Thread: InstaForex Wave Analysis

GBP/JPY Technical Levels and Trading Recommendations for June 21, 2012


Overview

Like we expected yesterday, the pair will take an upward move in case of breaking the Resistance area 124.45 - 124.80 and closing 4H above. Proceeding from today's H4 chart the pair has taken an upward move after breaking the Resistance area keeping its movement above the upward trend line and currently it is testing the Resistance level 125.65.
If the pair is able to break the Resistance level and close 4H above, this will provide a strong indicator for bullish signals enabling the Resistance level 126.30. Then we should wait breaking for this level to continue the bullish view.
On the other hand, if the pair can't break the Resistance level and closes 4H below the Resistance area 125.25-125.65 this will give us a good opportunity to sell below the Resistance level and enabling the Support level 124.45. Then we should wait for closing 4H below this Support level to continue the bearish view. In case of breaking this level this will indicate bearish strength providing new sell-signals enabling the upward trend line.
Based on the given chart, the technical indicators provide bullish signals, but as long as the Resistance area 125.25 - 125.65 is unbroken, the downward trend is still expected and invalidating the bullish outlook.

Resistance and Support levels:

R3(126.30)

R2(125.65)

R1(125.25)

S1(124.45)

S2(123.75)

S3(123.00)


Trading Recommnendations:

According to previous analysis, we recommend buying is case of breaking the Resistance area 125.25 - 125-65 and closing 4H above with TP 126.25; SL closing 4 hours below the Resistance area may be appropriate.

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for June 20, 2012


USD/CAD Elliott Wave
Yesterday the USD/CAD was trading in an upward move developing the impulsive wave 1 (coloured blue). During the European session we could observe descending movement toward the 1.0160 level. We can consider this move as the end of the 2 wave (coloured green). Therefore during the early New York session price started pushing higher and price reached a new daily high at the 1.0230 level (end of the wave 1). During the second half of the NY session we could observe continuation of the bearish mood and price fall back to the 1.0167 level (end of wave 2). Today during the Asian session price has started pushing higher and it is currently testing the 1.0225 resistance level. At the moment the USD/CAD pair is developing impulsive 3 wave and we are awaiting to see price higher 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 (1.0160-1.0230-1.0167) with Take Profit 1 at 1.0259 (138.2% of wave 1) and Take Profit 2 at 1.0274 (161.8% of wave 1). Invalidation at 1.0160 can be used as a Stop Loss point. Also it is necessary to monitor the CAD Core Retail Sales m/m, Retail Sales m/m, BOC Gov Carney Speaks and U.S. Unemployment Claims, Flash Manufacturing PMI, Existing Home Sales, Philly Fed Manufacturing Index data that can change the rate of the pair.


Support and Resistance Levels

(S3) 1.0119 (S2) 1.0147 (S1) 1.0163 (PP) 1.0191 (R1) 1.0219 (R2) 1.0235 (R3) 1.0263

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 1.0215 with Stop Loss at 1.0160, Take Profit 1 at 1.0259 and Take Profit 2 at 1.274 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

EUR/USD Intraday Technical Levels for June 22, 2012


TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.2610.

Strong Resistance: 1.2603.

Original Resistance: 1.2591.

Inner Sell Area: 1.2579.

Target Inner Area: 1.2549.

Inner Buy Area: 1.2519.

Original Support: 1.2507.

Strong Support: 1.2495.

Breakout SELL Level: 1.2487.


DESCRIPTION:
Today EUR/USD has support and resistance at 1.2507 and 1.2591 and is accompanied by strong support at 1.2495 and by 1.2603 as strong resistance.

If EUR/USD breaks out and closes below a 1.2487-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2610-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2519, and at 1.2579 – a SELL position, in this case both targets should be located at the level of 1.2549.

Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

EUR/JPY Intraday Technical Analysis


The spot rate is currently testing the intermediate resistance of its medium term bullish channel at 101.20 and seems to initiate a decline. However, a break through these levels will release good potential and reach the upper limit of this one to 101.80.
Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 101.20 with the 1st objective at 101.80 and then at 102.00. A break through 101.00 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for June 22, 2012


USD/CAD Elliott Wave
The USD/CAD pair was trading in an upward move yesterday developing the impulsive wave 3 (coloured blue) of the bigger wave (1) (coloured green). During the European session we could observe descending movement toward the 1.0175 level. Therefore during the early New York session the USD/CAD pair did not manage to hold this level and pair started pushing higher and price reached a new high at 1.0295 level. Today during the early Asian session we could observe continuation of the bullish mood and price reached a 1.0299 level. We can consider this move as end of the 3 wave (coloured blue) and we are expecting to see price lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 38.2% of the wave 3, we can define the potential targets with Fibonacci retracements (0167-1.0299) with Take Profit 1 at 1.0248 (38.2% of wave 3) and Take Profit 2 at 1.0233 (50% of wave 1). Invalidation at 1.0160 can be used as a Stop Loss point. Also it is necessary to monitor the CAD Core CPI m/m and CPI m/m data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0135 (S2) 1.0180 (S1) 1.0209 (PP) 1.0254 (R1) 1.0299 (R2) 1.0328 (R3) 1.0373

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 1.0275 with Stop Loss at 1.0299, Take Profit 1 at 1.0248 and Take Profit 2 at 1.0233 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/JPY Intraday Technical Levels for June 26, 2012



TODAY's TECHNICAL LEVELS :
Resistance. 3: 80.12.


