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GBP/JPY Elliott wave count and Fibonacci levels - April 26, 2011
GBP/JPY has possibly ended corrective wave B of medium term downtrend (colored royal blue in the chart - 139.93-132.90) and is now beginning subwave A (colored magenta in the chart) of a new leg down. As of now there are three waves of still smaller degree in potential subwave A - they are A, B and C - colored red in the chart. The targets of the downmove are Fibonacci retracements of 132.90-135.87, and expansions off 135.87-134.71-135.86.
Supports:
- 134.38 = .50 retracement
- 134.03-133.98 = confluence area of .618 ret and expanded objective point (XOP)
- 132.82 = super expanded objective point (SXOP)
If the price reverses up the immediate resistances will be Fibonacci retracements of the wave down from 135.86 - this wave is not developed yet.
http://instaforex.com/userfiles/2011...-gbpjpy-in.gif
Overbought/Oversold
Assuming that the wave of a larger degree is moving down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (30-35 pips above the current prices) or into the overbought area (55-65 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
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AUD/USD Elliott wave count and Fibonacci levels - April 26, 2011
AUD/USD is moving within corrective subwave B (colored magenta in the chart) that is part of impulse wave C of medium term uptrend - colored royal blue in the chart. Within the former wave there are A-B-C subwaves with subwave C still developing - colored orange red in the chart. The targets of the downmove are Fibonacci retracements of 1.0442-1.0775, and expansions off 1.0775-1.0684-1.0731.
Supports:
- 1.0675 = contracted objective point (COP)
- 1.0648 = .382 retracement
- 1.0640 = objective point (OP)
- 1.0608 = .50 ret
- 1.0584 = expanded objective point (XOP)
- 1.0569 = .618 ret
If the uptrend resumes and the price reverses up the immediate resistances will be Fibonacci retracements of the wave down from 1.0775 - this wave is not developed yet.
http://instaforex.com/userfiles/2011...-audusd-in.gif
Overbought/Oversold
Assuming that the medium term trend is up and current wave is corrective it's preferable to stand aside or try shorts when the Detrended Oscillator goes above the zero level (15-20 pips above the current prices) or gets into the overbought area (25-35 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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Grain review for April 26, 2011
Futures on grain grew by over 3% on Monday amid expectations of bad weather which may suspend working fields and result in less crops.
By the end of CBOT trading July futures on wheat increased by 26 ½ cent (3.2%) up to USD 8.61 ¼ per bushel. July contract on corn closed with a gain of 24 cent (3.2%) and constituted USD 7.88 ½ per bushel.
Traders have been rather concerned about wheat crops under the conditions of dry weather in Europe and in the southern part of the US Great Plains. The rainless weather has already had negative impact upon winter wheat crops. In the US northern regions however precipitations led to suspending agrarian activity which may cause decrease in harvest this year.
Market participants have been thoroughly observing the weather conditions in the major regions of grain cultivation after last year Russia imposed an embargo on wheat export due to draught. Since then the prices soared up to their 2.5 year highs.
The USA need to have substantial grain crops this year to replenish their reserves remaining on their 15-year lows.
Earlier this month futures on corn hit record highs amid strong demand and declining reserves. Yet, at the moment the prices showed a 3% rollback.
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GBP/USD technical analysis for April 26, 2011
The GBP/USD currency pair is still in the downside movement.
Earlier in a 4-hour graph the GBP/USD formed a Bearish Engulfing candlestick combination, which indicates a downside movement.
This candlestick combination formed after the pair had failed to break the resistance level near 1.6600, which means that the bulls could not solidify here. Further the bears started to increase their influence.
A break of the Fibonacci correction level 23.6 will prove this viewpoint. In this case downside movement to 1.6164, where Fibonacci correction level 61.8 is also located, should be expected.
It is worth mentioning that stop loss should be placed slightly above the 1.6600 level, since a break of this level will target the pair to 1.6750.
http://instaforex.com/userfiles/2011...icture%206.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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EUR/USD candlestick analysis for March 26, 2011
EUR/USD pair has successfully broken the resistance level near 1.4577 to take a break further. As mentioned before, its break will target the pair to 1.4800.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4100 as a break of this level will denote that the uptrend is broken.
http://instaforex.com/userfiles/2011...icture%207.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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EUR/USD wave analysis for April 26, 2011
http://instaforex.com/userfiles/20110426/EUR_h4.gif
During yesterday’s trading the EUR/USD moved further in the range, which however was wider
than on Friday. At the same time we might suppose the price formed a quite complex b wave
in a more continuous 2nd wave (in the 5th) of the whole uptrend section initiated in the
middle of December. If so, in the range of the wave in this 2nd the euro still might
decline to the correction level 38.2% or even 50.0% (1.4400)
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
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NZD/USD Bearish Outlook, April 26, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110425/nzdusd.gif
NZD/USD
The analysis of the daily graph of the New Zealand dollar - United States dollar pair show
the potential change of trend in the short term, the price of the pair is fluctuating near
the second monthly resistance around 0.7994. If in the course of the day the price of the
pair trading below this level, would be a clear signal to enter an agreement of sale with a
first goal in the fractal formed around the 0.7810 level and final goal in the monthly
pivot around 0.7460.
It is important to note that the MACD indicator mark a negative deviation and support
reversal of the trend.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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USD/CAD Bullish Outlook April 26, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110425/usdcaddd.gif
USD/CAD
The United States dollar – Canadian dollar pair is is showing signs of a potential change
of trend in the short term, there is strong resistance at the 0.9565 level, if the price
achieves drill, this level and close above this level would increase the Possibility for a
bullish move.
