GBP/JPY Elliott Wave Count and Fibonacci levels for May 31, 2012

The GBP/JPY pair is developing an impulse wave C of the medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (magenta in the chart) and an impulse subwave C is developing from 126.39. Within this wave we also have three subwaves (red in the chart) including impulse subwave C developing from 125.03.
Presently the downside targets are Fibonacci expansions of 131.75-127.76-129.33, 129.33-124.59-126.39, 126.39-124.08-125.03, 125.03-124.33-124.92.
Supports:
- 121.65 = objective point (OP)
- 121.29 = expanded objective point (XOP)
If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of 125.03-121.71.
Resistances:
- 122.98 = .382 retracement
- 123.37 = .50 ret
= 123.76 = .618 ret




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

InstaForex

AUD/USD Elliott wave count and Fibonacci levels for May 30, 2012

The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend. Within this wave we have two subwaves (royal blue in the chart) and a potential corrective subwave B is developing from 0.9689 comprising two subwaves (magenta in the chart) and a subwave B developing from 0.9897. However, this wave will be marked as A if it breaks below 0.9689.
As for now, the immediate supports are Fibonacci retracements of 0.9689-0.9897 and expansions of 0.9897-0.9800-0.9855.
Supports:
- 0.9768 = .618 retracement
- 0.9758 = objective point (OP)
- 0.9698 = expanded objective point (XOP)
- 0.9601 = super expanded objective point (SXOP)
If the price reverses to the downside, the immediate resistances will be Fibonacci retracements of the wave down from 0.9897 - this wave has not developed yet, so resistances are not available.




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

InstaForex

AUD/USD Elliott wave count and Fibonacci levels for May 29, 2012

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave we have two subwaves (royal blue in the chart), and potential corrective subwave B is developing from 0.9689. The latter contains two subwaves (red in the chart), and subwave B is developing from 0.9888.
Now the immediate resistances are Fibonacci retracements of 1.0473-0.9689, and expansions off 0.9689-0.9888-0.9802.
Resistances:
- 0.9925 = contracted objective point (COP)
- 0.9988 = .382 retracement
- 1.0001 = objective point (OP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9689-0.9888.
Supports:
- 0.9789 = .50 retracement
- 0.9765 = .618 ret


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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 (15-20 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.

AUD/USD Elliott Wave Count and Fibonacci Levels for May 28, 2012

The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend. Within this wave we have two subwaves (royal blue in the chart) and a potential corrective subwave B developing from 0.9689 comprising three subwaves (orange red in the chart) and subwave C developing from 0.9716.
Presently the immediate resistances are Fibonacci retracements of 1.0473-0.9689 and expansions of 0.9689-0.9813-0.9716, 0.9716-0.9798-0.9746.
Resistances:
- 0.9879 = expanded objective point (XOP)
- 0.9917 = XOP
- 0.9961 = super expanded objective point (SXOP)
- 0.9988 = .382 retracement
If the price reverses to the downside, the immediate supports will be Fibonacci retracements of the wave up from 0.9689 - this wave is not developed yet, so supports are not available so far.


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Overbought/Oversold
The bigger wave is now moving upwards, so it is preferable to try long positions when the Detrended Oscillator goes below the zero level (15-20 pips below the current prices) or into the oversold area (40-55 pips below the current prices). Consider the opportunities to go long at or near indicated supports.
Read more on how to trade with Fibonacci levels.

GOLD Intraday Technical Analysis 2012-05-25

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Gold is currently testing the intermediate resistance of its medium term bearish channel at 1,580 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1,620.
Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,580 with the 1st objective at 1,590 and then at 1,595. A break through 1,577 will invalidate this scenario.

GBP/USD Intraday Technical Analysis 2012-05-24

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The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5700 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline 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 will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5700 with the 1st objective at 1.5760 and then at 1.5780. A break through 1.5680 will invalidate this scenario.

GBP/USD Intraday Technical Analysis 2012-05-23

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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5780 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1.5830.
Technical indicators provide buy-signals but until the resistance is not broken the assumption of a decline 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 will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5780 with the 1st objective at 1.5830 and then at 1.5850. A break through 1.5760 will invalidate this scenario.

