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EUR/GBP technical analysis for May 5, 2011
Earlier in a daily graph the EUR/GBP formed a Long Shadows candlestick indicating further downside movement.
This candlestick shows that earlier the EUR/GBP pair made a strong upside movement after an unsuccessful attempt to break the support level 0.8300. However, it reversed near the 0.9000 level. This means that the bulls could not solidify here and the bears started to increase their influence.
The divergence on the RSI and the MACD supports the downside movement.
Break of the Fibonacci 23.6 correction level will prove this viewpoint. In this case we should expect downside movement with a target at 0.8740 where the Fibonacci 38.2 correction level is also located.
http://instaforex.com/userfiles/2011...cture%2012.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
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EUR/USD candlestick analysis for May 5, 2011
In a daily graph the EUR/USD pair cannot fixate above 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.
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%2011.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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USD/CHF wave analysis for May 5, 2011
During yesterday’s trading the USD/CHF currency pair observed the target level 0.8570 and
the inner wave structure of the 5th wave, in the 5th, became quite complete. If so, we
might expect a continuous and deep correction from the reached low (0.8560). In the
meantime, the franc upside dynamics does not look exhausted, which keeps the targets near
the 82 figure level.
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 5, 2011
Despite another attempt of the EUR/USD to test the 49 figure level, the price could not
fixate above it and rebounded by more than a figure from the reached high by the end of the
day. At the same time, current wave situation can help the euro price form an inner wave
structure of the 5th wave (in the 5th) developing in the direction of the targets located
slightly above the psychologically relevant level 1.5000. In the meantime, strong MACD
divergence indicates a deep downside correction.
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 6, 2011
GBP/JPY has developed 5 waves of medium term downtrend (colored red in the chart). Now potential wave A of corrective A-B-C cycle is developing. The targets of the upmove are Fibonacci retracements of 134.24-130.89, 137.03-130.89.
Resistances:
- 132.17 = .382 retracement
- 132.57 = .50 ret
- 132.96 = .618 ret
- 133.24 = .382 ret
- 133.96 = .50 ret
- 134.68 = .618 ret
If the downtrend resumes 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.
Supports:
- 130.00 = objective point (OP)
- 129.15 = .618 retracement
- 129.09 = expanded objective point (XOP)
http://instaforex.com/userfiles/2011...6-02-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 (5-10 pips above the current prices) or into the overbought area (40-60 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 6, 2011
AUD/USD has finished wave 0.9709-1.1011 (wave A of long term uptrend) and now is developing correction against it. Within the corrective wave there are A and B subwaves, with subwave B still developing - colored magenta in the chart. The targets of the downmove are Fibonacci retracements of 0.9709-1.1011 (wave A).
Supports:
- 1.0514 = .382 retracement
- 1.0360 = .50 retracement
If the price keeps moving up the immediate resistances will be Fibonacci retracements of 1.0876-1.0536, 1.1011-1.0536.
Resistances:
- 1.0706-17 = confluence area of .50 and .382 retracements
- 1.0746 = .618 ret
- 1.0774 = .50 ret
- 1.0830 = .618 ret
http://instaforex.com/userfiles/2011...6-01-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 (current prices) or gets into the overbought area (10-20 pips above the current prices), or hits a Fib resistance, e.g. 1.0706-17 or 1.0746-74.
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GBP/USD technical analysis for May 6, 2011
The GBP/USD currency pair is still in the downside movement. Earlier in a daily graph the GBP/USD formed a Dark Cloud Cover candlestick combination indicating a bearish signal.
This candlestick was formed after the pair failed to break the resistance level near 1.6750, which means that the bulls could not solidify here and the bears started to increase their influence.
The break of 1 the Fibonacci 23.6 correction level proves this viewpoint. Now we should expect downside movement with a target at 0.6164 where the Fibonacci 38.2 correction level is also located.
is worth mentioning that stop orders should be placed slightly above the 1.6750 level as a break of this resistance will target the pair to 1.6877.
http://instaforex.com/userfiles/2011...icture%204.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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EUR/GBP technical analysis for May 6, 2011
Earlier in a daily graph the EUR/GBP formed a Long Shadows candlestick indicating further downside movement, confirmed further.
This candlestick shows that earlier the EUR/GBP pair made a strong upside movement after an unsuccessful attempt to break the support level 0.8300. However, it reversed near the 0.9000 level. This means that the bulls could not solidify here and the bears started to increase their influence.
The divergence on the RSI and the MACD supports the downside movement.
Break of the Fibonacci 23.6 correction level will prove this viewpoint. In this case we should expect downside movement with a target at 0.8740 where the Fibonacci 38.2 correction level is also located.
It is worth mentioning that stop orders should be placed slightly above the resistance level 0.9050 as its break will target the pair to 0.9160.
http://instaforex.com/userfiles/2011...icture%202.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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NZD/USD candlestick analysis for May 6, 2011
The NZD/USD currency pair is rolling back, however it failed to break the support level 0.7823. If a reversal takes place, successful break of the resistance level 0.8125 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...icture%201.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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USD/CHF wave analysis for May 6, 2011
http://instaforex.com/userfiles/20110506/CHF_h4.gif
In general, as expected, during yesterday’s trading the USD/CHF started to roll back to the upside after another attempt to test the 0.8560 level. As a result of such upside movement the price managed to bounce off the day’s lows by 1.5 figures. In the meantime, the whole five-wave structure formed after April 1 looks quite complete. If so, yesterday’s growth of the dollar price might be the beginning of the 1st wave (or A) of a more continuous and deep correction.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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GBP/USD wave analysis for May 6, 2011
http://instaforex.com/userfiles/20110506/GBP_h4.gif
Yesterday’s GBP/USD trading confirmed our expectations of a more complicated inner wave structure of the downside movement initiated May 1 to be formed. At the same time, given the fact that the decline of the pound is limited by the 5-wave structure, its targets may be located near yesterday’s low or even lower, near the 1.6255 level. If so, the price might complete the 1st wave (or A) near the above mentioned levels and start a rollback to the upside in the direction of the 65 figure.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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AUD/USD Rebound , May 06, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110505/auddolarrr.gif
AUD/USD
Since its historical peak in 1.1012, the Australian dollar has declined 462 pips registering yesterday, the same price quotation from April 20, then bounced 180 pips.
Now it is trading at 1.0712, so that an upward movement can lead to its weekly pivot situated at the 1.0860 level or a continuation of the downward s trendy, to the second weekly support situated around 1.0570.
Suggest two entry points, one for sale at 1.0870 and another to buy in 1.0570 with the objectives indicated in the graph.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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GBP/JPY Elliott wave count and Fibonacci levels - May 9, 2011
GBP/JPY has developed 5 waves of medium term downtrend (colored red in the chart). Now potential wave A of corrective A-B-C cycle is developing. The targets of the upmove are Fibonacci retracements of 134.24-130.89, 137.03-130.89, and expansions off 130.89-132.82-131.47.
Resistances:
- 132.66 = contracted objective point (COP)
- 132.96 = .618 retracement
- 133.24 = .382 ret
- 133.40 = objective point (OP)
- 133.96 = .50 ret
- 134.59-68 = confluence area of expanded objective point and .618 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, 137.03-132.91-134.24, 134.24-130.89-132.82.
Supports:
- 130.75 = COP
- 130.12 = OP
- 130.00 = objective point (OP)
- 129.47 = OP
- 129.15 = .618 retracement
[img]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 (50-65 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com