InstaForex Wave Analysis - page 148
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USD/CAD intraday technical analysis and trading recommendations for January 22, 2013
The potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
The chart shows that a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci level), which was broken through few weeks ago with bearish momentum towards 61.8% Fibonacci is around 0.9850 without further bearish pressure. Last week, bullish retracement took place near the area of 0.9910 - 0.9950 which capped the previous bullish attempt.
Although a higher weekly close was recorded last week, the USD/CAD pair will have to break above its declining DAILY trendline to enhance its bullish scenario which is apparently failing untill now.
An eventual return to levels around 0.9820 is likely to take place. However, the USD/CAD pair has to break and fixate above the 0.9950 level to invalidate its broader bearish scenario. If it happens, it will enable a run towards the 1.0055 level, then probably to 1.0080.
Resistance: 0.9950,1.0040, and 1.0080.
Support: 0.9910, 0.9880, 0.9855, and 0.9805.
More analysis - at instaforex.com
GBP/CHF may retrace; covering short positions is favoured
Technical outlook and chart setup:
As depicted in the 4H chart view here, the price action since 1.4670 can be defined as consolidation. The single currency pair has been confined between 1.47 and 1.4950 price band since then and needs a clear breakout of either of the levels to trade with conviction. Higher up resistance levels are placed at 1.5050 and 1.5150, while support is at 1.46 and 1.45 respectively. As seen here, prices did manage to breach the 1.47 mark for a meager 20/25 pips, but stayed above the counter trend line of support. Keeping these facts in mind, it is recommended to cover the short positions taken earlier.
Trading recommendations:
1. Conservative: Cover short positions if taken earlier. Flat for now.
2. Aggressive: Go long again, stop at 1.4650, target open.
More analysis - at instaforex.com
EUR/USD technical analysis for January 25, 2013
DESCRIPTION:
In the event all the three Moving Averages still have a "Golden Cross" pattern formation, this is currency still in the sideways situation. It was trapped few days ago between the support 1.3275 and the resistance 1.3400. There is no huge significant movement from this currency.
Recommendation:
There is no recommendation for this currency because we do not see any clear trend at EUR/USD.
More analysis - at instaforex.com
GBP/USD technical analysis for January 28, 2013
DESCRIPTION:
Although the moving average is still in the Death Cross formation pattern, the pound is now trapped between the support 1.5750 and resistance 1.5825; but taking into account the last week UK preliminary GDP q/q in the red zone, we predict this currency to continue the downside momentum.
Recommendation:
Sell at 1.5749
Stop loss at 1.5759.
Take profit at 1.5735.
More analysis - at instaforex.com
Technical outlook and chart setups:
Structurally, there is no change as depicted here in the daily chart. Support is at 1.4460/1.4500 and lower, while daily chart resistance is at 1.5, 1.5050 and higher. Bears are in control at the moment and determined to take prices lower towards 1.4500/1.4450 levels. It is recommended to remain short and add on intraday rallies towards 1.4600/1.4650 from here on. It is quite possible to break down 1.4200 levels which is the major swing support, but that probability shall be discussed later.
Trading recommendations:
Remain short, move Stop to breakeven, target 1.4500
More analysis - at instaforex.com
AUD/USD technical analysis for January 30, 2013
DESCRIPTION:
As Australia's NAB Business Confidence indicator grew significantly, this currency pair surged above 1.0425 and stopped after touching the resistance at 1.0475. For today, only Exponential Moving Average period (14) already closed above the Exponential Moving Average (100), which means that the AUD/USD upside momentum is not strong enough. If the pair breaks the 1.0478 level, then 1.0492 will be the next target.
Recommendation:
Buy at 1.0476.
Take profit at 1.0490.
Stop loss at 1.0466.
Or
Sell at 1.0449.
Take profit at 1.0439.
Stop loss at 1.0459.
More analysis - at instaforex.com
GBP/CHF extends fall towards 1.4370 (intermediary support); a countertrend rally may materialize
Technical outlook and chart setups:
As depicted in the Daily Chart, the currency pair has rapidly exceeded the measured Fibonacci extension levels. It is shy of an intermediary support at the 1.4360/65 levels, and lower support levels are towards 1.43 and just below 1.42. As seen here, the resistance levels (Fibonacci) begin from 1.4610 and extend to 1.4750/1.4850 on the higher side, within the recent down leg which begun from the 1.5 level. It is absolutely clear that as long as the prices stay below 1.5 mark, the trend is down. For the moment, a countertrend pullback rally may materialize. A conservative trading approach would be to sell on rallies.
Trading recommendations:
1. Conservative: sell on rallies towards 1.46/1.4750
2. Aggressive: buy at current levels, stop at 1.4300, target 1.46 +
More analysis - at instaforex.com
GbpChf: A pullback rally may materialize towards at least 1.4610/20
Technical outlook and chart setups:
Yesterday was a relatively quiet day in terms of price action. The single currency pair has met with the expected swing level at 1.4460 and is consolidating at the moment. As depicted here, further support is at 1.4300 and just below 1.42 and a push lower still possible before a meaningful pullback recovery materializes. Resistance begins from 1.4610/20 and extends up to 1.4850/60, while 1.5 remains major resistance at the moment. A huge inverse head and shoulder formation maybe under way and we shall discuss this scenario in the coming sessions.
Trading recommendations:
1. Conservative trade strategy would be to remain flat for now.
2. Aggressive trade strategy would be to go long, stop is at 1.4300, and target is at least at 1.4600.
More analysis - at instaforex.com
GbpChf approaches major support close to 1.4200. Expect a pullback rally
Technical outlook and chart setups:
As depicted here on the Daily chart view, the single currency pair has nearly approached a major support at 1.4200 level on Friday. It is high probability for a pullback rally (3 waves) should materialize any time now towards at least 1.4800 mark. A major head and shoulder reversal might be under formation, if a rally begins now. It is highly recommended to look for long opportunities around price action now for a 500/600 pip rally.
Trading recommendations:
Buy now. Stop is at 1.4150. Move target towards 1.4800.
More analysis - at instaforex.com
Gold is currently testing the upper limit of its medium-term bearish channel at 1,681 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators provide buy signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
Gold approaches the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,681 with the 1st objective at 1,670 and then at 1,667. A breakthrough of 1,684 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,681 with the 1st objective at 1,692 and then at 1,695. A breakthrough of 1,678 will invalidate this scenario.
More analysis - at instaforex.com