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USD/CAD Intraday Technical Analysis and Trading Recommendations for July 31, 2012

2012-07-31 17:01:00 (читать в оригинале)

 

Since June 4, the USD/CAD pair movement is maintained within the mid-term 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 are considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down today 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 mid-term bearish channel should be carefully watched while being tested now for bullish price action
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 July 31, 2012

2012-07-31 16:14:51 (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 the pair 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. However, breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840.

The GBP/USD pair has a strong long-term Resistance zone between 1.5773-1.5840 where daily price action should be watched for valid long-term positions to be taken.

 

Yesterday, the GBP/USD pair was testing the backside of the broken limit of the triangle and the broken resistance level of 1.5720.
Price zone between 1.5773-1.5840 constitutes a supply zone which is expected to bring some bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement is expected especially after this quick bullish movement. This bearish retracement is confirmed with 4H closure inside the triangle again (below level 1.5667) which confirms the reversal Head & Shoulders pattern depicted on the chart.

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

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Silver Technical Levels and Trading Recommendatios for July 31 , 2012

2012-07-31 13:21:46 (читать в оригинале)

 

 

 

Overview

 

The H4 chart demonstrates today that silver takes an upward movement till reaching the Resistance level of 27.85 in order break it through and continue its bullish move. Presently silver is approaching to the Resistance level 28.40. If silver continues its bullish view 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 28.95 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 28.95 and close 4H above, we get a bullish strength which will provide new buy signals and enable the Resistance level 29.10 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 28.40, this will be a strong indicator for the bearish move after closing 4H below the Support level 27.85 enabling the Support level 27.50. 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 27.40 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(29.10)
R2(28.95)
R1(27.40)

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

Trading Recommendations

According to previous analysis, we recommend buying in case of closing 4H above the Resistance level 28.40 with TP1 28.80 and TP2 29.05; 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 July 31, 2012

2012-07-31 13:20:23 (читать в оригинале)

 

Overview

 

Proceeding from today's H4 chart, the pair is trading between Support level 122.70 and Resistance level 123.20. Presently the pair is testing the Support level 122.70 and trying to break it through to continue its bearish move. Given that the pair manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which enable the Support level 122.00 as a level target. Then we should wait for breaking this Support level to continue the downward move and open the way towards the Support level 121.55.
On the other hand, if the pair fails to break the Support level 122.70 and bounces from it, the pair may reverse its bearish move taking an upward move enabling the Resistance level 123.20. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level 123.50 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 122.70 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels

R3(124.25)
R2(123.50)
R1(123.20)

S1(122.70)
S2(122.00)
S3(121.55)

Trading Recommendations

According to previous analysis, we recommend selling after breaking the Support level 122.70 and closing 4H below with TP 122.10; SL closing 4 hours above the Support level will be appropriate.

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

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GBP/JPY Under 122.00 Today - Wave Analysis for July 31, 2012

2012-07-31 12:49:26 (читать в оригинале)

GBP/JPY Elliott Wave
Yesterday the GBP/JPY pair was trading in a downward move developing corrective wave A (coloured blue) of the bigger wave (2) (coloured green). During the Asian and European sessions we could observe a strong descending movement from 123.45 towards the 122.43 level and we can consider this move as the end of the corrective wave A. Therefore, during the yesterday’s New York session and today's Asian session this exotic currency pair started trading in a sideways move developing wave B (coloured blue) and we are expecting to see the price under 122.00 soon. 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 (123.70-122.43-122.98) with Take Profit at 121.75 (100% of wave A). Resistance at 123.05 can be used as Stop Loss.
Support and Resistance
(S3) 121.85 (S2) 122.27 (S1) 122.54 (PP) 122.54 (R1) 123.39 (R2) 123.66 (R3) 124.09
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 122.55 with Stop Loss 123.05 and Take Profit at 121.75 are recommended.

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