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GBP/JPY Technical Levels and Trading Recommendations for November 16, 2012

2012-11-16 17:04:25 (читать в оригинале)

Overview

 

 

Proceeding from today's 4H chart, the pair is still trading between the Support level 128.40 and the Resistance level 129.05. Given that the pair continues its bullish move after its rebound from the Support level 128.40, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 127.20 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 127.80.
On the other hand, if the pair fails to break the Resistance level of 126.85 and bounces from it, it may reverse the bullish move taking a downward move, which will enable the Support level of 126.15. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 125.75 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 126.85 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 (127.80) R2 (127.20) R1 (126.85) S1 (126.15) S2 (125.75) S3 (125.30)

 

Trading Recommendations

 

According to the previous analysis, we recommend buying after breaking the Resistance level of 126.85 and closing 4H above with TP 127.45; 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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USD/CAD Intraday Technical Analysis and Trading Recommendations for November 16, 2012

2012-11-16 17:02:06 (читать в оригинале)

The pair has been trending down when a bullish breakout above the bearish daily channel took place. However, the potential downside move remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
On Friday, the USD/CAD pair expressed strong bearish reaction towards 1.0020, shortly after the USD/CAD pair reached down to 0.9880 which corresponds to 50% Fibonacci Level expressing quite strong bullish reaction too.
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.
This allowed the USD/CAD pair to initiate a bullish move towards 1.0025 corresponding to the upper limit of the bullish channel depicted on the charts. However, the bearish consolidation below 1.0000 - 1.0040 suggests a coming bearish movement, which needs 0.9980 to be broken down as early as possible.
Breakthrough of 1.0040 probably opens the way directly towards 1.0075.

Support: 0.9970, 0.9925, and 0.9875.
Resistance: 1.0010, 1.0040,1.0080, and 1.0100.

• Recommendation

Price Action towards the price zone 1.0025 - 1.0040 should be watched carefully for a possible valid SELL entry with SL located above 1.0060.
Obvious breakdown below 0.9980 supports the bearish scenario in the short-term targeting 0.9900 initially.   

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

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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 16, 2012

2012-11-16 16:58:54 (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 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 anticipates further downside pressure this week, towards 1.5850 initially supported by the breakdown below 50% Fibonacci (1.5930) that took place on Friday last week.
Also the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5770.
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. Otherwise, deeper bullish retracement may take place first.

Support: 1.5800, 1.5760, and 1.5670.
Resistance: 1.5920, 1.5950, and 1.6030.   

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

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GOLD Wave Analysis for November 16, 2012

2012-11-16 14:23:04 (читать в оригинале)

GOLD Elliott Wave
Since our last analysis Gold was trading in a downward movement like we expected, corrective C wave (coloured blue) of the bigger wave (2) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe descending movement from 1,727.40 toward the 1,715.45 level. Therefore, during the New York session this commodity continued trading in a bearish mood and the price reached a new daily low at 1,704.50 level. We can consider this move as the end of the corrective (2) wave (coloured green). At the moment Gold is trading around 1711.40 level and we are expecting to see the price around 1,800.00 level in the short time. 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 1,811.99 (161.8% of wave 1). To reduce the risk, we can use support at 1,704.50 level as stop loss.

Support and Resistance
(S3) 1,681.2 (S2) 1,692.8 (S1) 1,704.6 (PP) 1,716.2 (R1) 1,728.0 (R2) 1,739.6 (R3) 1,751.4

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,720.00 with stop loss 1,704.50 and take profit at 1,8011.99 are recommended.

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

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USD/JPY Wave Analysis for November 16, 2012

2012-11-16 14:20:00 (читать в оригинале)

USD/JPY Elliott Wave
Yesterday the USD/JPY pair was trading in an upward move; impulsive 3 wave (coloured blue) of the bigger (A) wave (coloured green) was developing. During the Thursday's European session we could observe ascending movement towards the 80.95 level. Therefore, during the New York session the USD/JPY pair continued trading in a bullish mood reaching 81.45 level and we can consider this move as the end of the impulsive 3 wave (coloured blue). Today this major currency pair is developing corrective 4 wave (coloured blue) and we are expecting to see the price at 80.60 level soon. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 80.60 (38.2% of wave 3). To reduce the risk, we can use resistance at invalidation at 81.55 level as stop loss.

Support and Resistance
(S3) 80.70 (S2) 80.80 (S1) 80.91 (PP) 81.01 (R1) 81.12 (R2) 81.22 (R3) 81.33

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 81.00 with stop loss 81.55 and take profit at 80.60 are recommended.

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