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USD/JPY candlestick analysis for June 16, 2011
In a 4-hour graph the USD/JPY currency pair has made another attempt to break the Fibonacci 38.2 correction level. At the same time the pair has successfully tested the support level 80.73.
Earlier in a 4-hour graph the USD/CHF formed a Doji candlestick, indicating upside movement confirmed further.
This candlestick shows that the pair demonstrated downside movement during several days, however, it rebounded near the 79.69 levelwhich means that the bears could not solidify here and the bulls started to increase their influence.
Successful test of the Fibonacci correction level 23.6 and break of the downtrend has proven this point of view.
It is worth mentioning that break of the 80.08 level implies closing long positions as it will target the pair to 79.69.
http://instaforex.com/userfiles/2011...icture%207.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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AUD/CAD candlestick analysis for June 16, 2011
At the moment the AUD/CAD decline is limited near the Fibonacci correction level 38.2.
Earlier in a daily graph the AUD/CAD has formed an Evening Star candlestick combination indicating bearish signal, confirmed further.
This candlestick combination was formed after the pair could not break the resistance level 1.0550, which means that the bulls could not solidify here and the bears started to increase their influence.
Break of the Fibonacci 23.6 correction level means that this point of view is correct. If the pair fixates below the support level 1.0189 will probably lead to downside movement to 0.9937 where the Fibonacci correction level 61.8 is also located.
Downside movement is supported by the divergence on the RSI and the Stochastic.
It is worth mentioning that stop loss should be placed slightly above the 1.0550 level as its break will target the pair to 1.0600.
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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EUR/JPY Bullish Above 114.20, June 16, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110616/eurjpy16.gif
EUR/JPY
The last wave of price drops was extremely sharp and it dropped the pair by over 300 points right to the strong resistance level of around 116.60. In effect, so long as this important level doesn't break downwards, the assessment is that in all probability the pair will reach the bottom and begin a new move upwards.
Regarding the chance/risk ratio, then a buy above 114.20 creates an excellent opportunity where the potential for a large price increase is as high as the size of the previous price drops. The resistance level of 116.00 can be used as a final target price for the realization of a long position on the pair.
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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GBP/JPY Bullish Above 130,80 June 16, 2011 (Daily Strategy)
http://instaforex.com/userfiles/20110616/gbpjpy16.gif
GBP/JPY
The negative sentiment in the Markets is pushing the British Pound Sterling - Japanese Yen, at this moment is trading below the weekly pivot(130,78). If the price closes beneath this level, this can be considered a significant indication for the downward continuation for the next important support level at 128,25
On the other hand, in the event of a closure above the support level of 130.80, this will constitute an indication for a change in direction and the start of a move in the opposite direction upwards and towards the resistance level of 133,30
Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011
More analysis - at instaforex.com
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EUR/USD Bullish Above 1,4080, June 17, 2011 (Daily Strategy)
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EUR/USD
Falling prices in the financial markets obviously contribute to the strengthening of the
United States dollar in trade against the other currencies in general and against the Euro
specifically. The pair has reached bottom in the second weekly support around 1.4080, we
believe the pair again will return to this level; in case of a closure above the support
level of 1.4080, this will constitute an indication for a change of direction and the start
of a move in the opposite direction upwards and towards the resistance level 1,4432
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 - June 17, 2011
GBP/JPY is now moving within wave C of medium term downtrend - colored light green in the chart. Wave C was confirmed when the price broke below 129.74 (top of wave A). Now the targets below the current price level are Fibonacci retracements of 122.49-139.93, and expansions off 139.93-130.26-135.11, 135.11-129.74-132.30, 132.30-130.67-131.32.
Supports:
- 129.69 = objecitve point (OP)
- 129.15-13 = confluence area of .618 retracement and contracted objective point (COP)
- 128.98 = COP
- 128.68 = expanded objective point (XOP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 132.20-129.73.
Resistances:
- 130.71 = .382 ret
- 131.01 = .50 ret
- 131.32 = .618 ret
http://instaforex.com/userfiles/2011...7-02-gj-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (25-30 pips above the current prices) or into the overbought area (40-50 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 - June 17, 2011
AUD/USD is now developing wave C of medium term downtrend - colored royal blue in the chart. Wave C has been confirmed since the price broke below 1.0523 (top of wave A). The targets of the downmove are Fibonacci retracements of 0.9707-1.1011, and expansions off 1.0774-1.0523-1.0714, 1.0714-1.0477-1.0576.
Supports:
- 1.0463 = objective point (OP)
- 1.0430 = contracted objective point (COP)
- 1.0359 = .50 ret
- 1.0339 = OP
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0714-1.0477.
