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NZD/USD: Intraday Technical Analysis for August 1, 2012

2012-08-01 15:59:36 (читать в оригинале)

 

 

 

• Strong Resistance: 0.8198. Take profit at this level (Bought already since July 24, 2012). 
• Strong Support: 0.8060.

 

Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.8060 (88% of Fibonacci retracement level on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.8060. This fact can be considered as a good signal for BUY deals above the point 88% & 100% of Fibonacci retracement level on the H1 chart or at the level (0.8068) with the first targets 0.8145 and 0.82 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide between 161.8% of Fibonacci retracement (0.8288) and 100% of Fibonacci retracement (0.81041) However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8198, the market will show a further decline to the 0.8105 level indicating a bearish mood in order to retest the weekly pivot point 1 at 0.8003.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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

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USD/CHF Wave Analysis for August 1 - 2012

2012-08-01 14:04:33 (читать в оригинале)

USD/CHF Elliott Wave
Yesterday the USD/CHF pair was trading in a downward move developing corrective wave B (coloured blue) of the bigger wave (2) (coloured green). During the European and New York trading sessions we could observe descending movement from 0.9805 towards the 0.9740 where this major pair found support and price started pushing higher at the end of NY session. Today the USD/CHF pair broke yesterday’s low at 09740 and price reached new 3 days low at 0.9735 level. We can consider this move as the end of the B wave (coloured blur) and we can expect to see price around 0.9850 today. In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (0.9695-0.9823-0.9735) with Take Profit at 0.9856 (100% of wave A). Resistance at 0.9700 can be used as Stop Loss.
Support and Resistance
(S3) 0.9705 (S2) 0.9730 (S1) 0.9745 (PP) 0.9769 (R1) 0.9794 (R2) 0.9809 (R3) 0.9833
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9775 with Stop Loss 0.9700 and Take Profit 0.9856 are recommended.

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

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GBP/JPY Weekly Wave Analysis

2012-08-01 14:03:11 (читать в оригинале)

GBP/JPY Elliott Wave
Since our last analysis the GBP/JPY pair was trading in a downward move developing last corrective wave C (coloured blue) of the bigger (2) wave (coloured green). From early European till the second half of the New York session this exotic pair was trading in a descending movement towards the 122.15 level. Today the GBP/JPY pair tried to push higher but after testing resistance level around 122.60, the price fell back to the 122.00 level and we can consider this move as the end of the (2) wave. At the moment this exotic currency finished developing of the C wave (coloured blue) and we can expect to see 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 (120.81-123.70-121.95) with Take Profit 1 at 124.95 (100% of wave 1) and Take Profit 2 at 126.77 (161.8% of wave 1). Invalidation point at 120.81 can be used as Stop Loss.
Support and Resistance
(S3) 121.75 (S2) 122.06 (S1) 122.25 (PP) 122.57 (R1) 122.88 (R2) 123.07 (R3) 123.39
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 122.65 with Stop Loss 120.81, Take Profit 1 124.95 and Take Profit 2 126.77 are recommended.

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

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Silver Technical Levels and Trading Recommendatios for Aug 1 , 2012

2012-08-01 13:11:43 (читать в оригинале)

 

 

 

Overview

 

The H4 chart demonstrates today that silver takes a downward move after its rebound from the upper limit of the bullish channel and the Resistance level 28.40 and presently it is testing the Support level 27.85. If silver continues its bearish view and manages to break this Support level, it will provide a good opportunity to sell below the Support level as well as will make it possible to reach the Support level 27.50 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level 27.50 and close 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level 27.20 as a level target.
On the other hand, if silver reverses its bearish move and takes an upward move after its rebound from the Support level 27.85, this will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level 28.40 again. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 27.85 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making the decision.

 

Resistance and Support levels

R3(29.10)
R2(28.95)
R1(28.40)

S1(27.85)
S2(27.50)
S3(27.20)

 

Trading Recommendations

According to previous analysis, we recommend selling in case of closing 4H below the Support level 27.85 with TP1 27.40 and TP2 27.00; SL closing 4H above the Support 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 1, 2012

2012-08-01 13:09:53 (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 122.00. Currently the pair is testing the upper limit of the bearish channel and approaching the Resistance level 122.75 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 123.20 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 123.50.
On the other hand, if the pair fails to break the Resistance level 122.75 and bounces from it, the pair may reverse its bullish move taking a downward move enabling the Support level 122.00. 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 121.55 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level 122.75 and the upper limit of the bearish channel are 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(123.50)
R2(123.20)
R1(122.75)

S1(122.00)
S2(121.55)
S3(121.15)

Trading Recommendations

According to the previous analysis, we recommend Buying after breaking the Resistance level 122.75 and closing 4H above with TP 123.15; SL closing 4 hours below the Resistance level will be appropriate.

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