USD/JPY Wave Analysis for March 30, 2012

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Wave marking analysis:
As it was expected, during the yesterday’s trades the USD/JPY pair continued the formation of the inner wave structure of the wave C of the whole downside correction that has been developing since March 21. In the afternoon the pair decreased by almost 90 basis points. Despite the significant price rebound from the reached high, the inner wave structure of the wave C still looks as not completed. If that proves to be so, then the descending movement is likely to continue towards the correction level 76.4% (81.40) that corresponds to the equality of waves A and C of the whole current corrective structure. At the same time it is necessary to consider the MACD divergence, as it indicates that the formation of the upward trend can be resumed anytime.

Targets for the variant with the wave 4 in 3 or C:
81.91 – 61.8% according to Fibonacci
81.40 – 76.4% according to Fibonacci
Targets for the variant with wave 5 in 3 or C:
83.26 – 23.6% according to Fibonacci
83.69 – 11.4% according to Fibonacci
General conclusions and trading recommendations:
At the moment the uprising part of the trend continues its formation with targets seen at the level of figure 85. Presently we can observe the descending movement within the wave 4 of the global uprising trend. The current correction within the wave 4 has 81.91 and 81.40 as downside targets which are equal to 61.8% and 76.4% of Fibonacci. The downside impulse is likely to be seen within the wave 4 in C (which is not fully formed yet). The resumption of the descending part of the trend will take place when the whole wave 4 is developed.

GBP/JPY Elliott wave count and Fibonacci levels for March 29, 2012

GBP/JPY is developing corrective wave B of medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have three subwaves (red in the chart), A, B, and potential impulse subwave C is developing from 133.32.
Now the targets below are Fibonacci retracements of 126.48-133.42, and expansions off 133.42-129.94-133.32, 133.32-130.96-131.78.
Supports:
- 130.32 = contracted objective point (COP)
- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.42 = OP
- 129.13 = .618 ret
The targets above are Fibonacci expansions off 126.48-133.42-129.94, 129.94-133.32-130.96.
Resistances:
- 133.05 = COP
- 134.23 = COP
- 134.34 = OP

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Overbought/Oversold
The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (30-40 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

 

GBP/JPY Elliott wave count and Fibonacci levels for March 28, 2012

GBP/JPY is developing corrective wave B of medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have three subwaves (red in the chart), and potential impulse subwave C is developing from 133.32.
Now the targets below are Fibonacci retracements of 126.48-133.42, 129.94-133.32, and expansions off 133.42-129.94-133.32.
Supports:
- 131.63 = .50 retracement
- 131.23-17 = confluence area of .618 ret and contracted objective point (COP)
- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.13 = .618 ret
The targets above are Fibonacci expansions off 126.48-133.42-129.94.
Resistances:
- 134.23 = COP

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Overbought/Oversold
The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (55-60 pips above the current prices) or into the overbought area (90-110 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

 

AUD/USD Elliott Wave Count for March 27, 2012

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Market Overview
Yesterday the AUD/USD pair was trading within the upward trend. During the European session the major started the ascending movement to the 1.0485 level (200 EMA resistance). Therefore, during the New York session we could observe the strong bullish mood; the price has reached the new daily high at 1.0542 level.The USD/CAD pair did not manage to hold this level and at the end of the New York session we could observe the price bound to the 1.0535 level. Today during the Asian session we could observe a downward move to the 1.0503 level. Today the AUD/USD pair is expected to test 50EMA support before we can see price above 1.0545 again. Also it is necessary to consider the data concerning the USD S&P/CS Composite-20 HPI y/y, CB Consumer Confidence and Fed Chairman Bernanke Speaks that can affect the rate of the pair.
Support and Resistance levels
(S3) 1.0382 (S2) 1.0427 (S1) 1.0456 (PP) 1.0501 (R1) 1.0546 (R2) 1.0575 (R3) 1.0620
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave B (colored pink) of the bigger wave B (colored blue) in the point 1.0335, Presently we can observe the middle of the wave C. In accordance with our wave rules and taking into account that the wave C is equal to the wave B, we can define the potential targets with the Fibonacci retracement (1.0636-1.03357); the First Take Profit at 1.0572 (78.6% of wave B) and Second Take Profit at 1.0636 (100% of wave B). For Stop Loss we can use 1.0445 support level.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0550 with Stop Loss at 1.0445, Take Profit at 1.0572 and Take Profit 2 at 1.0636 are recommended.

