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GBP/JPY Technical Levels and Trading Recommendations for Aug 3, 2012

2012-08-03 15:38:30 (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 121.15. Currently the pair is testing the Resistance level 122.00 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 122.50 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 122.75.
On the other hand, if the pair fails to break the Resistance level 122.00 and bounces from it , the pair may reverse its bullish move taking a downward move enabling the Support level 121.55. Then we should wait for breaking this Support level to provide 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 121.15 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 122.00 and 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(122.75)
R2(122.50)
R1(122.00)

S1(122.55)
S2(121.15)
S3(120.90)

Trading Recommendations

According to the previous analysis, we recommend Buying after breaking the Resistance level 122.00 and closing 4H above with TP 122.45; 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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GBP/JPY Wave Analysis for August 3,2012

2012-08-03 13:39:22 (читать в оригинале)

GBP/JPY Elliott Wave
For the last 5 days the GBP/JPY pair was trading in a downward move developing corrective wave (2) (coloured green). Yesterday during the European and New York sessions we could observe a strong descending movement towards the 121.10 level (5 days low).Today during the early Asian session this exotic currency break below yesterday’s low and price reached 121.03 level. We can consider this move as the end of the (2) wave (coloured green) and we are expecting to see the price higher for the next few days. 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 (120.81-123.70-121.03) with Take Profit 1 at 124.10 (100% of wave 1) and Take Profit 2 at 125.92 (161.8% of wave 1). To reduce the risk we can use Invalidation point at 120.81 as Stop Loss. Also it is necessary to monitor the UK Services PMI and EU Retail Sales m/mI data that can change the rate of the pair.
Support and Resistance
(S3) 120.22 (S2) 120.78 (S1) 121.13 (PP) 121.69 (R1) 122.25 (R2) 122.60 (R3) 123.16
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 121.70 with Stop Loss 120.81, Take Profit 1 124.10 and Take Profit 2 at 125.92 are recommended.

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

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EUR/USD Wave Analysis for August 3,2012

2012-08-03 13:37:43 (читать в оригинале)

EUR/USD Elliott Wave
Since our last analysis the EUR/USD pair was trading in a downward move developing corrective wave C (coloured blue) of the bigger wave (2). During the European session we could observe a strong ascending movement from 1.2215 towards the 1.2400 level. Therefore, during the New York session the EUR/USD pair did not manage to hold this level and price fell to the new 5 days low at 1.2132 level (end of the C wave). Today we can observe the beginning of the (3) impulsive wave and we are expecting to see price higher today. 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 (1.2041-1.2390-1.2132) with Take Profit 1 at 1.2480 (100% of wave 1) and Take Profit 2 at 1.2695 (161.8% of wave 1). To reduce the risk we can use Invalidation point at 1.2041 as Stop Loss. Also it is necessary to monitor the EU Retail Sales m/m and U.S. Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, ISM Non-Manufacturing PMI data that can change the rate of the pair.
Support and Resistance
(S3) 1.1968 (S2) 1.2071 (S1) 1.2135 (PP) 1.2239 (R1) 1.2342 (R2) 1.2406 (R3) 1.2510
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2235 with Stop Loss 1.2040, Take Profit 1 1.2480 and Take Profit 2 at 1.2695 are recommended.

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

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EUR/JPY Intraday Technical Analysis

2012-08-03 12:11:01 (читать в оригинале)

 

 

During this week the spot rate was evolving between the intermediate support of its medium term bearish channel at 95.50 and the upper limit of this one at 97.00. Yesterday it broke its support leading to acceleration. A pull back is expected before reach the lower limit of its channel to 93.80.
Technical indicators provide sell signals but it is normal in regard of the violent movement observed yesterday. However, they are approaching oversell zone supporting the assumption of a pull back. We can note that the break of yesterday was made with important volumes limiting the risks of false signals. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
We support the assumption of a pull back and recommend to sell the spot rate on the levels of 95.50 with the 1st objective of 94.90 and then at 94.70. A breakthrough 95.70 will invalidate this scenario.

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

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GOLD Intraday Technical Analysis

2012-08-03 11:29:45 (читать в оригинале)

 

 

After the strong increase of the last week, the gold have tested the upper limit of its medium term bearish channel at 1,627 and demonstrated a decline. It broke yesterday the intermediate support of this one at 1,594 leading to acceleration. A pull back on these levels is expected before reach the lower limit of its channel to 1,540.
Technical indicators provide sell signals suggesting the continuation of the decline but are approaching oversell zone supporting the assumption of a pull back. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Given that the assumption of a pull back is most likely, we recommend to sell gold on the levels of 1,594 with the 1st objective at 1,584 and then at 1,580. A breakthrough 1,597 will invalidate this scenario.

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