Thread: InstaForex Wave Analysis

EUR/JPY technical analysis for July 10, 2013





The EUR have get a pressure from the yen, this situation already confirmed by all the three Moving Average already that form the "Death Cross" pattern; please pay attention to the FOMC Meeting Minutes and Mr. Ben Bernanke speech tonight.



RECOMMENDATION:
SELL Stop (Pending Order) @ 128.99.
Take Profit @ 128.85.
Stop Loss @ 129.09.

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USD/CAD bullish consolidation range breakout opportunity for July 10, 2013



The USD/CAD pair rose steeply last week approaching the key resistance level of the ascending channel around at 1.0530 as depicted in the chart.


Since then, the pair has established a consolidation range between 1.0450-1.0560.


Despite the signs of bearish reversal expressed around 1.0550, all trials for breakdown below 1.0450-1.0425 have been aborted untill we had a bullish breakout above 1.0555 on Friday.


This breakout rendered this price level a valid BUY entry on retesting which took place Yesterday with SL as 4H closure below 1.0500 ( mid-range support ).


This bullish breakout has a projection target extending up to 1.0670. However, we should notice the price action around 1.0655 as it corresponds to previous top that goes back to October 2011.

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USD/CAD technical analysis for July 12, 2013





Overview:
The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0585 because there is a double top on the price 1.0585. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0585 in order to sell with the target of 1.0480, it might resume to 1.0435. Additionally, the trend will call for a bearish market on the level of 1.0585, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0620. However, the USD/CAD pair has still been trapped between 1.0375 (61.8% of Fibonacci retracement levels) and 1.0555 (100% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0284, then the bulls are going to buy above 1.0284 with the first target of 1.0333, it might resume to 1.0420.


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GBP/JPY: Upside (July 15,2013)





Overview:
GBP/JPY is trading in higher range. GBP/JPY is supported by positive investor risk sentiment; sell-yen orders from Japan importers. But GBP/JPY gains are tempered by buy-yen orders from Japan exporters. Daily chart is mixed as MACD is in bullish mode, but stochastics is neutral, five-day moving average is meandering sideways.


Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 150.65 and the second target at 151.15. You should keep in view short position below the pivot keep of the first target at 148.2, the breach of this target will move the pair downward further and expect the second target at 147.4. The pivot point stands at 148.85.


Resistance levels:
R1 - 150.65
R2 - 151.15
R3 - 151.35


Support levels:
S1 - 148.2
S2 - 147.4
S3 - 147

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EUR/JPY technical analysis for July 16, 2013



For today, EUR/JPY already found the uptrend, this is confirmed by all the three moving averages forming the Golden Cross pattern. Please pay attention to Germany's ZEW Economic Sentiment this afternoon; this news release will be give a significant impact who can make EUR/JPY continues their uptrend way or make a reversal way for this currency.


RECOMMENDATION:
Buy stop (pending order) at 130.76.
Take profit at 130.90.
Stop loss at 130.66.


More analysis - at instaforex.com

Silver targeting 21.00 for now






Technical outlook and chart setups:
There is no change in the direction that was discussed last week for the metal. It is trading sideways for now, but implications are ripe for an extended rally towards 21.00 level, possibly after dropping into 19.50/70 region first. It is recommended to remain long for now for the same reason. Fresh longs could be initiated into 19.50/70 region. Resistance is into the 22.50 region, while it is around 18.70/75 and lower towards 18.00 level. A push through 21.00 level would more or less confirm that a bottom is in place at 18.00 level. Looking higher for now.


Trading recommendations:
Remain long, stop is below 18.50, target is at 21.00 at least.

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EurJpy prints intraday highs before pulling back. Remain short



Technical outlook and chart setups:
The single currency pair printed intraday highs above 131.00 region yesterday before closing the day lower. The overall wave structure still remains constructive for bears, till prices are below 132.00 level. It is recommended to remain short for now and add fresh positions on rallies. Resistance remains above 132.00 and 133/34 region; while support is seen at 119.00 and lower. The head and shoulder setup still remains valid until prices remain well below the 132.00 mark. Only if prices remain sideways in this range for long, we should consider other trading options. Looking lower for now.

Trading recommendations:
Remain short for now, stop is at 132.50, and target is open.

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USD/CHF technical analysis for July 19, 2013






Overview:

USD/CHF's subsequent sharp fall suggests that a decline from 0.9560 had resumed to test 0.9483. Moreover, the pair has already formed a strong support at this psychological level of 0.9300. It should also be noted that the price has still been trapped between 0.9483 and 0.9400. Therefore, after it could not close below this psychological level and as the price has been set above it since a month, the market started showing bullish signs, so it is a good sign to buy above 0.9300 with the first target of 0.9415 and continue towards 0.9480. However, if the trend breaks this level and there will is closure below it (0.9560), it will be a downside momentum which is rather convincing and the structure of the fall is not corrective. Thus, the market will indicate a bearish opportunity below 0.9563, then this level will be become a resistance, for that it will be a good sign to sell below 0.9563 with a target at 0.9315.


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EUR/JPY technical analysis for July 22, 2013




The EUR/JPY pair is still in the uptrend situation but the retrace has already happened. Otherwise it did not touch the EMA 100 (green); from this situation we can get a signal that uptrend situation will be slower. As long as it has not breached bellow the EMA 100 (green), the uptrend situation still continues.


RECOMMENDATION:
BUY Stop (Pending Order) is at 131.51.
Take Profit is at 131.65.
Stop Loss is at 131.41.

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EUR/JPY technical analysis for July 23, 2013






The uptrend from the EUR/JPY pair is already slower. It is indicated by this currency already hit and breached bellow the EMA 100 (Green). It seems 132.00 is already a strong resistance for now. Please pay attention for 130.75 level, if this level can be breached down by this currency, this will indicate the reversal way from this currency.


RECOMMENDATION:
BUY Stop (Pending Order) is at 131.51.
Take Profit is at 131.65.
Stop Loss is at 131.41.

More analysis - at instaforex.com