 

GBP/JPY Elliott Wave Count and Fibonacci Levels for March 26, 2012

The GBP/JPY pair is developing the corrective wave B of the medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have two subwaves (red in the chart) and a corrective subwave B developing from 129.94.
The targets below are Fibonacci retracements 126.48-133.42.
Supports:
- 129.95 = .50 retracement
- 129.13 = .618 ret
The upside targets are Fibonacci expansions 126.48-133.42-129.94 and retracements 133.42-129.94.
Resistances:
- 131.27 = .382 ret
- 131.68 = .50 ret
- 132.09 = .618 ret
- 134.23 = contracted objective point (COP)

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Overbought/Oversold
The bigger wave is now moving downwards, so it is recommended to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (25-40 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

GBP/JPY Elliott Wave Count and Fibonacci Levels for March 23, 2012

The GBP/JPY pair is developing the corrective wave B of the medium term uptrend from the point 133.42 (royal blue in the chart). This wave includes two subwaves (magenta in the chart); a corrective subwave B is developing from 130.02.
The downside targets are Fibonacci retracements 126.48-133.42.
Supports:
- 129.95 = .50 retracement
- 129.13 = .618 ret
The upside targets are Fibonacci expansions 126.48-133.42-130.02 and retracements 133.42-130.02.
Resistances:
- 131.32 = .382 ret
- 131.72 = .50 ret
- 132.12 = .618 ret
- 134.31 = contracted objective point (COP)

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Overbought/Oversold
The bigger wave is now moving down, so it is preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-35 pips below the current prices). Watch for the opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

 

AUD/USD Elliott wave count and Fibonacci levels for March 22, 2012

AUD/USD is developing potential corrective wave B of medium term uptrend (coral in the chart) from 1.0856. Within this wave there are subwaves A, B and C (royal blue in the chart). Impulse subwave C is developing from 1.0636. Within the latter we have subwaves A, B and C (orange red in the chart), subwave C is developing from 1.0526. And this wave consists of subwaves A, B, and impulse C (yellow in the chart) of a smaller degree.
Now the targets of the downmove are Fibonacci retracements of 1.0423-1.0636, 0.9861-1.0856, and expansions off 1.0856-1.0423-1.0636, 1.0636-1.0457-1.0526, 1.0526-1.0421-1.0483.
Supports:
- 1.0378 = objective point (OP)
- 1.0368-58 = confluence area of contracted objective point (COP) and .50 retracement
- 1.0347 = OP
- 1.0313 = expanded objective point (XOP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0636-1.0376.
Resistances:
- 1.0475 = .382 retracement
- 1.0508 = .50 ret
- 1.0537 = .618 ret

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Overbought/Oversold
The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (15-20 pips above the current prices) or into the overbought area (35-45 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

GBP/JPY Elliott wave count and Fibonacci levels for March 21, 2012

GBP/JPY is developing wave A of medium term uptrend from 126.48 (royal blue in the chart). Within this wave we have three subwaves (magenta in the chart), and impulse subwave C is developing from 130.15. Within it we have subwaves A, B, and C (red in the chart), with subwave C developing from 131.39. The latter, by the way, also has its subwaves - A, B, and C (orange red in the chart) with subwave C developing from 132.19.
Now the targets of the upmove are Fibonacci expansions off 126.48-131.65-130.15, 130.15-132.37-131.39, 131.39-132.92-132.19.
Resistances:
- 133.14 = contracted objective point (COP)
- 133.35 = COP
- 133.61 = objective point (OP)
- 133.72 = OP
- 134.67 = expanded objective point (XOP)
- 134.98 = XOP
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 130.15 - this wave is not developed yet, so no supports are available so far.

