Thread: InstaForex Wave Analysis

GBP/CHF candlestick analysis for February 9, 2011

The GBP/CHF is advancing further after it successfully broke the resistance level 1.5418.
Earlier on a 4-hour graph the GBP/CHF has formed candlestick combination Rising Three Methods, which indicates upside movement, confirmed further.
This candlestick combination shows that the currency pair had been demonstrating upside movement for several weeks after an unsuccessful attempt to break the support level 1.4850. However, it stopped near 1.5250 after a break of the resistance level 1.5192. Further the bulls started to increase their influence.
The breakthrough of the resistance level 1.5250 proves this viewpoint.
As mentioned before, if the resistance level 1.5418 is broken, upside movement targeted at 1.5600 should be expected.
As mentioned before, stop loss should be placed slightly above 1.5059 as its breakout will target the GBP/CHF to 1.4850.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

GBP/USD candlestick analysis for February 9, 2011

The GBP/USD is consolidating near the Fibonacci correction level 23.6.
Earlier on a 4-hour graph the GBP/USD pair formed a candlestick combination Bearish Engulfing, which indicates downside movement, confirmed further.
This candlestick combination has formed after the pair failed to break the resistance level near 1.6280, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the Fibonacci correction level 23.6 will prove this viewpoint. In this case downside movement to 1.5800-1.5750, where Fibonacci correction level 50.0 is also located, should be expected.
Bearish divergence on the Stochastic Oscillator supports downside movement as well.
Stop loss should be placed slightly above 1.6280 as breakthrough of this level will target the pair to 1.6457.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

USD/CAD technical analysis for February 9, 2011

Support levels: 0.9830, 0.9711, 0.9650
Resistance levels: 0.9942, 1.0057, 1.0212

On a 4-hour graph the USD/CAD currency pair has broken the resistance level 0.9942 amid a rollback off the 32-month low. However, trading range of this pair might stay limited amid few publications due this week.
As mentioned before, if the downside movement remains, break of the 0.9830 support level will target the pair to 0.9711. In this case the viewpoint to the pair will become bearish.
However, if a reversal takes place and the USD/CAD breaks the 1.0057 resistance level, further advance to 1.0212 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 a 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.


Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

USD/JPY candlestick analysis for February 9, 2011

The USD/JPY currency pair has rebounded sharply off the support level near 81.00. At the moment the USD/JPY is testing the upper limit of the downtrend; its breakthrough will allow the pair to reach 83.21.
Earlier on a 4-hour graph the USD/JPY pair has formed Hammer candlestick, indicating upside movement. This candlestick shows that the currency pair was decreasing for several days, but rebounded near 80.93.
This viewpoint is supported by the fact the pair has successfully broken the 23.6 Fibonacci correction level. Breakout of the resistance level 82.85 has targeted the pair to 84.50. 
As mentioned before, if the support level 80.93 is broken, long positions should be closed as a break of this level will cause the pair to decrease to 80.20.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

Fundamental Analysis, February 09, 2011




The major publications are expected today from the American macroeconomic sphere. The relative calm on the macroeconomic front is expected to continue until Thursday, when new unemployment data will be published. Jeffrey M. Lacker, the head of the Richmond Fed, has stated yesterday that the Fed should consider cancelling its 600-billion dollar quantitative easing program due to stronger-than-expected economic growth and improvements in the labor markets. Lacker expects growth of about 4% during 2011. According to him, this level of growth may increase the absorption of new workers and thus reduce the rate of unemployment.

As we said, the Chinese central bank announced yesterday that it would raise the interest rate in China in another attempt to rein in inflation, which stayed over 4% for the last three months running. This is the third interest rate hike since October and the second one in less than two months.

In Europe, the trade at the leading stock exchanges locked yesterday at index rises lead by the automotive industry, this after Toyota raised its revenue prediction for this year, and BMW reported a sharp increase in sales. By the end of the trading day, the London stock exchange climbed by 0.7%, the Frankfurt stock exchange climbed by 0.5%, while the Paris stock exchange climbed by 0.4%.

As trade closed at the New York Commodities Exchange, oil locked at a 0.6% decline to a level of 86.94 United States dollars for one barrel of oil, while gold locked at a 1.2% rise to a level of 1364 United States dollars for one ounce.


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 February 9, 2011








As expected, the USD/CHF currency pair formed inner wave structure of the estimated 2nd wave (or b) and continued upside movement in favour of the dollar. At the same time the growth is either limited by the c wave of the abc correction structure, or by the 3rd wave of a more prolonged uptrend. In any case, the potential of the currency pair for continuation of the growth does not look exhausted.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011



More analysis - at instaforex.com







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AUD/USD Weekly Review (fractal-analysis) ,February 09, 2011 (weekly Strategy)









AUDUSD

In my weekly analysis on the AUD / USD, we believe that the pair has found a strong barrier to overcoming the price of 1.0200 again been set back in monthly resistance around 1.0186 and then back to 80 pips.

from my point of view, if the pair tried again de1.0180 back to level, and fail in its attempt to drill, would be an opportunity to enter into short selling, with a target around the second monthly support is the level of 0.9580.







Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011


More analysis - at instaforex.com



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NZD/USD Downward Movement ,February 09, 2011 (Daily Strategy)







NZD/USD


A look on graph (daily) of the New Zealand dollar – United States dollar pair shows that the technical image on the pair is very negative, showing an attractive sell opportunity. It appears that the last upward movement has reached its end after being braked by the 0.7824 resistance monthly level. Is expected to lead the price on the pair back down towards the low range of the shuffle in which it has been placed since the beginning of the year.

