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AUD/USD Elliott wave count and Fibonacci levels - May 9, 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 upmove are Fibonacci retracements of 1.1011-1.0536, and expansions off 1.0536-1.0802-1.0661.
Resistances:
- 1.0825-30 = confluence area of contracted objective point (COP) and .618 retracement
- 1.0927 = objective point (OP)
If the downtrend resumes the immediate supports will be Fibonacci retracements of 0.9709-1.1011, 1.0536-1.0802, and expansions off 1.1011-1.0536-1.0802.
Supports:
- 1.0669 = .50 ret
- 1.0638 = .618 ret
- 1.0514-08 = confluence area of .382 retracement and COP
- 1.0360 = .50 retracement
- 1.0327 = OP
http://instaforex.com/userfiles/2011...9-01-au-en.gif
Overbought/Oversold
Assuming that the medium term trend is down but a corrective wave is developing it's preferable to stand aside or try long positions when the Detrended Oscillator goes below the zero level (30-35 pips below current prices) or gets into the oversold area (75-95 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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GBP/USD wave analysis. Week review.
http://instaforex.com/userfiles/20110509/GBP_d.gif
During the whole previous week the GBP/USD currency pair was declining from the 1.6750 level. At the same time, the downfall of the price by 400 pips allows a possibility that the uptrend section formed March 28 - May 2 is completed. In the meantime, it is worth mentioning that the inner wave structure of the 3rd wave (or C) looks quite insecure. Therefore, this uncertainty of the wave structure may mean further development in the form of a continuous triangular structure with its base formed last December. Nevertheless, we can yet expect further downside correction in the direction of the 62 figure level.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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USD/JPY wave analysis for May 9, 2011
http://instaforex.com/userfiles/20110509/JPY_h4.gif
During Friday's trading the USD/JPY currency pair could not develop the upside movement from Thursday's lows and traded in the range near the 80.50 level. At the same time, such weak growth can allow the yen to resume its recovery. If so, the 3rd wave (or C) will become more complex and continuous, and last Thursday's low (80.50) will be the top of the 1st wave in this 3rd (or C).
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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EUR/USD. Weekly and Monthly Pivot Points, For May 08-13, 2011
____WEEKLY_____
Weekly - R3 = 1.5370
Weekly - R2 = 1.5156
Weekly - R1 = 1.4738
Weekly Pivot = 1.4524
Weekly - S1 = 1.4106
Weekly - S2 = 1.3892
Weekly - S3 = 1.3474
http://instaforex.com/userfiles/2011...ay%20eurow.gif
_____MONTHLY______
Monthly - R3 = 1.5922
Monthly - R2 = 1.5402
Monthly - R1 = 1.5105
Monthly Pivot = 1.4585
Monthly - S1 = 1.4288
Monthly - S2 = 1.3768
Monthly - S3 = 1.3471
http://instaforex.com/userfiles/2011...%20euromon.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
More analysis - at instaforex.com
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USD/JPY. Weekly and Monthly Pivot Points, For May 08-13, 2011
_____WEEKLY_____
Weekly - R3 = 84.08
Weekly - R2 = 83.45
Weekly - R1 = 82.32
Weekly Pivot = 81.69
Weekly - S1 = 80.56
Weekly - S2 = 79.93
Weekly - S3 = 78.80
http://instaforex.com/userfiles/2011...y%20jpywee.gif
_____MONTHLY______
Monthly - R3 = 88.63
Monthly - R2 = 87.09
Monthly - R1 = 84.14
Monthly Pivot = 82.60
Monthly - S1 = 79.65
Monthly - S2 = 78.11
Monthly - S3 = 75.16
http://instaforex.com/userfiles/2011...y%20jpymon.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
More analysis - at instaforex.com
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AUD/USD. Weekly and Monthly Pivot Points, For May 08-13, 2011
_____WEEKLY_____
Weekly - R3 = 1.1444
Weekly - R2 = 1.1228
Weekly - R1 = 1.0969
Weekly Pivot = 1.0753
Weekly - S1 = 1.0494
Weekly - S2 = 1.0278
Weekly - S3 = 1.0019
http://instaforex.com/userfiles/2011...y%20audwee.gif
_____MONTHLY______
Monthly - R3 = 1.1895
Monthly - R2 = 1.1435
Monthly - R1 = 1.1202
Monthly Pivot = 1.0743
Monthly - S1 = 1.0510
Monthly - S2 = 1.0051
Monthly - S3 = 0.9818
http://instaforex.com/userfiles/2011...y%20audmon.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
More analysis - at instaforex.com
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GBP/JPY Elliott wave count and Fibonacci levels - May 10, 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 130.89-132.82-131.21.
Resistances:
- 132.40 = contracted objective point (COP)
- 132.96 = .618 retracement
- 133.14 = objective point (OP)
- 133.24 = .382 ret
- 133.96 = .50 ret
- 134.33 = expanded objective point (XOP)
- 136.68 = .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, 137.03-132.91-134.24, 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
http://instaforex.com/userfiles/2011...0-02-gj-en.gif
Overbought/Oversold
Assuming that the medium term trend is down but a correctiwe wave is under way it's preferable to stand aside or try long positions when the Detrended Oscillator gets below the zero level (15-25 pips below the current prices) or into the oversold area (55-70 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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AUD/USD Elliott wave count and Fibonacci levels - May 10, 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. Wave B now has A, B and C subwaves - colored orange red in the chart. The latter subwave is still developing. The targets of the upmove are Fibonacci retracements of 1.1011-1.0536, and expansions off 1.0536-1.0802-1.0661, 1.0661-0786-1.0708.