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Overbought/Oversold
The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or into the oversold area (40-55 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.
Read more on how to trade with Fibonacci levels.

 

GBP/USD Intraday Technical Analysis and Signals for March 20, 2012

Pivot Point: 1.5877.

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GBP/USD:

• Resistance: 1.5935. (Sell below this level).
• Support: 1.5677. (Buy above this level).
  

  Trading Recommendations:

  
  According to the previous events, the price is still located between 1.5645 and 1.5945 levels.
  
  BUY-deals are recommended higher than the 1.5677 level with targets at levels 1.577 and 1.59.
  The descending movement will probably take place lower than the 1.5935 level with the first targets seen at 1.58, 1.575 and 1.57 levels.

• Overview:

  
  It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning the previous events, the price is still between the levels 1.5945 and 1.5645 so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.5677 level with its first target seen at level 1.577. From this point the pair is likely to begin the ascending movement to the point 1.582 and further to the level to 1.59. However, if the pair does not manage to pass through the level 1.5935, the market will indicate a bearish opportunity below the strong resistance level 1.5935. In this regard, SELL-deals are recommended lower than the 1.5935 level with the point 1.58 seen as first target. The pair is likely to turn to downwards continuing the development of the bearish trend to the level 1.57.
  

  Intraday Technical levels (the 20^nd of March, 2012):

  R3:1.6031
  R2:1.5973
  R1:1.5935
  PP:1.5877
  S1:1.5839
  S2:1.5781
  S3:1.5743

• Definition (s):

  
  Range I – A long-term enables the reversion strategy that is likely to go against the strong divergence from the pair’s average value. Generally it holds trades for an extended period of time and is one of the slowest moving trading strategies.
  Range II– Like Breakout 2 uses sentiment as a trading filter including the usage of the simple oscillator range trading strategy. Trading signals are taking into consideration if SSI is not located at highs. It is quite short-term in nature and expected to be traded for a short period of time during the strong trending movements. It is one of the most volatility-sensitive trading systems and appears to be of low profit during the periods of sharp currency moves.

• Observation (s):

  Please check out the market volatility before investing, because the sight price may has already been reached and scenarios invalidated.
  Stop Loss should NEVER exceed your maximum exposure amounts.

USD/JPY Wave Analysis for March 19, 2012

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Wave marking analysis:
In the course of Friday’s trading operations the USD/JPY pair continued the formation of the inner wave structure of the prospect wave 4 in 3 (in 3 or C). Proceeding from the current wave structure we can assume that the pair is expected to test the level of the figure 84 and having defined the wave 5 in 3 will rapidly move to the lower limit of the ascending channel. At the same time it is possible that the Friday’s high is already considered as the high of the shortened wave 5. In any case the strong MACD divergence points at the necessity of more continuous and deeper correction.
Targets for the variant with the wave 5 in 3 in 3 or C:
83.84 and higher – 200.0% according to Fibonacci
Targets for the variant with a range of downside corrective waves:
83.22 – 161.8% according to Fibonacci
82.65 – 127.2% according to Fibonacci
General conclusions and trading recommendations:
At the moment the new ascending part of the trend continues its formation with the target seen at the level of figure 85 of the wave 3 or C. Proceeding from significantly shortened wave 2 or B we can define the force of the current trend and its ability for further elaboration that will result in the strengthening of American currency against Japanese, as we can actually see. The inner wave marking of the wave 3 or C indicates the possible continuation of the upward part of the trend with targets 83.84 and higher, corresponding to 200.0% of Fibonacci. The current correction within the wave 4 is not considered as too deep.

