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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 7, 2012

2012-11-07 14:52:40 (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.
The price action should be watched carefully around 1.5960 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 Resistance Price Level 1.6040 (being tested now) 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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GbpChf Holds Resistance between 1.5150-1.5200. Look Lower

2012-11-07 14:21:30 (читать в оригинале)

Technical Outlook and Chart Setups:

Structurally things remain quite similar since last 3 trading sessions. As it is seen above, the prices are testing the dropping line of resistance and there are indications of a bearish resumption from here on. Resistances are lined up from 1.5230/50, 1.5300 and 1.5400 respectively, while support is placed near 1.4800 and then 1.4700 level for now. If the rate falls below 1.4950, then it will accelerate the downfall towards 1.48, 1,47, and 1.46 respectively. It is recommended to sell rallies as close to 1.5100 level.

Trading Recommendations:

Remain short and sell intraday rallies. Stop at 1.5150/60. Target 1.47, 1.46 minimum.

Good Luck!

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

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EurJpy Rallies Past 103.00 Levels. Follow Through Required.

2012-11-07 14:12:20 (читать в оригинале)

Technical Outlook and Chart Setups:

The structure more or less remains unchanged for now. As it was discussed yesterday, 102.00 level was tested and the prices bounced back sharply, raising past the 103.00 level. Yesterdays' lows should remain intact now, for the bulls to start rally further. Therefore, it is recommended to buy the single currency pair on dips from here on. 102.00/10 levels shall provide intermediary support and any dips should remain well capped above this level. Resistance is lined up at 103.50/70, 104.00/10, and 104.50/60 respectively.

Trading Recommendations:

Stay long for now. Buy on dips. Stop at 101.70. Target 104.75 minimum.

Good Luck!

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

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EUR/AUD Wave Analysis for November 7, 2012

2012-11-07 14:03:25 (читать в оригинале)

EUR/AUD Elliott Wave
For the last few days the EUR/AUD pair was trading in a downward move, corrective (C) wave (coloured red) of the bigger wave 2 (coloured purple) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 1.2345 towards 1.2250 level and we can consider this move as the end of the 2 corrective wave (coloured purple). Therefore, during the early New York session when development of the impulsive wave (1) (coloured green) started the EUR/AUD pair reached a new sessions high at 1.2292 level. Today this major pair finished 1 impulsive wave (coloured blue) at 1.2325 level and we are expecting to see the price higher when development of the 3 impulsive wave starts. 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 1.2396 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.2243 level as stop loss.


Support and Resistance
(S3) 1.2186 (S2) 1.2225 (S1) 1.2249 (PP) 1.2289 (R1) 1.2328 (R2) 1.2352 (R3) 1.2392

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2315 with stop loss 1.2243 and take profit at 1.2396 are recommended.
 

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

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USD/CAD Wave Analysis for November 7, 2012

2012-11-07 14:00:48 (читать в оригинале)

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in a downward move like we expected, impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian and European sessions we could observe descending movement from 0.9967 towards 0.9927 level. Therefore, during the New York session this pair continued trading in a bearish mood and price reached a new low at 0.9910 level. At the moment the price is trading around 0.9890 and we are expecting to see bullish mood when development of the corrective 4 wave (coloured blue) starts. 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 0.9897(38.2% of wave 3). To reduce the risk, we can use support at 0.9800 level as stop loss.

Support and Resistance
(S3) 0.9877 (S2) 0.9898 (S1) 0.9911 (PP) 0.9933 (R1) 0.9954 (R2) 0.9967 (R3) 0.9989

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9831 with stop loss 0.9800 and take profit at 0.9897 are recommended.

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