GBP/USD Intraday Technical Analysis and Trading Recommendations for July 6, 2012 - General

insta_poster 2012.07.07 00:11 #1251

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

The Linear Regression Channels illustrate a strong bearish movement expressed by GBP/USD during this week as the pair has been trending down heavily within the depicted bearish Violet, Blue & Yellow channels which are almost identical.

This heavy bearish movement came as a consequence of the previous massive bullish movement expressed on Friday which exceeded the Average Daily Range by about 85 pips and after formation of the Head & Shoulders reversal pattern around price level of 1.5700.

Today it is possible to observe some signs of bullish recovery as the pair couldn't break through the mid-line of the Yellow channel failing to make a lower low. Instead, the pair found Intraday Support around 1.5500 which renders the price level of 1.5500 and valid BUY entry with minimal SL located below 1.5465 while TP levels are to be located at 1.5540 then 1.5570.

Price Zone 1.5570-1.5580 should be watched for price action as it's considered as a strong Intraday Resistance Zone for the GBP/USD pair.

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insta_poster 2012.07.07 00:15 #1252

GBP/JPY Still a chance to rally! - Analysis for July 6, 2012

GBP/JPY Elliott Wave

The GBP/JPY pair was trading in a downward movement yesterday, developing impulsive wave 3 (coloured blue). During the Asian and European sessions we could observe descending movement towards the 123.80 level. Therefore, during the New York early session, this pair did not manage to hold this level and the price started pushing higher, but the GBP/JPY pair found resistance at 124.50 level and we could observe continuation of the bearish mood in the second half of the NY session. Today this exotic pair is trading around 124.00 level and we are expecting to see the price around 120.70 level next week. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (125.78-122.81-125.43) with Take Profit 1 at 122.52 (100% of wave 1) and Take Profit 2 at 120.69 (161.8% of wave 1). Resistance at 124.50 can be used as a Stop Loss point.

Support and Resistance Levels

(S3) 123.24 (S2) 123.63 (S1) 123.86 (PP) 124.25 (R1) 124.64 (R2) 124.87 (R3) 125.26

Trading Forecast

Proceeding from Elliott Wave Rules this week, the trend is expected to begin the downward movement. That is why short positions at level 123.70 with Stop Loss at 124.50 Take Profit 1 at 122.52 and Take Profit 2 at 120.69 are recommended.

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insta_poster 2012.07.10 22:17 #1253

EUR/USD Intraday Technical Levels for July 10, 2012

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.2377.

Strong Resistance: 1.2370.

Original Resistance: 1.2358.

Inner Sell Area: 1.2346.

Target Inner Area: 1.2317.

Inner Buy Area: 1.2288.

Original Support: 1.2276.

Strong Support: 1.2264.

Breakout SELL Level 1.2257.

DESCRIPTION:

At the moment the EUR/USD pair has support and resistance at 1.2276 and 1.2358 with a strong support at 1.2264 and a strong resistance at 1.2370.

If EUR/USD breaks out and closes below a 1.2257-level today, then this will point to a considerable bearish power, while if EUR/USD manages to break through and close above a 1.2377-level, then this will denote high bullish strength. Alternatively, you can open a BUY position at the level of 1.2288, and at 1.2346 – a SELL position, in this case both objectives should be placed at the level of 1.2317.

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insta_poster 2012.07.10 22:20 #1254

AUD/USD Ready to Push Higher - Analysis for July 10, 2012

AUD/USD Elliott Wave

The AUD/USD pair was trading in a sideways move on Monday developing corrective wave 2 (coloured blue). During the European session, we could observe a descending movement towards the 1.0153 level where this currency pair found support and started pushing higher. We can consider this move as the end of the corrective wave 2 (coloured blue). Therefore, during the New York session the AUD/USD pair continued to its bullish mood from the second half of the EU session and the price retraces back to the open price (around 1.0210 level). Today during the Asian session, the price fell back to the 1.0160 level and we are expecting to see a higher price soon. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9968-1.0328-1.0153) with Take Profit 1 at 1.0471 (100% of wave 1) and Take Profit 2 at 1.0694(161.8% of wave 1). Support at 1.0100 can be used as Stop Loss point.

Support and Resistance Levels

(S3) 1.0133 (S2) 1.0155 (S1) 1.0169 (PP) 1.0191 (R1) 1.0213 (R2) 1.0227 (R3) 1.0249

Trading Forecast

Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.0255 with Stop Loss at 1.0100, Take Profit 1 at 1.0471, and Take Profit 2 at 1.0694 are recommended.

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insta_poster 2012.07.11 23:04 #1255

AUD/USD Wave Analysis for July 11, 2012

AUD/USD Elliott Wave

Since Monday the AUD/USD pair was trading in an upward move developing impulsive wave 1 (coloured pink). An ascending movement towards the 1.0245 level was observed during the European session. It is possible to define this move as the end of the 3 impulsive wave of the bigger 1 wave (coloured pink). Therefore, during the New York session the AUD/USD pair failed to hold this level and the price was pushed towards the 1.0178 level (end of the 5 wave). Today this currency pair is currently trading around 1.0250 level and we are expecting to see the lower price for the development of the corrective wave 2 (coloured pink).In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci retracements (1.0153-1.0275) with Take Profit 1 at 1.0206(61.8% of wave 1) and Take Profit 2 at 1.0183(78.6% of wave 1). Resistance point at 1.0300 can be used as Stop Loss point.