GBP/JPY Elliott Wave Count and Fibonacci levels for March 16, 2012

The GBP/JPY pair is developing the wave A of the medium term uptrend from the point 126.48 (royal blue in the chart). Within this wave there are three subwaves (red in the chart) and a potential corrective subwave 4 developing from 131.65.
Now the downside targets are Fibonacci retracements of 126.48-131.65.
Supports:
- 129.68 = .382 retracement
- 129.07 = .50 ret
- 128.45 = .618 ret
If the uptrend resumes the movement and the price breaks above 131.65, the immediate resistances will be Fibonacci expansions 126.48-129.69-128.11, 128.11-131.65-130.15.
Resistances:
- 132.34 = contracted objective point (COP)
- 133.30 = expanded objective point (XOP)

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Overbought/Oversold
The bigger wave is now moving upwards, so it is recommended to open the long positions when the Detrended Oscillator goes below the zero level (15-20 pips below the current prices) or into the oversold area (40-50 pips below the current prices). Consider the opportunities of long positions at or near the indicated supports.
Read more on how to trade with Fibonacci levels.

USD/CAD Elliott Wave Count for March 15, 2012

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Market Overview
Yesterday the USD/CAD pair was trading in the upward movement. During the European session the major started ascending to the 0.9938 level.Therefore during the start of the New York session we could observe downward movement to the 0.9885 level before we saw continuation of bullish mood.The USD/CAD finished trading day at 0.9930 level.Today during the early Asian session we could observe the bearish movement after we saw price test 0.9945 resistance line. Today USD/CAD is expected to test 1.0000 level. Also it is necessary to consider the data concerning the USD PPI m/m, Unemployment Claims,TIC Long-Term Purchases and Philly Fed Manufacturing Index that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9853 (S2) 0.9877 (S1) 0.9892 (PP) 0.9917(R1) 0.9941 (R2) 0.9956 (R3) 0.9981
USD/CAD Elliott Wave Analysis
The USD/CAD has finished wave (1) of the bigger C wave in the point 0.9946 and wave (2) in the point 0.9871. Presently we can observe 3 wave. In accordance with our wave rules and taking into account that the wave 3 will retrace to 138.2 or 161.8% of the wave 1 we can define the potential targets with the help of Fibonacci retracement (0.9872-0.9946-0.9871) with first Take Profit at level 0.9984 (138.2% of the wave (1)) and second Take Profit at 1.0002 (161.8% of the wave (1)). For Stop Loss we can use 0.9870 support level.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 0.9930 with Stop Loss at 0.9870, Take Profit at 0.9984 and Take Profit 2 at 1.0002 are recommended.

GBP/JPY Elliott wave count and Fibonacci levels for March 14, 2012

GBP/JPY is developing wave A of medium term uptrend from 126.48 (royal blue in the chart). Within this wave we have subwaves A, B, and C (red in the chart), and subwave C is still developing from 128.11. Within this wave there are also its subwaves - A, B, and C (yellow in the chart), subwave C is developing from 128.20.
Now the targets of the upmove are Fibonacci expansions off 126.48-129.69-128.11, 128.11-129.05-128.20.
Resistances:
- 130.66 = super expanded objective point (SXOP)
- 131.32 = objective point (OP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 128.11 - this wave is not developed yet, so no supports are available so far.

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Overbought/Oversold
The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or into the oversold area (25-40 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.
Read more on how to trade with Fibonacci levels.

 

GBP/JPY Elliott wave count and Fibonacci levels for March 13, 2012

The GBP/JPY pair is developing the potential corrective wave B (royal blue in the chart) of the medium term downtrend as long as the point 130.04 remains unbroken to the upside. The wave comprises the subwaves A and B (red in the chart) and a potential subwave C developing from 128.11.
Now the downside targets are Fibonacci retracements of 126.48-129.69 and expansions 130.04-126.48-129.69, 129.69-128.11-129.05.
Supports:
- 128.09-07 = confluence area of .50 retracement and contracted objective point (COP)
- 127.71 = .618 ret
- 127.49-47 = confluence area of COP and objective point (OP)
However, if the price continues the upward movement, the immediate resistances will be Fibonacci expansions 126.48-126.69-128.11.
Resistances:
- 130.09 = COP
- 131.32 = OP

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Overbought/Oversold
The bigger wave is now moving up, so it is preferable to try long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (25-40 pips below the current prices). Watch for the opportunities to open long positions at or near the indicated supports.
Read more on how to trade with Fibonacci levels.

