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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 9, 2012

2012-11-09 18:04:47 (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 chart was maintained at Daily Resistance Level 1.6160 activating the bearish scenario, which anticipates further downside pressure this week, possibly towards 1.5850 initially. However, yesterday obvious bullish reaction took place towards 50% Fibonacci (1.5930).
The GBP/USD pair is now trapped within narrow consolidation range 1.6025 - 1.5925 which needs to be broken in order to resume any further movements.
The price action should be watched carefully around 1.5925 which is considered to be the key level of the coming movement. A breakdown below allows and confirms the bearish scenario in the short term.
Consolidation below the Intraday Support Price Level 1.5900 is necessary to resume the expected bearish movement.

 

Support: 1.5975 and 1.5920. 
Resistance:1.6050,1.6075, and 1.6125.     

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

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USD/CAD Intraday Technical Analysis and Trading Recommendations for November 9, 2012

2012-11-09 18:02:49 (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, further downside movement was anticipated when the USD/CAD pair gave strong bullish reaction towards 0.9950 - 0.9925, shortly after the USD/CAD pair reached down to 0.9880 this week.
Price zone 0.9880-09845 (Important Fibonacci Levels) provided strong support expressing strong bullish price action which is manifest on the 4H chart.

This will probably allow 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.

Support: 0.9950,0.9925, and 0.9875.
Resistance:0.9990,1.0010, and 1.0040.

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 0.9925 supported the bearish scenario in the short-term targeting 0.9860 - 0.9840 initially.

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

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NZD/USD: Technical Analysis for November 9, 2012

2012-11-09 18:00:22 (читать в оригинале)

Overview:

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 November 9, 2012

2012-11-09 13:59:08 (читать в оригинале)

USD/CHF Elliott Wave
Yesterday the USD/CHF pair was trading in an upward move, impulsive 5 wave (coloured blue) of the bigger wave (C) (coloured green) was developing. During the Asian session we could observe descending movement from 0.9463 toward the 0.9440 level. Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price reached a new high at 0.9482 level. We can consider this move as the end of the (C) wave (coloured green) of the bigger (B) wave (coloured red). At the moment the USD/CHF pair is trading around 0.9444 level and we are expecting to see continuation of the bearish mood for the next few days. In accordance with our wave rules and taking into account that the wave 2 should retrace 78.6% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9153 (78.6% of wave 1). To reduce the risk, we can use invalidation at 0.9482 level as stop loss.


Support and Resistance
(S3) 0.9419 (S2) 0.9434 (S1) 0.9444 (PP) 0.9460 (R1) 0.9475 (R2) 0.9485 (R3) 0.9501

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9440 with stop loss 0.9482 and take profit at 0.9153 are recommended.
 

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

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USD/JPY Wave Analysis for November 9, 2012

2012-11-09 13:56:48 (читать в оригинале)

USD/JPY Elliott Wave
Since our last analysis the USD/JPY pair was trading in a downward movement, impulsivee 3 wave (coloured blue) of the bigger (C) wave (coloured green) was developing. During the Asian and European sessions this major pair was trading in a sideways movement between 79.95 and 70.80 level and we can consider this movement as end of the corrective 2 wave (coloured blue). Therefore, during the early New York session the USD/JPY pair did not manage to hold this level and the price pushed lower reaching a new daily low at 79.32 level. We can consider this move as the end of the 3 impulsive wave (coloured blue). At the moment this currency pair is trading around 79.49 level and we are expecting to see the price higher when development of the 4 wave ends. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 81.41 (100% of wave 1). To reduce the risk, we can use support at 79.10 level as stop loss.


Support and Resistance
(S3) 78.92 (S2) 79.18 (S1) 79.34 (PP) 79.60 (R1) 79.86 (R2) 80.02 (R3) 80.28

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 79.60  with stop loss 79.10 and take profit at 81.41 are recommended.
 

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