The MACD indicator is showing a positive divergence, supporting our expectation upward.
However, the pair can take a break in the second monthly support around 0.9490, would be a
good opportunity to buy with a target upward to Monthly pivot line around 0.9780. It is
advisable to protect a buy position through the significant support rate of 0.9425 as a
break at this level will be an indication of a continued downwards movement.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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GBP/JPY Elliott wave count and Fibonacci levels - April 27, 2011
GBP/JPY has possibly ended corrective wave B of medium term downtrend (colored royal blue in the chart - 139.93-132.90) and is now beginning subwave A (colored magenta in the chart) of a new leg down. As of now there are four waves of smaller degree in potential subwave A - colored red in the chart. The targets of the upmove are Fibonacci retracements of 135.86-133.99, and 139.93-132.90.
Resistances:
- 134.70 = .382 retracement
- 134.93 = .50 ret
- 135.15 = .618 ret
- 136.42 = .50 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 132.90-135.87 and expansions off 135.87-134.71-135.86.
Supports:
- 134.03-133.98 = confluence area of .618 ret and expanded objective point (XOP)
- 132.82 = super expanded objective point (SXOP)
http://instaforex.com/userfiles/2011...-gbpjpy-in.gif
Overbought/Oversold
Assuming that the wave of a larger degree is moving down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (current prices) or into the overbought area (15-30 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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AUD/USD Elliott wave count and Fibonacci levels - April 27, 2011
AUD/USD has developed corrective subwave B and is now moving in subwave C (colored magenta in the chart) that is part of wave C of larger degree - colored royal blue in the chart. Now the immediate resistances are Fibonacci expansions off 0.9709-1.0580-1.0389, 1.0389-1.0578-1.0442, 1.0442-1.0775-1.0676, 1.0676-1.0765-1.0737.
Resistances:
- 1.0881-82 = confluence area of expanded objective point (XOP) and contracted objective point (COP)
- 1.0927-37 = confluence area of COP and super expanded objective point (SXOP)
- 1.0970 = SXOP
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 1.0676.
http://instaforex.com/userfiles/2011...-audusd-in.gif
Overbought/Oversold
Assuming that the medium term trend is up it's preferable try longs when the Detrended Oscillator goes below the zero level (20-25 pips below the current prices) or gets into the oversold area (35-45 pips below the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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USD/CAD technical analysis for April 27, 2011
Support levels: 0.9450, 0.9400, 0.9353
Resistance levels: 0.9721, 0.9840, 0.9972
In the 4-hour graph the USD/CAD is demonstrating downside movement to multi-year lows. As mentioned before, break of the 0.9450 support level allowed the pair to reach 0.9400. Besides, we can expect a decline to 0.9353, which is 100.0 Fibonacci projection of 1.0285 to 0.9666 up to 0.9972.
If a reversal takes place and the USD/CAD breaks the 0.9721 resistance level, further advance to 0.9972 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as the first target and 0.9500 as the next possible target. However, this downside movement is probably a correction, and a strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target.
http://instaforex.com/userfiles/2011...ure%204(1).png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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USD/CHF Bullish Outlook April 27, 2011 (Daily Strategy)
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USD/CHF
The sharp downward wave that led to United States dollar-Swiss franc to the stronger support level 0.8670 (Weekly Support ) for the moment failed to halt the continued disintegration of the pair.We can see in the chart that appeared the reversal pattern Japanese BULLISH HAMMER, which strengthens the conjecture that the pair will change direction and begin to ascend.
The positive deviation of the MACD indicator, adds weight to the positive outlook regarding the pair. The upside potential can reach the 0.9220 resistance level at least. Should consider the important support level of 0.8640, as a stop loss in case of continuing the current wave bearish.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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GBP/AUD Rebound- Bullish Outlook April 27, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110427/gbpauddd.gif
GBP/AUD
The British pound - Australian Dollar pair in the journey today, the pair to retreat to their monthly support around 1.5160, on this level of support, we can maintain a bullish position, but if the price drops below its minimum last year, change everything our perspective.
we can see in the chart that the pair has formed a double bottom. Therefore, we recommend to buy at these levels with a long term objective around the resistance formed at 1.6160 level.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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EUR/USD wave analysis for April 27, 2011
http://instaforex.com/userfiles/20110427/EUR_h4.gif
After another test of the correction level 23.6% the EUR/USD made an attempt to resume upside movement. At the same time, passing the resistance at 1.4650 took most of the day. Nevertheless, at the moment we can suppose that the price started froming the 3rd wave (in the 5th). If so, given the limits of the channel where the current uptrend is developing, the closest target for this 3rd wave might be located between levels of the 47 and the 48 figures.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
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AUD/USD Elliott wave count and Fibonacci levels - April 28, 2011
AUD/USD is now moving in subwave C (colored magenta in the chart) that is part of wave C of larger degree - colored royal blue in the chart. The former subwave C also consists of waves of still smaller degree - A, B and C, subwave C is still developing - colored red in the chart. The immediate resistances are Fibonacci expansions off 0.9709-1.0580-1.0389, 1.0389-1.0578-1.0442, 1.0442-1.0775-1.0676, 1.0676-1.0851-1.0778.