AUD/USD Elliott Wave Count for March 12, 2012

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Market Overview
On Friday during the European session the AUD/USD pair was trading in a downward trend and reached support level 1.0610 (50 EMA). During the New York session the AUD/USD pair pushed few pips higher before the price continued the movement within the bearish mood. The AUD/USD pair finished Friday's trading day at daily low at 1.0570. Today in the early Asian session we could observe continuation of the bearish mood. Today the AUD/USD pair is expected to test 1.0600 level.Also it is necessary to consider the data concerning the USD Federal Budget Balance that could affect the rate of the pair.
Support and Resistance levels
(S3) 1.0501 (S2) 1.0539 (S1) 1.0563 (PP) 1.0600 (R1) 1.0638 (R2) 1.0662 (R3) 1.0699
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave 1 of the bigger wave 5 in the point 1.0669 and the wave 2 in the point 1.0516. Presently we can observe the beginning of the wave 3. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with help of Fibonacci extension (1.0508-1.0669-1.0516) with first Take Profit at level 1.0677(100% of the wave 1) and second Take Profit at 1.0776 (161.8% of the wave 3). For Stop Loss we can use the invalidation point at level 1.0508.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 1.0550 with Stop Loss at 1.0508, Take Profit at 1.0677 and Take Profit 2 at 1.0776 are recommended.

GOLD Intraday Technical Analysis 2012-03-09

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Gold is approaching the lower limit of its medium term bullish channel at 1 699 suggesting a rebound. Still a break of these levels will free a large potential and entail a bearish channel.

Technical indicators provide sell-signals but until the support is not broken, the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market indicates a bullish opportunity at the levels of 1 699 with the 1st objective of 1 710, then 1 715. A break though 1 696 will change this plan. 

 

AUD/USD Elliott Wave Count for March 8, 2012

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Market Overview
Yesterday the AUD/USD pair was trading within the upward movement. During the Asian session the major started the ascending movement to the 1.0580 level.Therefore, during the New York session the AUD/USD pair reached a new daily high at the 1.0590 level.Today during the Asian session we could observe the slight downward move to the  support level1.0533.The AUD/USD did not manage to hold this level; the price continued is moving in the  bullish mood. Today the AUD/USD pair is expected to test the 1.0665 level, but it is also necessary to consider the data on the USA Unemployment Claims as it can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0478 (S2) 1.0510 (S1) 1.0530 (PP) 1.0562 (R1) 1.0594 (R2) 1.0614 (R3) 1.0646

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave 1 of the bigger wave 1 in the point 1.05830, and the wave 2 in the point 1.0533. Presently we can observe the wave 3. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with help of Fibonacci extension (1.0508-1.05830-1.0533): Take Profit is to be placed at 1.0652 level (161.8% of (1) wave). For Stop Loss we can use the support level 1.0570.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 1.0600 with Stop Loss at 1.0570 and Take Profit at 1.1.0652 are recommended.

 

GOLD Intraday Technical Analysis 2012-03-07

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Gold has broken the lower limit of its medium term bearish channel at 1 682 leading to acceleration. A pull back at these levels is expected before a resumption of bearish trend. However a break through these levels will mean a false exit and could lead to a violent bullish movement.

Technical indicators provide sell-signals but are approaching the oversell zone suggesting a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market indicates a bearish opportunity at the levels of 1 682 with the 1st objective of 1670, then 1665. A break at 1 685 will invalidate this scenario.

