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Elliott Wave Analysis of EUR/JPY for November 8, 2012

2012-11-08 12:00:18 (читать в оригинале)

Today's Support and Resistance Levels:

S1: 101.78               R1: 102.35

S2: 101.45               R2: 103.04

S3: 101.04               R3: 103.41

Technical Overview:  

We have now broken below the trendline support starting from 94.10. It indicates that the downside pressure will be building, but as we are in a corrective phase the decline to our ideal target at 99.35 will not be straight forward. As it can be seen on the chart above, we have now built a new base channel and to increase the downside pressure we need to break below it. If the rate breaks below the new base channel support line we should see a swift decline toward 101.04. However, there is a clear risk that the base channel support line protects the downside and causes a new mini rally towards 102.30 and maybe even 102.60 before the next downside pressure is seen.

Trading Recommendation: 

You should be short EUR from 104.50. Move your stop down to 103.45. If you are not short EUR already you should sell at 102.50 with the same stop.

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

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Fundamental Analysis For November 07, 2012

2012-11-07 20:00:13 (читать в оригинале)

The currency market reacted with intense movements to the reelection of President Obama in the United States.

Speculation that Obama in his new mandate will continue its policy of printing dollars is contradicted by the low acceptance that the agent has in the markets.

As concerns currencies, the euro fell very strong after reaching 1.2875 in the early European session. This could lead to the single currency fall below 1.27 during the course of the week.
The euro may break the key support at 1.2745 up from 23 in June and 38.2% the last bullish movement on the daily chart. Meanwhile, the pound is dropping, as well the Canadian dollar and Australian dollar. The latter, however, still retains a significant upward trend, given the significant increase that was presented on Tuesday morning.

The sterling, with nuances, resembles the euro, and will cost you hold above 1.5930 in the next few hours, if the rate does not change quickly.

The Canadian dollar, meanwhile, could reach parity against the dollar and the Swiss franc, which has just reached its lowest since September 7, has his next target 0.9490.

With oil inventories at 10:30 Eastern, as only data of importance, end markets to digest Obama's victory, a victory that, at least, to be shared with the man who saved the United States from entering into a deep depression: Ben Bernanke.

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

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EUR/USD Buy Above 1.2761 - For November 07, 2012 (Daily Strategy)

2012-11-07 19:39:07 (читать в оригинале)

The euro falls very strong, after reaching 1.2870 in the European session. Early in the U.S. session records the euro broke support last week from 1.2763. If the pair closed the week with a candle below this level, it will be the beginning of a bearish sequence that could extend to 1.2550.

At this time the market has a bearish trend; it is likely to continue for the rest of the day. On the other hand, a return to the 1.2763 level may occur. If the pair closes above this level in 4 hour candle, we can buy with targets 1.2881 and 1.2961.

Therefore, we do not recommend selling at this time, as the market is undecided and it may bring a loss. Buy above 1.2763.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my technical analysis, please vote for me, in the portal MT5.com, please login and then vote for me. Thanks.

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

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GBP/USD Technical Pattern. For November 07, 2012 (Daily Strategy)

2012-11-07 19:32:33 (читать в оригинале)

The British pound like other currencies falls against the dollar. The weekly support 1.5961 and 1.5960 fractal are key levels. We have to take it into account; below this level the sequence would be totally bearish for the pair. Therefore, we do not recommend entering any order below these levels. If it closes above 1.5961 on a 4 hour chart you can buy a pair. Do not forget the stop loss.

We noticed that a known pattern is forming, as you can see on the graph. Therefore, if the pair manages to break below the 1.59 level, it completely invalidates it and would enter a very bearish sequence.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

If you like my technical analysis, please vote for me, in the portal MT5.com, please login and then vote for me. Thanks.

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

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Silver Technical Levels and Trading Recommendations for November 7, 2012

2012-11-07 16:45:42 (читать в оригинале)

Overview

 

The H4 chart demonstrates today that silver has failed to break the Resistance level 32.30 yesterday and currently is stabilizing above the Support level 32.00. If silver continues its bearish view after its rebound from the Resistance level and manages to break this Support level, it will provide a good opportunity to sell below the Support level 32.00 till enabling the Support level of 31.50 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 of 31.50 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 30.80 as a level target. 
On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level of 32.00, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 32.30. 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 of 32.00 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

 

Resistance and Support levels
 
R3 (33.25) R2 (32.65) R1 (32.30) S1 (32.00) S2 (31.50) S3 (30.80)
 
Trading Recommendations

 

According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 30.80 with TP 31.35; SL closing 4H below the Resistance level might be appropriate.  

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