Resistances:
- 1.0927-37 = confluence area of contracted objective point (COP) and super expanded objective point (SXOP)
- 1.0953 = objective point (OP)
- 1.1009 = OP
- 1.1061 = expanded objective point (XOP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 1.0778 - this wave is not developed yet.
http://instaforex.com/userfiles/2011...-audusd-in.gif
Overbought/Oversold
Assuming that the medium term trend is up it's preferable to try longs when the Detrended Oscillator goes below the zero level (40-45 pips below the current prices) or gets into the oversold area (60-70 pips below the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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USD/CAD technical analysis for April 28, 2011
The NZD/USD currency pair is still refreshing 3-year highs, though it is yet unable to break the resistance level 0.8100. Nevertheless, its break will target the pair to 0.8150.
In a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7823, since its break will allow the pair to reach 0.7740.
http://instaforex.com/userfiles/2011...cture%2010.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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EUR/USD candlestick analysis for March 28, 2011
In a daily graph the EUR/USD pair is demonstrating a strong upside movement. Break of the resistance level 1.4800 targeted the pair to 1.5150.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4350 as a break of this level will denote that the uptrend is broken.
http://instaforex.com/userfiles/2011...icture%206.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GOLD Technical Correction, April 28, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110428/goldin.gif
GOLD
The ounce of gold recorded a new historical high in $ 1534.30, after increasing demand for
the precious metal by operators seeking to take refuge from inflationary risks in the
global economy.
According to the retraction of Fibonacci the price of gold has reached the level of 161.8%,
we note that at the same level is the second monthly resistance (1534.00) the next
resistance is around 1555.00 level; at this level would be a good opportunity to sell in
the correction or even a possible change in short-term trend, with an ultimate goal around
the second weekly support located at the level of 1464 dollars for an ounce of gold.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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USD/CHF Bullish Outlook April 28, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110428/fraqui.gif
USD/CHF
The strong support situated at 0.8651 has served as a barrier to the strengthening of the
Swiss franc, believe that the pair have to try to cross this level and if it fails in his
attempt, would result a possible rebound upward, reaching his first weekly resistance
situated around 0.8990, we can buy in the current price of 0.8700. Should consider the
important support level of 0.8640, as a stop loss in case of continuing the current wave
bearish.
The positive deviation of the MACD indicator, adds weight to the positive outlook regarding
the pair.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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EUR/USD wave analysis for April 28, 2011
http://instaforex.com/userfiles/20110428/EUR_h4.gif
As expected, the EUR/USD passed the 47 figure target level and resumed dynamic upside
movement after Bernanke’s speech. At the same time, the price continued to form inner wave
structure of the 3rd wave (in the 5th). Besides, it should be mentioned that break of the
1.4700 level will allow the euro to grow to the targets located near the 51 figure level,
and further up to 1.5500.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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The EUR/USD technical analysis and trading recommendations for April 28, 2011
4-hour timeframe
http://instaforex.com/userfiles/20110428/eurusd%204.gif
Overview:
The euro is still in upside movement and observing the buy signal with target level 1.4826,
the price reached the target level, but there are no signals for the movement to end. The
formed buy signal is strong and confirmed, since the Chinkou Span fixated above the price
graph and the price is above the Ichimoku cloud. At the moment the first target level is
passed, therefore the current target for the upside movement is 1.4950 – the second
resistance level. If this level is passed the next target will be the third resistance
level at 1.5251. Upside movement remains while the price is above the Kijun-sen (1.4690),
if the price fixates below this line it is recommended to cut long positions. The Chinkou
Span is above the price graph, which confirms the current buy signal and indicates bullish
sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging
and directed up. The MACD is ascending, which indicates current upside movement, therefore
it is possible to trade up now; if the MACD reverses down it will denote the beginning of
another correction and it will be recommended to cut long positions.
Trading recommendations:
Currently it is recommended to trade up with target at 1.4950 and further to 1.5251. Stop
Loss should be placed below 1.4690 and stretch it up as the Kijun-sen advances. If the MACD
reverses down it will be recommended to cut long positions.
In addition to technical image, one should take into account the fundamental data and the
time of their release.
The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.
Performed by Stanislav Polyanskiy, Analytical expert
InstaForex Companies Group © 2007-2011
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GBP/JPY Elliott wave count and Fibonacci levels - April 29, 2011
GBP/JPY is moving within wave C of medium term uptrend - colored magenta in the chart. Current wave C consists of 2 subwaves, A and corrective B, that is now developing - colored red in the chart. The targets of the downmove are Fibonacci retracements of 133.99-137.03.
Supports:
- 135.51 = .50 ret
- 135.15 = .618 ret
If the uptrend resumes and the price breaks above 137.03 the immediate resistances will be Fibonacci retracements of 139.93-132.90, and expansions off 132.90-135.87-133.99, 133.99-137.03-135.48.
Resistances:
- 137.24 = .618 retracement
- 137.36 = contracted objective point (COP)
- 138.52 = objective point (OP)
- 138.80 = expanded objective point (XOP)
http://instaforex.com/userfiles/2011...-gbpjpy-in.gif
Overbought/Oversold
Assuming that the wave of a larger degree is moving up it's preferable to open long positions when the Detrended Oscillator gets below the zero level (10-15 pips below the current prices) or into the oversold area (35-45 pips below the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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AUD/USD Elliott wave count and Fibonacci levels - April 29, 2011
AUD/USD is now moving in subwave C (colored magenta in the chart) that is part of wave C of larger degree - colored royal blue in the chart. The former subwave C also consists of four waves of still smaller degree - colored red in the chart. The immediate supports are Fibonacci retracements of 1.0778-1.0947, 1.0676-1.0947, and expansions off 1.0947-1.0863-1.0941.
