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GBP/USD Intraday Technical Analysis and Trading Recommendations for November 6, 2012

2012-11-06 13:38:57 (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.

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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Daily Trading Forecasts (November 6, 2012)

2012-11-06 13:36:54 (читать в оригинале)

EURUSD: The price is currently trading below the resistance line at 1.2800. The EMA 11 is below the EMA 56, while the RSI 14 period is currently oversold. The sell signal is clean, though there may be some occasional reversals on the way.

USDCHF: The resistance level at 0.9450 is currently under siege. The EMA 11 is above the EMA 56, as the RSI is exploring the overbought region. The buy signal is clean.

GBPUSD: The price on the cable is now below the distribution zone at 1.6000 – which is a good psychological level. The EMA 11 is below the EMA 56, while the Williams’ % Range is perpetually around the oversold territory. The price may reach the distribution zone at 1.5950 today, if the bearish pressure continues.

USDJPY: It was said yesterday that this pair should be traded with a great caution. The pullback on this pair has become a kind of protracted; something that may result in a new signal if it continues in such a manner. I would prefer to wait for a bearish signal before going short.

EURJPY: Though the Williams’ % Range is now in the oversold territory (and it may remain the same for a long period of time), the signal on this pair is now clear, SELL. The EMA 11 is below its EMA 56 counterpart. The price seems headed for the demand zone at 102.00. 

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

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USD/CHF Wave Analysis for November 6, 2012

2012-11-06 13:01:51 (читать в оригинале)

USD/CHF Elliott Wave
From the early November the USD/CHF pair was trading in an upward move, corrective (C) wave (coloured green) of the bigger
(B) wave (coloured red) was developing. Yesterday during the European and New York sessions we could observe strong ascending movement from 0.9398 towards the 0.9448 level and we can consider this move as the end of the 3 wave of the bigger 5 wave (coloured blue).
Today the USD/CHF pair continued trading in a bullish mood and the price is currently testing yesterday’s high at 0.9448 level, we expect to see the price lower when development of the final (C) wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave B, we can define the potential targets with measuring wave B with take profit at 0.9214 (100% of wave B). To reduce the risk, we can use resistance at 0.9485 level as stop loss.


Support and Resistance
(S3) 0.9379 (S2) 0.9397 (S1) 0.9409 (PP) 0.9428 (R1) 0.9446 (R2) 0.9458 (R3) 0.9477

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9425 with stop loss 0.9485 and take profit at 0.9214 are recommended. 

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

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USD/CAD Wave Analysis for November 6, 2012

2012-11-06 12:59:36 (читать в оригинале)

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward move, corrective 2 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian session we could observe descending movement from 0.9958 towards the 0.9940 level and we can consider this move as the end of the wave B of the bigger 2 wave (coloured blue). Therefore, during the European and New York sessions the USD/CAD pair did not manage to hold this level and the price reached a new daily high at 0.9976 level. We can consider this move as the end of the 2 wave (coloured blue). This currency pair is trading around 0.9955 level at the moment and we are expecting to see the price around 0.9830 level when the 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 0.9831 (161.8% of wave 1). To reduce the risk, we can use resistance at 0.9977 level as stop loss.

Support and Resistance
(S3) 0.9923 (S2) 0.9937 (S1) 0.9946 (PP) 0.9960 (R1) 0.9974 (R2) 0.9983 (R3) 0.9997

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9945 with stop loss 0.9977 and take profit at 0.9831 are recommended.
 

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

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Silver Produces A Hammer On Daily Charts... Looking Higher Again..

2012-11-06 12:57:00 (читать в оригинале)

Technical Outlook and Chart Setups:

As it is depicted above, the 4 hour charts are suggesting a possible pullback or at least a relief rally. Immediate resistance is at 31.70 level, which was past support region. Above that, 32.75 is the next resistance. Until 32.75 is intact, it would be difficult to believe that the correction from 35.00 level is over. It is recommended to buy on dips at least for a short-term bounce through the 31.70/80 region. Support shall be strong around the 30.20/30.00 region.

Trading Recommendations:

Buy around 31.00 level. Stop at 30.00. Target Open.

Good Luck!

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