 

AUD/USD Elliott Wave Count and Fibonacci levels for March 6, 2012

The AUD/USD pair has finished wave 0.9861-1.0856 (coral in the chart) that consists of 5 smaller waves  (light green in the chart). Presently the corrective wave B is developing from 1.0856. Within this wave we have subwaves A, B, and C (red in the chart). The subwave C is still developing from 1.0817 comprising the subwaves A, B, and C (orange red in the chart); the wave C is still developing from 1.0690.

The downside targets are Fibonacci retracements of 0.9861-1.0856, and expansions off 1.0856-1.0715-1.0817, 1.0817-1.0655-1.0690.

Supports:

- 1.0590-89 = confluence area of contracted objective point (COP) and expanded objective point (XOP)
- 1.0528 = objective point (OP)
- 1.0476 = .382 retracement

However, if the price reverses to the upside, the immediate resistances will be Fibonacci retracements of the wave down from 1.0856. As this wave is not developed yet ,so no resistance levels are not available.

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Overbought/Oversold

The larger wave is now moving down, so it i recommended  to open the short positions when the Detrended Oscillator goes above the zero level (50-60 pips above the current prices) or into the overbought area (80-90 pips above the current prices). Mind the possibilities of short positions at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

 

GBP/JPY Elliott Wave Count and Fibonacci levels for March 5, 2012

The GBP/JPY pair is presently moving within wave C of the medium term uptrend (royal blue in the chart) from the point 126.63. Within this wave we have subwaves A, and B (magenta in the chart) with developingsubwave B coming from 130.04. The latter, however, has three subwaves (yellow in the chart), and subwave C is developing from 129.60.

The downmove targets are equal to the Fibonacci retracements of 126.63-130.04, 125.41-130.04.

Supports:

- 128.74 = .382 retracement
- 128.33-27 = confluence area of .50 and .382 retracements
- 127.93 = .618 ret
- 127.72 = .50 ret

If the price resumes the uptrend, the immediate resistances will correspond to Fibonacci expansions 125.41-129.71-126.63.

Resistances:

- 130.93 = objective point (OP)

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Overbought/Oversold

The bigger wave is now moving upwards, so long positions are recommended when the Detrended Oscillator move below the zero level (current prices) or into the oversold area (20-35 pips below the current prices). It is necessary to pay attention to the opportunities to go long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

 

GBP/JPY Elliott wave count and Fibonacci levels for March 2, 2012

GBP/JPY is now moving within wave 5 of medium term uptrend (colored royal blue in the chart) from 125.41. Within this wave we have subwaves A, B, and C (colored magenta in the chart) with subwave C still developing from 126.63. The latter, however, also has its subwaves (they're colored red in the chart), and subwave C is developing from 128.69.

Now the targets above the current price level are Fibonacci expansions off 119.53-126.77-125.41, 125.41-129.71-126.63, 126.63-129.56-128.69.

Resistances:

- 129.88 = contracted objective point (COP)
- 130.50 = COP
- 130.93 = objective point (OP)
- 131.62 = OP

However if the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 126.63 - this wave is not developed, so no supports are available so far.

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Overbought/Oversold

The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or into the oversold area (40-55 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

 

GBP/JPY Elliott wave count and Fibonacci levels for March 1, 2012

GBP/JPY has developed five waves of medium term uptrend (colored magenta in the chart) from 119.53 to 129.71. Now potential corrective wave A is developing from 129.71. The targets of the downmove are Fibonacci retracements of 119.53-129.71, 126.63-129.56, and expansions off 129.71-126.63-129.56.

Supports:

- 128.44 = .382 retracement
- 128.10 = .50 ret
- 127.75 = .618 ret
- 127.66 = contracted objective point (COP)
- 126.48 = objective point (OP)
- 125.82 = .382 retracement

If the uptrend continues the immediate resistances will be Fibonacci expansions off 119.53-123.11-121.62, 121.62-126.77-125.41, 125.41-129.71-126.63.

Resistances:

- 130.56 = OP
- 130.93-99 = confluence area of OP and super expanded objective point (SXOP)

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Overbought/Oversold

The bigger wave is now moving up, so it's preferable to try long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (25-40 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.