Supports:
- 1.0863-57 = confluence area of .50 retracement and objective point (OP)
- 1.0843 = confluence area of .618 and .382 retracements
- 1.0812-05 = confluence area of .50 ret and expanded objective point (XOP)
- 1.0780 = .618 ret
- 1.0721 = super expanded objective point (SXOP)
If the uptrend resumes the immediate resistances will be Fibonacci expansions off 0.9709-1.0580-1.0389, 1.0389-1.0578-1.0442, 1.0442-1.0775-1.0676, 1.0676-1.0851-1.0778, 1.0778-1.0947-1.0863.
Resistances:
- 1.0967 = contracted objective point (COP)
- 1.1009 = OP
- 1.1032 = OP
- 1.1061 = expanded objective point (XOP)
http://instaforex.com/userfiles/2011...-audusd-in.gif
Overbought/Oversold
Assuming that the medium term trend is up it's preferable to try longs when the Detrended Oscillator goes below the zero level (current prices) or gets into the oversold area (15-25 pips below the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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USD/CAD technical analysis for April 29, 2011
Support levels: 0.9450, 0.9400, 0.9353
Resistance levels: 0.9721, 0.9840, 0.9972
In the 4-hour graph the USD/CAD is rolling back after it could not break the 0.9450 support level. Nevertheless, the viewpoint at the pair is still bearish as the downtrend remains.
As mentioned before, break of the 0.9450 support level allowed the pair to reach 0.9400. Besides, we can expect a decline to 0.9353, which is 100.0 Fibonacci projection of 1.0285 to 0.9666 up to 0.9972.
If a reversal takes place and the USD/CAD breaks the 0.9721 resistance level, further advance to 0.9972 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as the first target and 0.9500 as the next possible target. However, this downside movement is probably a correction, and a strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target.
http://instaforex.com/userfiles/2011...icture%205.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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NZD/USD technical analysis for April 29, 2011
The NZD/USD currency pair is rolling back after it could not break the resistance level 0.8100. Nevertheless, its break will target the pair to 0.8150.
In a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7823, since its break will allow the pair to reach 0.7740.
http://instaforex.com/userfiles/2011...icture%208.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GBP/AUD Bullish Outlook April 29, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110429/gbpauggg.gif
GBP/AUD
The technical chart of the Pound Sterling - Australian dollar pair contains an interesting opportunity to buy. The taking of long position respect the pair will be possible only if it crosses in an upward
direction its smaller trend line of 1.5300.
This break will represent a trigger for the buy during a new upward sequence it is estimated that will rise to the significant resistance level of 1.6160, Australian dollars per Pound sterling.
The positive deviation of the MACD indicator, adds weight to the positive outlook regarding the pair
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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GBP/USD wave analysis for April 29, 2011
http://instaforex.com/userfiles/20110429/GBP_h4.gif
In general, as expected, test of the 1.6700 resulted in a rebound of the GBP/USD from the high reached earlier by more than a figure. Therefore, we can suppose that at the moment the 4th wave in the 3rd, in the 3rd, 5th (in the 3rd or C) is being formed. If so, in the nearest future the pound will resume upside movement in the direction of the first estimated target level located near the 68 figure level.
Performed by Alexander Dneprovskiy, Analytical expert
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USD/JPY wave analysis for April 29, 2011
http://instaforex.com/userfiles/20110429/JPY_h4(1).gif
In general, as expected, the USD/JPY pair resumed slow decline in the direction of the previously reached low 81.20. Given this, we can suppose that the price is forming the 5th wave in the range of the whole downtrend section developed since April 7. If so, the target level for this estimated 5th will probably be the 80.65 level.
Performed by Alexander Dneprovskiy, Analytical expert
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GBP/JPY Elliott wave count and Fibonacci levels - May 2, 2011
GBP/JPY is moving within wave C of medium term uptrend - colored magenta in the chart. Current wave C consists of 3 subwaves - A, B and subwave C is still developing - colored red in the chart. The targets of the upmove are Fibonacci retracements of 137.03-135.17, 139.93-132.90, and expansions off 132.90-135.87-133.99, 133.99-137.03-135.48.
Resistances:
- 136.10 = .50 retracement
- 136.32 = .618 ret
- 136.96 = objective point (OP)
- 137.24 = .618 ret
- 137.36 = contracted objective point (COP)
- 138.52 = OP
- 138.80 = expanded objective point (XOP)
If the price reverses down the immediate supports will be Fibonacci retracements of 133.99-137.03.
Support:
- 135.15 = .618 ret
http://instaforex.com/userfiles/2011...-gbpjpy-in.gif
Overbought/Oversold
Assuming that the wave of a larger degree is moving up it's preferable to open long positions when the Detrended Oscillator gets below the zero level (20-25 pips below the current prices) or into the oversold area (50-60 pips below the current prices).
Performed by Roman Molodiashin, Analytical expert
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AUD/USD Elliott wave count and Fibonacci levels - May 2, 2011
AUD/USD is now moving in subwave C (colored magenta in the chart) that is part of wave C of larger degree - colored royal blue in the chart. The former subwave C also consists of waves of still smaller degree - colored red in the chart. There are 5 of them and now we may be having wave A that may become part of corrective A-B-C cycle. The immediate supports are Fibonacci retracements of 1.0963-1.1009, and 1.0676-1.1009.
Supports:
- 1.0919 = .618 retracement
- 1.0882 = .382 ret
- 1.0842 = .50 ret
- 1.0803 = .618 ret
If the uptrend resumes the resistances will be Fibonacci expansions off 0.9709-1.0580-1.0389, 1.0442-1.0775-1.0676, 1.0676-1.0947-1.0863.