Resistances:
- 1.0568 = .382 ret (already hit)
- 1.0596 = .50 ret
- 1.0623 = .618 ret
http://instaforex.com/userfiles/2011...7-01-au-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (20-25 pips above the current prices) or gets into the overbought area (40-50 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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Soybean review for June 17, 2011
Futures on soybean closed with a loss on Thursday amid less investors risking and concerns over the world economy
By the end of CBOT trades July dropped by 17 ½ cent (1.3%) and reached the level of USD 13.50 ½ per bushel.
Concerns over worse crisis caused by the sovereign debt in eurozone led to sales on Thursday. Moreover, traders have been warned by slower rate of the global economic growth which may have negative impact on demand for grains.
The market was also pressed by strengthened American currency which makes futures expensive for holders of other currencies.
On the other hand, traders note that futures may continue to be traded in the set diapasons as fundamental factors are still persistent. The supplies are unlikely to run over the level of 200 mln. bushels by the end of this trading year. Additionally, the data on harverst will still be unclear due to the Missouri flood and continuous rains in the Middle West of the USA.
Some market participants say that bears are unwilling to push the prices down from USD 13.50 per bushel until this year harvest volume is reported.
The Missouri floods and heavy raining are to support the cash market. In particular, it caused abruptly higher demand on part of cattle farmers as supplies may well drop and elevators may close for an uncertain term.
On Thursday the US Agriculture Department informed that weekly soybean supplies constituted 185 400 tons while the market had been expecting 150 000 – 450 000 tons. It is 49% higher as compared to last week and 35 % higher than a four-week indicator.
At present traders have been curious how much soybean will be wasted owing to showers and floods registered this spring in Northern regions of the Great Plains and Missouri.
http://instaforex.com/userfiles/20110616/Picture_2.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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AUD/CAD candlestick analysis for June 17, 2011
At the moment the AUD/CAD decline is limited near the Fibonacci correction level 38.2.
Earlier in a daily graph the AUD/CAD has formed an Evening Star candlestick combination indicating bearish signal, confirmed further.
This candlestick combination was formed after the pair could not break the resistance level 1.0550, which means that the bulls could not solidify here and the bears started to increase their influence.
Break of the Fibonacci 23.6 correction level means that this point of view is correct. If the pair fixates below the support level 1.0189 will probably lead to downside movement to 0.9937 where the Fibonacci correction level 61.8 is also located.
Downside movement is supported by the divergence on the RSI and the Stochastic.
It is worth mentioning that stop loss should be placed slightly above the 1.0550 level as its break will target the pair to 1.0600.
http://instaforex.com/userfiles/20110616/Picture_8.png
Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com
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GBP/JPY Elliott wave count and Fibonacci levels - June 20, 2011
GBP/JPY is now moving within wave C of medium term downtrend - colored light green in the chart. Wave C was confirmed when the price broke below 129.74 (top of wave A). Within wave C we have 5 subwaves - colored orange red in the chart. And subwave 5 is still developing.
Now the targets below the current price level are Fibonacci retracements of 122.49-139.93, and expansions off 139.93-130.26-135.11, 135.11-129.74-132.30, 132.30-130.67-131.32, 131.32-129.45-129.99.
Supports:
- 129.15-13 = confluence area of .618 retracement and contracted objective point (COP)
- 128.98 = COP
- 128.83 = COP
- 128.68 = expanded objective point (XOP)
- 128.12 = objective point (OP)
- 126.96-93 = confluence area of XOP and OP
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 132.20 - this wave is not developed yet.
http://instaforex.com/userfiles/2011...0-02-gj-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (15-20 pips above the current prices) or into the overbought area (35-45 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 - June 20, 2011
AUD/USD is now developing wave C of medium term downtrend - colored royal blue in the chart. Wave C has been confirmed since the price broke below 1.0523 (top of wave A). Within wave C there are A and B subwaves - colored red in the chart.
The targets of the downmove are Fibonacci retracements of 0.9707-1.1011, and expansions off 1.0774-1.0523-1.0714, 1.0714-1.0477-1.0604.
Supports:
- 1.0488 = contracted objective point (COP)
- 1.0463 = objective point (OP)
- 1.0397 = OP
- 1.0359 = .50 retracement
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0774-1.0477.
Resistances:
- 1.0661 = .618 ret
http://instaforex.com/userfiles/2011...0-01-au-en.gif
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (40-45 pips above the current prices) or gets into the overbought area (60-70 pips above the current prices).
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com