Support and Resistance Levels

(S3) 1.0113 (S2) 1.0145 (S1) 1.0165 (PP) 1.0197 (R1) 1.0229 (R2) 1.0249 (R3) 1.0281

Trading Forecast

Proceeding from Elliott Wave rules this week, the trend is expected to begin the downward movement. That is why Short positions at level 1.0270 with Stop Loss at 1.0300 Take Profit 1 at 1.0206 and Take Profit 2 at 1.0183 are recommended.

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insta_poster 2012.07.11 23:07 #1256

GBP/JPY Wave Analysis for July 11, 2012

GBP/JPY Elliott Wave

Since yesterday the GBP/JPY pair was trading in downward move developing impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green). During the early European session we could observe descending movement towards the 122.70 level. This move may be regarded as the end of a smaller wave 1 of the bigger 5 wave (coloured blue). For this reason, during the New York session GBP/JPY did not manage to hold this level and price returned to the 123.45. At the moment the price is trading around 123.10 level and we are expecting to see it around 122.00 level today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (125.78-122.81-125.43) with Take Profit 1 at 122.52 (100% of wave 1) and Take Profit 2 at 120.69 (161.8% of wave 1). Resistance point at 123.67 can be used as Stop Loss point.

Support and Resistance Levels

(S3) 122.38 (S2) 122.69 (S1) 122.88 (PP) 123.20 (R1) 123.51 (R2) 123.70 (R3) 124.02

Trading Forecast

Proceeding from Elliott Wave Rules this week, the trend is expected to begin the downward movement. That is why Short positions at level 122.90 with Stop Loss at 123.66, Take Profit 1 at 122.52, and Take Profit 2 at 120.69 are recommended.

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insta_poster 2012.07.13 23:06 #1257

USD/JPY Intraday Technical Levels for July 13, 2012

TODAY's TECHNICAL LEVELS:

Resistance. 3: 79.76.

Resistance. 2: 79.61.

Resistance. 1: 79.45.

Support. 1: 79.26.

Support. 2: 79.10.

Support. 3: 78.94.

DESCRIPTION:

Please, pay attention to the levels of support. 3 (78.94) and resistance. 3 (79.76), in general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.

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insta_poster 2012.07.13 23:09 #1258

EUR/JPY Pushing Lower - Analysis for July 13, 2012

EUR/JPY Elliott Wave

This week the EUR/JPY pair was trading in a downward channel developing impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green). Yesterday, during the European session, we could observe a descending movement towards the 96.40 level. Therefore, during the New York session, this currency pair did not manage to hold this level and the price started pushing higher. At the moment, the EUR/JPY pair is trading around 96.70 level, and we are expecting to see the price at 96.05 today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (101.60-98.30-101.40) with Take Profit at 96.05 (161.8% of wave 1). Resistance point at 97.00 can be used as Stop Loss point. Also it is necessary to monitor the EU Italian 10-y Bond Auction data that can change the rate of the pair.

Support and Resistance Levels

(S3) 95.57 (S2) 96.13 (S1) 96.47 (PP) 97.02 (R1) 97.58 (R2) 97.92 (R3) 98.47

Trading Forecast

Proceeding from Elliott Wave rules this week, the trend is expected to begin the downward movement. That is why short positions at level 96.60 with Stop Loss at 97.00 and Take Profit at 96.05 are recommended.

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insta_poster 2012.07.13 23:13 #1259

AUD/USD Above 1.0200 - Analysis for July 13, 2012

AUD/USD Elliott Wave

Since our last update the AUD/USD pair has finished its corrective wave (2) (coloured green) at 61.8% of the wave (1) (coloured green) and we could observe the beginning of the impulsive wave (3). Yesterday during the European and the early New York sessions, we could observe strong descending movement towards the 1.0098 level and we can consider this move as the end of the wave (2). Therefore, during the second half of the NY session, this pair started pushing higher and price reached 1.0153 (end of wave (1) (coloured pink)). At the moment, we can observe the AUD/USD pair trading around 1.0165 level and we are expecting to see the price above 1.0200 today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0098-1.0153-1.0122) with Take Profit at 1.0209 (161.8% of wave 1). Support at 1.0120 point can be used as Stop Loss point. Also it is necessary to monitor the U.S. PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment and FOMC Member Lockhart Speaks data that can change the rate of the pair.

Support and Resistance

(S3) 1.0007 (S2) 1.0067 (S1) 1.0105 (PP) 1.0166 (R1) 1.0226 (R2) 1.0264 (R3) 1.0325

Trading Forecast

Proceeding from Elliott Wave rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.0170 with Stop Loss 1.0120 and Take Profit at 1.0209 are recommended.

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insta_poster 2012.07.17 12:59 #1260

USD/JPY Intraday Technical Levels for July 17, 2012

TODAY's TECHNICAL LEVELS:

Resistance. 3: 79.31.

Resistance. 2: 79.15.

Resistance. 1: 78.99.

Support. 1: 78.83.

Support. 2: 78.67.

Support. 3: 78.51.

DESCRIPTION:

Please, pay attention to the levels of support. 3 (78.51) and resistance. 3 (79.31), in general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.

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