Resistances:
- 1.1009 = objective point (OP)
- 1.1030 = contracted objective point (COP)
- 1.1134 = OP
http://instaforex.com/userfiles/2011...-audusd-in.gif
Overbought/Oversold
Assuming that the medium term trend is up it's preferable to try longs when the Detrended Oscillator goes below the zero level (current prices) or gets into the oversold area (current prices), or when the price hits a Fib support (e.g. at 1.0919 or 1.0882).
Performed by Roman Molodiashin, Analytical expert
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USD/CAD technical analysis for May 2, 2011
Support levels: 0.9400, 0.9353, 0.9300
Resistance levels: 0.9721, 0.9840, 0.9972
In the 4-hour graph the USD/CAD has refreshed a multi-year high by breaking the 0.9450 support level. As mentioned before, break of the 0.9450 support level will allow the pair to reach 0.9400. Besides, we can expect a decline to 0.9353, which is 100.0 Fibonacci projection of 1.0285 to 0.9666 up to 0.9972.
If a reversal takes place and the USD/CAD breaks the 0.9721 resistance level, further advance to 0.9972 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as the first target and 0.9500 as the next possible target. However, this downside movement is probably a correction, and a strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target.
http://instaforex.com/userfiles/2011...icture%204.png
Performed by Vladimir Donin, Analytical expert
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NZD/USD technical analysis for May 2, 2011
The NZD/USD currency pair is rolling back after it could not break the resistance level 0.8100. Nevertheless, its break will target the pair to 0.8150.
In a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7823, since its break will allow the pair to reach 0.7740.
[img]http://instaforex.com/userfiles/20110502/Picture%206.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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EUR/USD candlestick analysis for May 2, 2011
In a daily graph the EUR/USD pair is rolling back after a strong upside movement. As mentioned earlier, break of the resistance level 1.4800 targeted the pair to 1.5150.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4349 as a break of this level will denote that the uptrend is broken.
http://instaforex.com/userfiles/2011...icture%207.png
Performed by Vladimir Donin, Analytical expert
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EUR/USD wave analysis for May 2, 2011
http://instaforex.com/userfiles/20110502/EUR_h4.gif
After recent reaching of the 1.4880 level, on Friday the EUR/USD currency pair traded in a
narrow range with amplitude of about 80 pips. At the same time, the inner wave structure of
the 3rd wave, in the estimated 5th is getting more complicated. If so, by the end of the
trading the price has almost completed the formation of the 4th wave in the range of this
3rd (in the 5th), which might denote further resumption of the growth in the direction of
the target level located near the 1.4945 level.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
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GBP/USD wave analysis. Week review
http://instaforex.com/userfiles/20110502/GBP_d.gif
In general, as expected, the GBP/USD currency pair continued upside movement in favour of
the British currency. At the same time, growth of the rate in the range of the 3rd wave, in
the future 3rd (or C) is developing in the direction of the mentioned earlier target level
at the 68 figure level. At the same time, given the inner wave dimension of this 3rd wave,
the price can easily come to the 1.7100 level.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
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The EUR/USD technical analysis and trading recommendations for May 2, 2011
4-hour timeframe
http://instaforex.com/userfiles/20110502/eurusd%204.gif
Overview:
The euro is still in upside movement and observing the buy signal with target level 1.4826,
the price reached the target level, but there are no signals for the movement to end. The
formed buy signal is strong and confirmed, since the Chinkou Span fixated above the price
graph and the price is above the Ichimoku cloud. At the moment the current target for the
upside movement is 1.4961 – the first resistance level. If this level is passed the next
target will be the second resistance level at 1.5115. Upside movement remains while the
price is above the Kijun-sen (1.4700), if the price fixates below this line it is
recommended to cut long positions. The Chinkou Span is above the price graph, which
confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show
the continuing upside movement, the lines are diverging and directed up. The MACD is
descending, which indicates current correction movement, therefore it is recommended to
trade up after the MACD reverses to the upside.
Trading recommendations:
Currently it is recommended to trade up with target at 1.4961 and further to 1.5115. Stop
Loss should be placed below 1.4700 and stretch it up as the Kijun-sen advances. Long
positions should be opened after the MACD reverses to the upside.
In addition to technical image, one should take into account the fundamental data and the
time of their release.
The chart annotation:
Ichimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with white bars in the indicators window.
Performed by Stanislav Polyanskiy, Analytical expert
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EUR/USD. Weekly and Monthly Pivot Points, For May 01-06, 2011
____WEEKLY_____
Weekly - R3 = 1.5349
Weekly - R2 = 1.5115
Weekly - R1 = 1.4962
Weekly Pivot = 1.4727
Weekly - S1 = 1.4573
Weekly - S2 = 1.4339
Weekly - S3 = 1.4185
http://instaforex.com/userfiles/2011...0eur%20wee.gif
_____MONTHLY______
Monthly - R3 = 1.5921
Monthly - R2 = 1.5401
Monthly - R1 = 1.5104
Monthly Pivot = 1.4584
Monthly - S1 = 1.4287
Monthly - S2 = 1.3767
Monthly - S3 = 1.3470
http://instaforex.com/userfiles/2011...0eur%20mon.gif
REMEMBER ... THE WEEKLY PIVOT POINT S2 AND R2 LEVELS ARE VERY HARD TO BREAK.