Resistances:
- 1.0825-30-33 = confluence area of contracted objective point (COP), .618 retracement and objective point (OP)
- 1.0910 = expanded objective point (XOP)
- 1.0927 = objective point (OP)
If the downtrend resumes the immediate supports will be Fibonacci retracements of 0.9709-1.1011, 1.0536-1.0802, and expansions off 1.1011-1.0536-1.0811.
Supports:
- 1.0706 = .382 retracement
- 1.0674 = .50 ret
- 1.0641 = .618 ret
- 1.0517-14 = confluence area of COP and .382 retracement
- 1.0360 = .50 retracement
- 1.0336 = OP
http://instaforex.com/userfiles/2011...0-01-au-en.gif
Overbought/Oversold
Assuming that the medium term trend is down but a corrective wave up is developing it's preferable to stand aside or try long positions when the Detrended Oscillator goes below the zero level (current prices) or gets into the oversold area (25-45 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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GBP/USD technical analysis for May 10, 2011
The GBP/USD currency pair has rebounded after it broke the Fibonacci correction level 23.6. 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...re%2012(1).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 10, 2011
The EUR/GBP currency pair is still in the downtrend and is testing the Fibonacci correction level 38.2 at the moment.
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%209.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 10, 2011
The NZD/USD currency pair is rolling back after it failed to break the support level 0.7823. If the uptrend remains, 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...cture%2010.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GOLD. Weekly and Monthly Pivot Points, For May 09-13, 2011
____WEEKLY_____
Weekly - R3 = 1674,90
Weekly - R2 = 1625,90
Weekly - R1 = 1560,80
Weekly Pivot = 1511,80
Weekly - S1 = 1446,70
Weekly - S2 = 1397,70
Weekly - S3 = 1332,60
http://instaforex.com/userfiles/2011...2010%20may.gif
_____MONTHLY______
Monthly - R3 = 1774,53
Monthly - R2 = 1672,06
Monthly - R1 = 11617,83
Monthly Pivot = 1515,36
Monthly - S1 = 1461,13
Monthly - S2 = 1358,66
Monthly - S3 = 1304,43
http://instaforex.com/userfiles/2011...%20mensual.gif
GOLD
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
More analysis - at
instaforex.com
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CRUDE OIL Bullish Outlook May 10, 2011 (Daily Strategy)
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CRUDE OIL
An especially sharp and aggressive wave of rice drops negatively affected the price of oil,
causing a fall from record heights of 114,80 dollars to a new low of 94,8 dollars within
the space of just four days, this represents an interesting buy opportunity with the
potential for a very nice profit.
The first portion can by bought now and strengthened later by an additional portion in the
event that the price of oil breaks through the nearby resistance rate at 102.50 dollars or
close above the weekly pivot line. Exists another possibility that oil prices continue
their downward sequence, therefore a rebound by the level of monthly support around 98.90
would be an attractive opportunity to buy long term.
The price of oil is expected to easily rise above the resistance level of 110,40 dollars
and perhaps go even higher than that.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com
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GBP/JPY Bullish Outlook May 11, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110511/gbpyyyyf.gif
GBP/JPY
The figure technique British Pound Sterling - Japanese Yen has formed a figure continuation
trend, called pennant, so it carries great potential for upward movement. A clean break of
la linea de tendencia will signify the continuation of the positive momentum.
From here, things should be much easier for the pair to start its upward movement that,
potentially, could end around the high resistance levels of 145.50. However, to begin with,
we should concentrate on the important and closer resistance level at 140.00.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com
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AUD/USD Bearish Outlook, May 11, 2011 (Daily Strategy)
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AUD/USD
The technical picture 4 hours, the Australian dollar is showing signs of overbought, so a
decline in upward sequence and a daily close below the 1.0800 mark the beginning of a
larger bearish trend.
Only a bearish breakdown, bellow of the linea de tendencia will serve as a trigger to take
a short position, with an ultimate goal 104,80 U.S. dollars per Australian dollar.
The momentum indicator supports our bearish outlook.
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 11, 2011
http://instaforex.com/userfiles/20110511/CHF_h4.gif
In general, as expected, the USD/CHF pair continued to form the inner wave structure of the
estimated upside correction. At the same time, the current dynamics allowed the price to
complete the b wave and resume the growth in the range of the wave of current correction.
If so, the targets for this wave might be located in a quite wide range 0.8860-0.8950.
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com
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USD/JPY wave analysis for May 11, 2011
http://instaforex.com/userfiles/20110511/JPY_h4.gif
The USD/JPY currency pair is slowly forming the inner wave structure of the current upside
correction. At the same time, yesterday by the end of the trading day the price managed to
overcome the a wave high of the estimated 2nd correction wave (in the 3rd or C), reached on
Friday. Therefore, the c wave in this 2nd will probably develop in the direction of the
estimated correction level 50.0% (81.15) or 61.8% (82.50).
Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at
instaforex.com