulsive rally should be under way in wave iii towards 100.30
In short term a break above minor resistance at 96.65 can confirm that wave ii is over and wave iii is under way.
At this point only a break below 94.09 will invalidate the count as force a new count.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 94.05. Lift stop to 94.95 upon a break above 96.65. If you are not long EUR already, wait for a break above 96.65 to buy with a 94.95 stop.

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for August 3, 2012

2012-08-03 16:52:03 (читать в оригинале)

 

Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which were considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down last week after finding bearish rejection off the upper limit of the consolidation zone around 1.0230.
For two consecutive times, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place on Wednesday towards 1.0230 pushing the USD/CAD pair towards 1.0170 which was broken down opening the way towards 1.0085 then 1.0045 as expected.
Price zone between 1.0045 -1.0015 corresponding to the lower limit of the midterm bearish channel should be carefully watched while being tested today for bullish price action which was expressed yesterday manifested in the bullish hummer candlestick of yesterday.
4H closure back again above 1.0045 brings bullish strength into the market allowing bullish retracement to take place towards 1.0070, 1.0120 then 1.0150.
Bearish breakdown of 0.9950 invalidates the bullish scenario in short term.

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for August 3, 2012

2012-08-03 16:50:11 (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.
Last week, the GBP/USD pair has found significant support at the lower limit of the triangle pattern around 1.5460 which pushed it to the upside for about 260 pips in one day.
Price level 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair on the 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.
The GBP/USD pair has come back to consolidate within the depicted triangle again allowing the pair to make some bearish retracement which can be observed more clearly on the 4H chart.
The nearest Support level is located around price level of 1.5472 which should hold price above on the midterm.

 

 

This week after stepping above the price level of 1.5720, the GBP/USD pair was testing the broken resistance level of 1.5720 which failed to hold price above.
Price zone between 1.5773-1.5840 constituted a supply zone which was expected to bring bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement was expected especially after this quick bullish movement. This bearish retracement was confirmed with 4H closure inside the triangle again (below level 1.5667) which confirmed the reversal Head & Shoulders pattern depicted on the chart. That's why price level of 1.5670 (neck line) provided strong resistance yesterday.
GBP/USD pair has broken down an important support zone located between 1.5612 - 1.5575 which was expected to bring a bullish move to the market. However, breakdown of 1.5570 extended the bearish retracement towards 1.5490.
Price level 1.5670 constitutes an important support level where price action should be watched.

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

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Silver Technical Levels and Trading Recommendatios for Aug 3 , 2012

2012-08-03 15:39:45 (читать в оригинале)

 

 

 

Overview

 

The H4 chart demonstrates today that silver takes an upward movement after bouncing from the Support level of 27.00. Presently silver is approaching to the Resistance level 27.30 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 possible to reach the Resistance level 27.65 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 28.30 and close 4H above, we get a bullish strength which will provide new buy signals and enable the Resistance level 28.05 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 27.30, this will be a strong indicator for the bearish move after closing 4H below the Support level 27.00 enabling the Support level 26.65. 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 27.30 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(28.05)
R2(27.65)
R1(27.30)

S1(27.00)
S2(26.65)
S3(26.45)

Trading Recommendations

According to previous analysis, we recommend buying in case of closing 4H above the Resistance level 27.30 with TP 27.60; SL closing 4H below the Resistance level might be appropriate.

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