Why? the majority of weeks, the market simply can not take much force as to extend outside
the range of R2 and S2 weekly. However, traders should sell short in the R1 weekly or buy
long in S1 weekly, with a target in the weekly Pivot, is a viable strategy to make swing
trading.
Other form of vary this strategy is to going long on S2 weekly and short R2 weekly , with a
goal in S1 or R1 weekly.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
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AUD/USD. Weekly and Monthly Pivot Points, For May 01-06, 2011
_____WEEKLY_____
Weekly - R3 = 1.1374
Weekly - R2 = 1.1175
Weekly - R1 = 1.1073
Weekly Pivot = 1.0874
Weekly - S1 = 1.0772
Weekly - S2 = 1.0573
Weekly - S3 = 1.0471
http://instaforex.com/userfiles/2011...20aud%20we.gif
_____MONTHLY______
Monthly - R3 = 1.1895
Monthly - R2 = 1.1436
Monthly - R1 = 1.1203
Monthly Pivot = 1.0744
Monthly - S1 = 1.0511
Monthly - S2 = 1.0052
Monthly - S3 = 0.9819
http://instaforex.com/userfiles/2011...0aud%20mon.gif
REMEMBER ... THE WEEKLY PIVOT POINT S2 AND R2 LEVELS ARE VERY HARD TO BREAK.
Why? the majority of weeks, the market simply can not take much force as to extend
outside the range of R2 and S2 weekly. However, traders should sell short in the R1 weekly
or buy long in S1 weekly, with a target in the weekly Pivot, is a viable strategy to make
swing trading.
Other form of vary this strategy is to going long on S2 weekly and short R2 weekly , with
a goal in S1 or R1 weekly.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
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Oil review for May 3, 2011
Oil futures dropped by the end of trades on Monday after the news on Osama bin Laden’s death ruffled the oil markets. Investors attempted to assess the influence of this happening on the stability in the Middle East. By the end of NYMEX trades the quotations of June futures on low-sulfur oil decreased by 41 cent (0.4%) down to 113.52 US dollars per barrel. During the session the prices reached their highs for 2.5 years nearly 115 US dollars per barrel and dropped down to 110.82 US dollars per barrel. The quotations of Brent oil futures declined by 77 cent down to 125.12 US dollars per barrel. The oil prices were rather mixing after the US armed forces killed Al-Qaeda Osama bin Laden on Sunday. The death provoked fluctuations of prices for primary goods, stocks and currency quotations as traders guessed the possible effects of this event for major oil-producers of the Middle East and North Africa. The death of Osama bin Laden spurred two opposed visions tested by the market on Monday. According to one of them, terror groups may mobilize their forces to respond to the death of their leader and disrupt oil supplies coming from the Middle East and other regions. The second one suggests that this event will put an end to the US fight against terrorism and bring stability back. The prices for oil have grown by 24 % since the beginning of the year as the disorders in the Middle East and North Africa incited concerns over possible disruption of oil supplies. Particularly, the Libyan civil war cut the exports of oil from the country. However, due to high prices traders have not dared to expect further increase in prices. The companies’ and consumers’ budgets have been pressed by high prices for gasoline in the USA which may result in less consumption. Analysts expect the US Energy Ministry data slated for Wednesday to show the growth of oil and oil products reserves.
Traders have been pointing at high prices as the major reason for a slight decline on Monday.
Additionally, analysts say that sluggish activity of Osama bin Laden for the last several years is suggestive that his ability to destroy the global economy weakened. This landmark victory is hardly likely to change the safety situation in the USA and other countries.
http://instaforex.com/userfiles/2011...cture%2010.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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AUD/USD Elliott technical analysis for May 3, 2011
Again the AUD/USD could not break the resistance at 1.1000, to roll back further. However, if it is successfully tested we should expect an upside movement to 1.1100.
Earlier on a 4-hour graph the AUD/USD formed a Three White Soldiers candlestick combination that indicates upside movement, confirmed further.
This combination formed amid a growth after an attempt to break the support level 0.9700; afterwards the bulls started to increase their influence. This candlestick combination provided a good opportunity to open long positions.
Besides, the AUD/USD broke the 61.8 Fibonacci correction level. Break of the 1.0500 resistance level targeted the pair to 1.0600.
As mentioned before, if the support level 1.0672 is broken, long positions should be closed as it will cause a decline to 1.0440.
http://instaforex.com/userfiles/2011...cture%2014.png
Performed by Vladimir Donin, Analytical expert
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USD/CAD technical analysis for May 3, 2011
Support levels: 0.9400, 0.9353, 0.9300
Resistance levels: 0.9721, 0.9840, 0.9972
In the 4-hour graph the USD/CAD is still declining after a slight rollback. As mentioned before, break of the 0.9450 support level allowed the pair to reach 0.9400. Besides, we can expect a decline to 0.9353, which is 100.0 Fibonacci projection of 1.0285 to 0.9666 up to 0.9972.
If a reversal takes place and the USD/CAD breaks the 0.9721 resistance level, further advance to 0.9972 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as the first target and 0.9500 as the next possible target. However, this downside movement is probably a correction, and a strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target.
http://instaforex.com/userfiles/2011...cture%2016.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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NZD/USD technical analysis for May 3, 2011
The NZD/USD currency pair is yet unable to fixate above the resistance level 0.8100. Three previous attempts were unsuccessful. Nevertheless, its break will target the pair to 0.8200.
