InstaForex Wave Analysis - page 134
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USD/JPY Intraday Technical Levels for August 23, 2012
Today’s Technical Levels:
Resistance 3: 78.95.
Resistance 2: 78.79.
Resistance 1: 78.64.
Support 1: 78.45.
Support 2: 78.29.
Support 3: 78.13.
Description:
Please, pay attention to the levels of support 3 (78.13) and resistance 3 (78.95). 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 that these currencies have found trends today.
EUR/JPY Elliott Wave Analysis for August 24 - 2012
Today's Support and Resistance Levels:
S1: 98.26 R1: 99.02
S2: 98.07 R2: 99.18
S3: 97.80 R3: 99.37
Technical Overview:
It seems that red wave 4 became even shallower than we expected. We have most likely seen the end of red wave 4 at 98.08 and should ideally see a break above minor resistance at 99.02 soon for a move higher towards the red wave 5 and black wave 3, target at 99.72. Once we have ended red wave 5 and black wave 3, we should see a new shallow black wave 4. Due to Elliott's alternation principle, that says, that if wave 2 was a simple and deep correction, wave 2 should be shallow but complex in its structure.
At no point should we break below the top of red wave 1 at 97.80 before we have seen at least a new high above the top of red wave 3 at 99.18.
Trading Recommendation:
You should be long EUR against JPY from 95.85. Lift your stop from 97.45 to 97.75 which will give you a profit of 190 pips if triggered, which we do not expect.
If you are not long EUR already, you can buy here with the same stop and take profit at 99.50.
EUR/JPY Elliott Wave Analysis for August 24 - 2012
Today's Support and Resistance Levels:
S1: 98.26 R1: 99.02
S2: 98.07 R2: 99.18
S3: 97.80 R3: 99.37
Technical Overview:
It seems that red wave 4 became even shallower than we expected. We have most likely seen the end of red wave 4 at 98.08 and should ideally see a break above minor resistance at 99.02 soon for a move higher towards the red wave 5 and black wave 3, target at 99.72. Once we have ended red wave 5 and black wave 3, we should see a new shallow black wave 4. Due to Elliott's alternation principle, that says, that if wave 2 was a simple and deep correction, wave 2 should be shallow but complex in its structure.
At no point should we break below the top of red wave 1 at 97.80 before we have seen at least a new high above the top of red wave 3 at 99.18.
Trading Recommendation:
You should be long EUR against JPY from 95.85. Lift your stop from 97.45 to 97.75 which will give you a profit of 190 pips if triggered, which we do not expect.
If you are not long EUR already, you can buy here with the same stop and take profit at 99.50.
Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com
AUD/USD Wave Analysis for August 24,2012
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a downward move, developing corrective wave E (coloured orange). Yesterday during the European and New York sessions we could observe a descending movement from 1.0544 towards the 1.0435 level and we can consider this move as the beginning of the impulsive 3 wave of the bigger wave (A) (coloured green). At the moment the AUD/USD pair is trading around 1.0420 and we are expecting to see price lower 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 (1.0613-1.0410-1.0544) with Take Profit 1 at 1.0336 (100% of wave 1) and Take Profit 2 at 1.0211 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0445 level as Stop Loss.
Support and Resistance
(S3) 1.0364 (S2) 1.0406 (S1) 1.0432 (PP) 1.0474 (R1) 1.0516 (R2) 1.0542 (R3) 1.0584
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0410 with Stop Loss 1.0445, Take Profit 1 1.0336, and Take Profit 2 1.0211 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com
GBP/USD Intraday Technical Analysis and Trading Recommendations for August 27, 2012
The GBP/USD pair is demonstrating a strong bullish movement which was maintained within the depicted movement channel. However, on Friday the market witnessed some expected bearish retracement.
EUR/NZD - Elliott Wave Analysis for August 27 - 2012
Today's Support and Resistance Levels:
S1: 1.5395 R1: 1.5465
S2: 1.5323 R2: 1.5495
S3: 1.5270 R3: 1.5555
Technical Overview:
Our preferred count still shows that we are in an Expanded Flat correction from 1.5443. Taking into account this Expanded Flat correction, we are currently in the final wave c down, which ideally should take us down to support near 1.5195, which both marks the 50% retracement of the rally from 1.4968 to the top at 1.5443 and also marks the bottom of red wave iv, which is a very common target for the second wave corrections. Ideally, we will see a break below minor support at 1.5420 and more importantly 1.5395 soon, to confirm the decline towards the ideal corrective target near 1.5195.
Only a break above 1.5483 will be of concern to our preferred count.
Trading Recommendation:
We are short EUR against NZD at 1.5420 with a 1.5585 stop. We will move the stop down to 1.5525 and lower it again to 1.5485 upon a break below 1.5395. We will take profit at 1.5205. If you are not short EUR already, you can sell EUR upon a break below 1.5420 with the same stop and take profit levels.
Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com
USD/CHF Wave Analysis for August 27,2012
USD/CHF Elliott Wave
Last week the USD/CHF pair was trading in a downward move developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green). During the Friday's Asian and European sessions we could observe an ascending movement towards the 0.9620 and we can consider this move as the end of the (4) wave (coloured purple). Therefore, during the early New York session the USD/CHF pair started pushing lower when developing of the (5) wave starts (coloured purple). At the moment this major pair is developing final impulsive (5) wave of the bigger 3 wave (coloured blue) and we are expecting to see the price around 0.9415 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 (0.9798-0.9699-0.9767), with Take Profit at 0.9416 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 0.9696 level as Stop Loss. Also it is necessary to monitor the U.S.FOMC Member Pianalto Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 0.9521 (S2) 0.9547 (S1) 0.9563 (PP) 0.9590 (R1) 0.9616 (R2) 0.9632 (R3) 0.9659
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9570 with Stop Loss 0.9696 and Take Profit 0.9416 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com
EUR/USD Wave Analysis for August 27,2012
EUR/USD Elliott Wave
Last week the EUR/USD pair was trading in an upward move developing corrective (C) wave (coloured green) of the bigger wave (4) wave (coloured orange). During the early Friday's European session we could observe a descending movement from 1.2563 towards the 1.2480 level. Therefore, during the New York session this major pair did not manage to hold this level and the price retraced back to the 1.2560 level. At the moment the EUR/USD pair is developing an impulsive (5) wave (coloured orange) and we are expecting to see the price around 1.2000 level this week. In accordance with our wave rules and taking into account that the wave 5 retraces 161.8% of the wave 1, we can define the potential targets with measuring 1 wave, Take Profit 1 at 1.1933 (138.2% of wave 1) and Take Profit 2 at 1.1820 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.2590 level as Stop Loss. Also it is necessary to monitor the EU German Ifo Business Climate and U.S.FOMC Member Pianalto Speaks data that can change the rate of the pair.
Support and Resistance
(S3) 1.2433 (S2) 1.2466 (S1) 1.2487 (PP) 1.2520 (R1) 1.2553 (R2) 1.2574 (R3) 1.2607
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2480 with Stop Loss 1.2590, Take Profit 1 1.1933 and Take Profit 2 1.1820 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com
EUR/USD Intraday Technical Analysis and Trading Recommendations for August 28, 2012
The EUR/USD pair is demonstrating a strong bullish movement which was maintained within the depicted bullish channel. However, on Friday the market witnessed some bearish retracement in reaction to the upper limit of its movement channel around the price level of 1.2580.
Yesterday, the EUR/USD pair managed to breakdown the short term uptrend line depicted on the chart after finding resistance around the price level of 1.2535 on Thursday.
Breakdown of the price level 1.2490 probably opens a direct target towards 1.2435, then 1.2360.
The lower limit of the movement channel and two important Fibonacci levels & SMA 100 are located between 1.2310-1.2360 (S2 & S3) where price action should be watched for a valid low risk BUY entry with SL located below 1.2230 which corresponds to 78.6% of Fibonacci level.
The most significant Resistance level is located around 1.2575, this price level was tested last week expressing bearish reaction which pushed the EUR/USD pair strongly to the downside . That's why bullish movement should break through this level in order to make other bullish swings.
EUR/JPY Elliott Wave Analysis for August 28 - 2012
Today's Support and Resistance Levels:
S1: 97.80 R1: 98.71
S2: 97.47 R2: 99.18
S3: 96.83 R3: 99.59
Technical Overview:
Having failed to break above minor resistance at 98.83, red wave 4 has extended down to 97.88. However, the most important short term issue is that important support at 97.80 (the top of red wave 1) has not been broken. The Elliott Wave Principle only have three rules and one of them is that wave one and wave four can not overlap each other. If they do, we can not be in an impulsive rally, therefore, it is vital to our count that we does not see a break below 97.80 in red wave 4.
As long as important support at 97.80 has not been broken, we will look for a break above minor resistance at 98.71 for a rally towards 99.59 as the first possible target for red wave 5. At 99.59 red wave 5 will be 38.2% of the distance traveled from the bottom of red wave 1 to the top of red wave 3. If we break above 99.59, the next target will be near 100.60, where red wave 5 will be 61.8% of the distance traveled from the bottom of red wave 1 to the top of red wave 3.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 97.75, leaving you with a profit of at least 190 pips no matter what happens. If you are not long EUR already, you can buy a break above 98.72 (buy at 98.80) with a stop at 97.75 and take half profit at 99.50 and the other half at 100.50.
Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com