InstaForex Wave Analysis - page 154
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Strategy of the day on GBP/USD
The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5290 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.5350.
Technical indicators provide sell signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the intermediate resistance of its channel, so we recommend 2 scenarios: The first one is the hypothesis of a decline - then we recommend a sell on the level of 1.5290 with the 1st objective at 1.5230 and then at 1.5210. A break through 1.5310 will invalidate this scenario. The second scenario is a break of its resistance - then we recommend a “buy stop” that means to buy the spot rate as soon as it has broken through its resistance of 1.5290 with the 1st objective at 1.5350 and then at 1.5370. A break through 1.5270 will invalidate this scenario.
More analysis - at instaforex.com
Strategy of the day on GOLD
Gold is currently testing the intermediate resistance of its medium term bullish channel at 1.447 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.457.
Technical indicators provide sell signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
Gold is currently testing the intermediate resistance of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline - then we recommend a sell on the level of 1.447 with the 1st objective at 1.437 and then at 1.435. A break through 1.450 will invalidate this scenario. The second scenario is a break of its resistance then we recommend a “buy stop” that means to buy the gold as soon as it has broken through its resistance of 1.447 with the 1st objective at 1.457 and then at 1.460. A break through 1.444 will invalidate this scenario.
More analysis - at instaforex.com
Strategy of the day on EUR/USD
The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.3080 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.3140.
Technical indicators do not provide clear 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.
The spot rate is currently testing the intermediate resistance of its channel, so we recommend 2 scenarios: The first one is the hypothesis of a decline - then we recommend a sell on the level of 1.3080 with the 1st objective at 1.3020 and then at 1.3000. A break through 1.3100 will invalidate this scenario. The second scenario is a break of its resistance - then we recommend a “buy stop” that means to buy the spot rate as soon as it has broken through its resistance of 1.3080 with the 1st objective at 1.3140 and then at 1.3160. A break through 1.3060 will invalidate this scenario.
More analysis - at instaforex.com
EUR/USD weekly technical levels for April 29 - May 3, 2013
Trading recommendations:
According to previous events, the price has still been trapped between 1.3075 and 1.3025.
Buy above 1.2960 with target at 1.3015, then 1.3090.
Below 1.3095 look for further downside with the first target of 1.3050, then 1.3010.
More analysis - at instaforex.com
EUR/JPY technical analysis for April 30, 2013
RECOMMENDATION:
Sell stop (pending order) at 127.99.
Stop loss at 128.09.
Take profit at 127.85.
Alternatives:
Buy stop (pending order) at 128.51.
Stop loss at 128.41.
Take profit at 128.65.
More analysis - at instaforex.com
USD/CHF technical analysis for May 2, 2013
Overview:
The price is probably going to form a strong support at 0.9210 (below 38.2% of Fibonacci retracement levels in the H1 chart. It formed the last bearish wave for the last three weeks and the level of 0.9210 acts as strong support. The saturation is likely to take place around 0.9210 because this level also forms the first strong support for April 17, 2013. Therefore, it is possible that the market will start showing bullish signs. The weekly support 2 is set at the level of 0.9210. In other words, buy deals are recommended above 0.9290 with the first target seen at the 0.9320 level and further at the 0.9350 level. Thus, it should be noted that the level of 0.9350 is a strong resistance (Note: support had become resistance as well as the ratio 61.8% of Fibonacci equals 0.9359).
More analysis - at instaforex.com
EUR/JPY technical analysis for May 3, 2013
RECOMMENDATION:
Sell stop (pending order) at 127.99.
Stop loss at 128.09.
Take profit at 127.85.
Alternative:
Buy stop (pending order) at 128.26.
Stop loss at 128.16.
Take profit at 128.40.
More analysis - at instaforex.com
EUR/JPY technical analysis for May 6, 2013
RECOMMENDATION:
Buy stop (pending order) at 130.26.
Stop loss at 130.16.
Take profit at 130.40.
Alternative:
Sell stop (pending order) at 129.74.
Stop loss at 129.84.
Take profit at 129.60.
More analysis - at instaforex.com
EUR/JPY technical analysis for May 7, 2013
RECOMMENDATION:
Sell stop (pending order) at 129.24.
Stop loss at 129.34.
Take profit at 129.10.
Alternative:
Buy stop (pending order) at 129.76.
Stop loss at 129.66.
Take profit at 129.90.
More analysis - at instaforex.com
USD/JPY DAILY as of Tuesday, 07 May, 2013
US Dollar / Japanese Yen broke below the up trendline at 97.99,on 26 April, 2013. This is a bearish sign. This up trendline, currently with an ending point at 101.38, may now provide upside resistance. Prices having only declined 1.37% since the breakout, the validity of the breakout is questionable.
Yesterday USD/JPY formed a Daily white body,For the past 10 Daily candlestick bars, there are 4 white candles and 6 black candles with a net of 2 black candles.
For the past 50 Daily candlestick bars, there are 24 white candles and 26 black candles with a net of 2 black candles.
Three Daily white candles has formed during the last three Daily bars. Although these candles were not big enough to create threeDaily white soldiers, the steady upward pattern is bullish.
MACD is currently BEARISH. The MACD is currently below the signal line. The MACD crossed below the signal line 7 days ago. Since the MACD crossed the MACD moving average, US Dollar / Japanese Yen's price has increased 1.39%, and has fluctuate from a high of 99.448 to a low of 97.027.
A SAR Buy signal was generated yesterday. If you are short, this might be a good place to exit.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for US Dollar / Japanese Yen is Very Bullish
US Dollar / Japanese Yen is long term Bullish as the 144 days moving average of 90.89 is increasing. The Relative Strength Index is at 60.56 in the neutral territory. The Relative Momentum Index is at 60.52 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 1.51, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 65.88. This value is in the neutral territory.
The present wave patterns are:
fast amplitude (8%): bullish wave C
moderate amplitude (13%): bullish wave 1
normal amplitude (21%): bearish wave 4
Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern!
***Please note that all wave counts are based on the high low price in this commentary!
*****Intra-Daily Trading Strategy: SELL USD/JPY
Sell Target:99.1193
Sell Stop: 99.7417
Enter SELL on OPEN and exit SELL at Target price or at Stop price.Do not reverse.