In a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7823, since its break will allow the pair to reach 0.7740.
http://instaforex.com/userfiles/2011...cture%2013.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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EUR/USD candlestick analysis for May 3, 2011
In a daily graph the EUR/USD pair met a strong resistance near the 1.4900 level. Nevertheless, after a slight pause we should expect further growth. As mentioned earlier, break of the resistance level 1.4800 targeted the pair to 1.5150, which is November 2009 high.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4349 as a break of this level will denote that the uptrend is broken.
http://instaforex.com/userfiles/2011...cture%2015.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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CRUDE OIL Bearish Outlook May 03, 2011 (Daily Strategy)
http://instaforex.com/userfiles/2011...oleomayo03.gif
CRUDE OIL
The price of oil continues to broadcast signals pointing to a trend reversal after it
reached its exact previous record high of around 114,75 dollars per barrel of oil.The
weekly resistance situated around 115.07(R1) along with the accompanying negative deviation
from the MACD indicator, increases the possibility for a new wave of reductions that is
expected to lead the price of the "Black Gold" back towards support levels of around 108
dollars at the very least.
The small trend line that accompanied last week's increases can be used as a good trigger
on which to base a short position in the event that the price breaks downwards. Closure
beneath the level of 111.5 will be the signal for an entry with a price target situated
close to the support level of 108.00 dollars. The STOP order can be placed just a little
above the previous high at 115.70 dollars.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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USD/CHF Bullish Outlook May 03, 2011 (Daily Strategy)
http://instaforex.com/userfiles/2011...racomayo03.gif
USD/CHF
The United States dollar – Swiss Franc pair, shows that the pair is on the threshold of an
upside breakout, from the resistance level of 0.8650.
in technical picture we see the formation of a pattern called shoulder head shoulder, only
a daily close above the uptrend line, would confirm the beginning of a new upward wave.
The positive deviation of the MACD indicator, adds weight to the positive outlook regarding
the pair. The upside potential can reach the 0.8970 resistance level at least. Should
consider the important support level of 0.8580, as a stop loss in case of continuing the
current wave bearish.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
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GBP/JPY Elliott wave count and Fibonacci levels - May 4, 2011
GBP/JPY is moving within wave C of medium term downtrend - colored royal blue in the chart. To confirm wave C break below 132.90 is needed, since this is the top of wave A. Now wave C has three subwaves in it - A-B and C developing, colored red in the chart. And the latter has A and corrective B - colored orange red in the chart. The targets of the upmove are Fibonacci retracements of 136.09-132.91, 137.03-132.91.
Resistances:
- 132.12 = .382 retracement
- 134.48-50 = confluence area of .382 and .50 retracements
- 138.88-97 = .618 and .50 retracements
- 135.46 = .618 ret
If the downtrend continues and the price breaks below 132.91 the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, 137.03-135.17-136.09, 136.09-132.91-134.02.
Supports:
- 132.69 = contracted objective point (COP)
- 132.05 = COP
- 131.22-21 = confluence area of super expanded objective point (SXOP) and .50 ret
- 130.84 = objective point (OP)
- 130.00 = OP
http://instaforex.com/userfiles/2011...04-02-gj-i.gif
Overbought/Oversold
Assuming that the wave of a larger degree is moving down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (10-15 pips above the current prices) or into the overbought area (40-50 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
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AUD/USD Elliott wave count and Fibonacci levels - May 4, 2011
AUD/USD is now moving within corrective wave 4 of medium term uptrend - colored royal blue in the chart. Now the immediate supports are Fibonacci retracements of 1.0676-1.1011 (subwave C within wave 3), 1.0442-1.1011 (wave 3), and expansions off 1.1011-1.0846-1.0932.
Supports:
- 1.0804-1.0794 = confluence area of .618 and .382 retracements
- 1.0767 = objective point (OP)
- 1.0726 = .50 ret
- 1.0665-59 = confluence area of expanded objective point (XOP) and .618 ret
If the price reverses up the immediate resistances will be Fibonacci retracements of the wave down from 1.1011 - this wave is not developed
http://instaforex.com/userfiles/2011...04-01-au-i.gif
Overbought/Oversold
Assuming that the medium term trend is up but a corrective wave is developing it's preferable to stand aside or try shorts when the Detrended Oscillator goes above the zero level (20-25 pips above the current prices) or gets into the overbought area (50-65 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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NZD/USD technical analysis for May 4, 2011
The NZD/USD currency pair is rolling back after it could not fixate above the resistance level 0.8100. Nevertheless, its break will target the pair to 0.8200.
In a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7823, since its break will allow the pair to reach 0.7740.
http://instaforex.com/userfiles/2011...ure%209(1).png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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EUR/USD candlestick analysis for May 4, 2011
In a daily graph the EUR/USD pair met a strong resistance near the 1.4900 level. Nevertheless, after a slight pause we should expect further growth. As mentioned earlier, break of the resistance level 1.4800 targeted the pair to 1.5150, which is November 2009 high.
On the other hand, if the 1.4750 support level is broken, we should expect a slight correction.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4349 as a break of this level will denote that the uptrend is broken.
http://instaforex.com/userfiles/2011...icture%207.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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CHF/JPY Bearish Outlook, May 04, 2011 (Daily Strategy)
http://instaforex.com/userfiles/2011...ffjpyyy(1).gif
CHF/JPY
The Swiss franc – Japanese yen pair is facing its weekly resistance, but their path to
the upside is very difficult because it about 0.9500 is a strong resistance signaling a
sell opportunity in a short position with great potential for a drop of, at the minimum,
250 points. For the most part, the franc – yen pair is traded with a positive correlation
to financial markets so that the continuation of the current wave of drops is expected to
negatively influence the pair.