Resistance. 2: 79.96.


Resistance. 1: 79.81.


Support. 1: 79.62


Support. 2: 79.46.


Support. 3: 79.30.




DESCRIPTION:
Please, pay attention to the levels of support. 3 (79.30) and resistance. 3 (80.12), in general, when a level is touched, USD/JPY will rebound from the previous minimum by10 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.


Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Pushing Lower - Analysis for June 26, 2012



USD/CAD Elliott Wave
Yesterday during the first half of the Monday's trading session the USD/CAD pair was trading in an upward move developing 5 impulsive wave (coloured blue) of the bigger wave (1) (coloured green). During the European session we could observe ascending movement toward the 1.0300 level. Therefore during the early New York session price continued trading in a bullish mood and price reached a new high at 1.0317. We can consider this move as the end of wave (1) (coloured green). During the second half of the NY session the USD/CAD pair started pushing lower and this major finished first trading day at the 1.0290 level. Today during the Asian session price continued to fallow Monday's NY trend and price reached the 1.0265 level. At the moment we are in the corrective wave 2 and we are expecting to see price lower today. 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 (1.0160-1.0317) with Take Profit 1 at 1.0223 (61.8% of wave 1) and Take Profit 2 at 1.0197 (78.6% of wave 1). Resistance at 1.0300 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. S&P/CS Composite-20 HPI y/y and CB Consumer Confidence data that can change the rate of the pair.


Support and Resistance Levels
(S3) 1.0216 (S2) 1.0242 (S1) 1.0259 (PP) 1.0285 (R1) 1.0311 (R2) 1.0328 (R3) 1.0354


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 1.0255 with Stop Loss at 1.0300 Take Profit 1 at 1.0223 and Take Profit 2 at 1.0197 are recommended.


Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/JPY Intraday Technical Levels for June 27, 2012 2012-06-27



TODAY's TECHNICAL LEVELS:

Resistance. 3: 79.80.

Resistance. 2: 79.64.

Resistance. 1: 79.49.

Support. 1: 79.30.

Support. 2: 79.14.

Support. 3: 78.98.


DESCRIPTION:
Please, pay attention to the levels of support. 3 (78.98) and resistance. 3 (79.80), in general, when a level is touched, USD/JPY will rebound from the previous minimum by10 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.
Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

GBP/JPY Pushing Lower - Analysis for June 27, 2012


GBP/JPY Elliott Wave
The GBP/JPY pair was trading in a sideways move yesterday developing complex 4 wave correction (coloured blue). During the Asian session we could observe the ascending movement toward the 124.38 level. We can consider this move as (W) wave (coloured pink). Therefore during the European session the GBP/JPY pair did not manage to hold this level and the price pushed toward the 123.45 level (end of the x wave). During yesterday's New York session and today's Asian session the GBP/JPY pair was pushing higher developing (Y) wave (coloured pink). Presently we are at the start of the 5 wave and we are expecting to see price under the 123.60 level today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring 1 wave (coloured blue) with Take Profit at 123.56 (100% of wave 1). End of the 4 wave at 124.50 can be used as a Stop Loss point. Also it is necessary to monitor the UK CBI Realized Sales data that can change the rate of the pair.

Support and Resistance Levels
(S3) 123.20 (S2) 123.55 (S1) 123.76 (PP) 124.10 (R1) 124.45 (R2) 124.66 (R3) 125.00

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 124.00 with Stop Loss at 124.50 and Take Profit at 123.56 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Ready to push Higher - Analysis for June 27, 2012



USD/CAD Elliott Wave
The USD/CAD pair was trading in a downward move yesterday developing the corrective wave (2) (coloured green). During the European session we could observe a descending movement toward the 1.0251 level. Therefore during the early New York session this major pair tried to push higher and price reached 1.0295. During the second half of the NY session the USD/CAD pair did not manage to hold at this level and price reached a new daily low at 1.0232 level. We can consider this move as the end of the C wave (coloured blue) of the bigger (2) wave (coloured green). Today when Asian session open the USD/CAD pair started trading in a bullish mood and price is currently testing the 1.0260 level. 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 (1.0160-1.0317-1.0232) with Take Profit 1 at 1.0384 (100% of wave 1) and Take Profit 2 at 1.0478 (161.8% of wave 1). Invalidation point at 1.0232 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Core Durable Goods Orders m/m, Durable Goods Orders m/m, Pending Home Sales m/m, Crude Oil Inventories data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0191 (S2) 1.0216 (S1) 1.0231 (PP) 1.0255 (R1) 1.0280 (R2) 1.0295 (R3) 1.0319

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 1.0265 with Stop Loss at 1.0232 Take Profit 1 at 1.0384 and Take Profit 2 at 1.0478 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com