Now, the pair's downwards potential is stronger than ever, we predict a downwards movement towards the first, support monthly level around 0.7570 United States dollars for one New Zealand dollar.







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 February 9, 2011







During yesterday’s trading the EUR/USD currency pair continued to form a quite complex inner wave structure of the estimated b wave of the whole current downside movement, developed since the previous Wednesday from the 1.3865 level. At the same time we cannot exclude the option that Monday’s low 1.3510 is a completion of the prolonged 3rd wave of such downside movement, and an upside correction takes place within its 4th wave. In the nearest future we will find out, if it is right or not. However, in any case, current mini-downtrend does not look exhausted yes.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011


More analysis - at instaforex.com

GBP/JPY Elliott wave count and Fibonacci levels - February 10, 2011

The GBP/JPY is developing a corrective wave against 129.75-133.31 (colored royal blue in the chart). This B wave has the potential to become subwave B within wave C of larger degree is 133.31 is broken to the upside. The targets of the downmove (if 133.31 remains intact) are Fibnoacci retracements of 129.49-133.31, 129.75-133.31.
Supports:
- 131.53 = .50 retracement
- 131.40 = .50 ret
- 131.11 = .618 ret
- 130.95 = .618 ret
If the price keeps advancing then the immediare resistances will be Fibonacci expansions off 125.47-132.48-129.49, 129.49-132.64-129.75, 129.75-133.31-131.62, 131.62-132.97-132.30.
Resistances:
- 133.13 = contracted objective point (COP)
- 133.65 = objective point (OP)
- 133.82 = confluence area of two contracted objective points (COP)
- 134.48 = expanded objective point (XOP)

Overbought/Oversold
Assuming that the medium term uptrend is continuing, it's preferable to use oversold readings of the Detrended Oscillator or its cross below the zero level to consider short positions. The oscillator is now going down from the overbought area. The zero level is 10 pips away from the current price (132.95) and the oversold area is 30-40 pips away (132.85-75).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

AUD/USD Elliott wave count and Fibonacci levels - February 10, 2011

The AUD/USD is developing corrective subwave B (colored magenta in the chart) against wave A (0.9865-1.0199) of the medium term uptrend. The targets of the downmove are Fibonacci retracements of 0.9865-1.0199, and expansions off 1.0199-1.0103-1.0189, 1.0189-1.0113-1.0186, 1.0186-1.0087-1.0140.
Supports:
- 1.0071-63 = confluence area of .382 retracement and expanded objective point (XOP)
- 1.0041-34-32 = confluence area of objective point (OP), XOP and .50 ret
- 0.9993-87-80 = confluence area of .618 ret, super expanded objective point (SXOP), and XOP
If the price reverses then the immediate resistances will be Fibonacci retracements of the wave down from 1.0189 - this wave is not developed yet.

Overbought/Oversold
Assuming that the medium term trend is down, it's preferable to use overbought readings of the Detrended Oscillator or its cross above the zero level to consider long positions. The Oscillator is now going up from the oversold area. The zero level is 10 pips away (1.0075) and the overbought is 25-35 pips away (1.0090-1.0100).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

GBP/CHF candlestick analysis for February 10, 2011

The GBP/CHF is advancing further after it successfully broke the resistance level 1.5418.
Earlier on a 4-hour graph the GBP/CHF has formed candlestick combination Rising Three Methods, which indicates upside movement, confirmed further.
This candlestick combination shows that the currency pair had been demonstrating upside movement for several weeks after an unsuccessful attempt to break the support level 1.4850. However, it stopped near 1.5250 after a break of the resistance level 1.5192. Further the bulls started to increase their influence.
The breakthrough of the resistance level 1.5250 proves this viewpoint.
As mentioned before, if the resistance level 1.5418 is broken, upside movement targeted at 1.5600 should be expected.
Stop loss should be placed slightly below 1.5192 as its breakout will target the GBP/CHF to 1.5059.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

EUR/USD candlestick analysis for February 10, 2011

The EUR/USD currency pair is rebounding further after it successfully broke the support level 1.3538. Earlier on a 4-hour graph the EUR/USD has formed candlestick combination Falling Three Methods, indicating downside movement.
This candlestick combination shows that the currency pair had been demonstrating upside movement for several weeks. However, near the resistance level (3-month high) the bears started to increase their influence and a rebound took place.
Downside movement is supported by the MACD divergence and the Evening Star candlestick combination on the day graph.
Break of the support level 1.3538 proves this viewpoint. Now we should expect a downside movement to the support level 1.3227, where Fibonacci correction level 61.8 is also located.
On the other hand, if the resistance level 1.3852 is breached, short positions should be closed as it will result in growth to 1.4000.


Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

GBP/USD candlestick analysis for February 10, 2011

The GBP/USD is consolidating near the Fibonacci correction level 23.6 and is probably forming a Descending Triangle pattern.
Earlier on a 4-hour graph the GBP/USD pair formed a candlestick combination Bearish Engulfing, which indicates downside movement, confirmed further.
This candlestick combination has formed after the pair failed to break the resistance level near 1.6280, which means that the bulls could not solidify here. Further the bears started to increase their influence.
Break of the Fibonacci correction level 23.6 will prove this viewpoint. In this case downside movement to 1.5800-1.5750, where Fibonacci correction level 50.0 is also located, should be expected.
Bearish divergence on the Stochastic Oscillator supports downside movement as well.
Stop loss should be placed slightly above 1.6280 as breakthrough of this level will target the pair to 1.6457.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com