Our short term objective we can locate around of the first monthly support 90.20 and in
the long term, the second monthly support around 89.00 yens per Swiss franc.It is important
to point out that the short opportunity mentioned above is based on a strong negative
deviation on the MACD index and the negative sentiment that has been the order of the day
for the markets recently.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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CHF/JPY Bearish Outlook, May 04, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110504/cheffjpyyy.gif
CHF/JPY
The Swiss franc – Japanese yen pair is facing its weekly resistance, but their path to the
upside is very difficult because it about 0.9500 is a strong resistance ,signaling a sell
opportunity in a short position with great potential for a drop of, at the minimum, 250
points, For the most part, the franc – yen pair is traded with a positive correlation to
financial markets so that the continuation of the current wave of drops is expected to
negatively influence the pair.
Our short term objective we can locate around of the first monthly support 91.20 and in
the long term, the second monthly support around 89.00 yens per Swiss franc. It is
important to point out that the short opportunity mentioned above is based on a strong
negative deviation on the MACD index and the negative sentiment that has been the order of
the day for the markets recently.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com
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USD/CHF wave analysis for May 4, 2011
http://instaforex.com/userfiles/20110504/CHF_h4.gif
During yesterday’s trading the USD/CHF currency pair continued to decline slowly along the
forming line of the downside corridor initiated April 1. At the same time, the inner wave
structure of the 5th wave, in the 5th, is being formed. Besides, given the wave dimension
of this whole downside section of the main trend, the target level at 0.8570 still applies.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com
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EUR/USD wave analysis for May 4, 2011
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Good data on the US factory orders could not provide substantial support for the US
currency. As a result, the EUR/USD currency pair continued to move between the levels of
the 48 and the 49 figures. In the meantime, Monday’s high looks like the top of the 3rd
wave (in the 5th) at the moment. If so, we can expect further decline of the euro to 1.4700
(or 1.4650) and forming of the 4th wave (in the 5th).
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
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GBP/JPY Elliott wave count and Fibonacci levels - May 5, 2011
GBP/JPY is developing subwave 5 (colored red in the chart) within wave C (colored royal blue in the chart) of medium term downtrend. Now the targets of the downmove are Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, 137.03-135.17-136.09, 136.09-132.91-134.24.
Supports:
- 132.69 = contracted objective point (COP)
- 132.27 = COP
- 131.22-21 = confluence area of super expanded objective point (SXOP) and .50 ret
- 131.06 = objective point (OP)
- 130.00 = OP
If the price reverses up the immediate resistances will be Fibonacci retracements of the wave down from 137.03 - this wave is not developed yet.
http://instaforex.com/userfiles/2011...5-02-gj-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to open short positions when the Detrended Oscillator gets above the zero level (10-15 pips above the current prices) or into the overbought area (45-60 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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AUD/USD Elliott wave count and Fibonacci levels - May 5, 2011
AUD/USD has finished wave 0.9709-1.1011 (wave A of long term uptrend) and now is developing correction against it. The targets of the downmove are Fibonacci retracements of 0.9709-1.1011 (wave A), 1.0389-1.1011 (subwave C within wave A), 1.0442-1.1011 (subwave C within C), and also Fibonacci expansions off 1.1011-1.0789-1.0876, 1.0876-1.0725-1.0770.
Supports:
- 1.0700 = .50 retracement
- 1.0677 = contracted objective point (COP)
- 1.0659-54 = confluence area of .618 ret and objective point (OP)
- 1.0627-19 = confluence area of .618 ret and another OP
- 1.0526-17-14 = confluence area of two expanded objective points (XOP) and .382 ret
If the price reverses up the immediate resistances will be Fibonacci retracements of the wave down from 1.0876 and 1.1011 - these waves are not developed yet.
http://instaforex.com/userfiles/2011...5-01-au-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try shorts when the Detrended Oscillator goes above the zero level (25-30 pips above the current prices) or gets into the overbought area (45-55 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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Gold and silver review for May 5, 2011
Futures on precious metals dropped considerably on Wednesday amid sales by large investment funds. Funds, investing in resources, tend to own a wide range of raw materials which results in large-scale sales when they leave the market. By the end of COMEX trades May futures on silver lost USD 3.193 (7.5%) and constituted USD 39.383 for an ounce. As compared to the final result of Friday USD 48.584 (the highest for 31 years) the prices declined by 18.9%. July futures on silver lost USD 3.197 (7.5%) and equaled USD 39.388 for an ounce which is the lowest level for four weeks. In comparison to the Friday level of USD 48.599 which is a record high for the most actively traded contract the quotations lost 19%.
The fall of silver prices reverberated on other raw materials markets where the prices showed decline as well.
CME Group Inc. Company which owns NYMEX increased margin levels for futures on silver by 38% for 9 days. Its Monday evening raising was implemented on Tuesday only. However, as silver is a volatile asset characterized by low volume of trading, it failed to influence raw materials markets. Silver is a cheaper alternative to gold and so investors often transform funds into silver as the most accessible means of protecting their funds from inflation and currency volatility. Yet, the recent decrease of silver prices brought about buyers’ concerns over precious metals in general. May futures on gold showed a decline by USD 25.20 (1.6%) and reached the level of USD 1514.90 per an ounce by the end of trades. June futures on gold cheapened by USD 25.10 (1.6%) and equaled USD 1515.30 per an ounce. A weakening dollar was not able to suppress this fall that much. When the US dollar is on decrease, gold is growing attractive to holders of currencies.
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Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com