GBP/JPY Elliott wave count and Fibonacci levels for May 22, 2012

GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have four subwaves (red in the chart), and potential corrective subwave 4 is developing from 124.59. The latter also has its subwaves (orange red in the chart), and potential corrective subwave B is developing from 127.56.
Now the resistances are Fibonacci retracements of 128.71-124.59, and expansions off 124.59-125.76-125.02.
Resistances:
- 125.74 = contracted objective point (COP)
- 126.16-19 = confluence area of .382 retracement and objective point (OP)
- 126.65 = .50 ret
The immediate supports are Fibonacci expansions off 131.75-127.76-129.32, 128.71-124.59-125.76.
Supports:
- 123.21 = contracted objective point (COP)
- 122.86 = expanded objective point (XOP)


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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 (15-20 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.

EUR/USD Elliott Wave Count for May 21, 2012

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EUR/USD Elliott Wave
During the last week the EUR/USD pair was trading downward developing impulsive 3 wave (coloured blue). During the Friday's European session we could observe ascending move toward the 1.2710 level (100EMA resistance). Therefore during the New York session we could observe continuation of the bullish mood and price reached new daily high at 1.2793 level.Today during the Asian session we could observe ascending move toward the 1.2812 level.The EUR/USD did not manage to hold this level and we could observe bearish mood in early European session. We expect to see price at 1.2825 today. Presently we can observe the end of the 4 wave so we need to be prepared for 5 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring 1 wave with Take Profit 1 at 1.2689 (78.6% of wave 1) and Take Profit 2 at 1.2649 (100% of wave 1). The resistance level at 1.2870 can be used as Stop Loss.
Support and Resistance levels
(S3) 1.2585 (S2) 1.2643 (S1) 1.2679 (PP) 1.2736 (R1) 1.2794 (R2) 1.2830 (R3) 1.2887
Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.2845 with Stop Loss at 1.2870, Take Profit 1 at 1.2689 and Take Profit 2 at 1.2649 are recommended

AUD/USD Elliott wave count and Fibonacci levels for May 18, 2012

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (magenta in the chart), and impulse subwave 5 is developing from 0.9967.
The targets below the current price are Fibonacci expansions off 1.0473-1.0110-1.0219, 1.0219-0.9870-0.9967, 0.9967-0.9895-0.9957.
Supports:
- 0.9769 = super expanded objective point (SXOP)
- 0.9751 = contracted objective point (COP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 0.9967 (the 5th wave) - this wave is not developed yet, so no resistances are available so far.


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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 (35-40 pips above the current prices) or into the overbought area (55-65 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.

GOLD Intraday Technical Analysis 2012-05-17

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Gold is currently testing the upper limit of its medium term bearish channel at 1,552 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline 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 will provide a bullish opportunity as soon as gold has broken through its resistance of 1,552 with the 1st objective at 1,565 and then at 1,570. A break through 1,549 will invalidate this scenario.

USD/CAD Elliott Wave Count for May 16, 2012

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USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward movement. During the early European session we could observe the descending move towards the 0.9992 level. The USD/CAD pair did not manage to hold this level and price start pushing slightly higher during the second half of European session.Therefore during the New York session the USD/CAD pair test 61.8% level of wave 1 at 0.9990. We can consider this move as end of the 2 wave (coloured blue). After we saw end of the 2 wave price started pushing higher in the 3 wave and reached new daily high at 1.0070 level. Today during the Asian session we could observe the continuation of the bullish mood and price touching 1.0130 level. Presently we can observe end of the 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 261.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9953-1.0050-0.9990) with Take Profit 1 at 1.0179 (200% of wave 1) and Take Profit 2 at 1.0238 (261.8% of wave 1). The support level at 1.0080 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S Building Permits, Housing Starts, Capacity Utilization Rate, Industrial Production m/m, Crude Oil Inventories,FOMC Meeting Minutes and CAD Manufacturing Sales m/m that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9960 (S2) 0.9992 (S1) 1.0012 (PP) 1.0044 (R1) 1.0076 (R2) 1.0096 (R3) 1.0128
Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0120 with Stop Loss at 1.0080, Take Profit 1 at 1.0179 and Take Profit 2 at 1.0238 are recommended.

AUD/USD Survey according to the Point and Figure Charting for May 15, 2012

Having overcome the resistance level 1.002, the AUD/USD pair continued the descending movement.
Presently the main target for sellers is seen at the support level of 0.988.
The point 1.014 is considered as the resistance level. In case it has been overcome, the weak signal for Buy-deals will be provided against the main trend line opening the way to the point 1.020.
Relative strength index is located in the O column, confirming the sellers’ force.
Axel Rudolph's levels for today:
Pivot point (rotation point): 0,9982
If the price is below the pivot, an asset is considered as bearish.
If the price is above the pivot, an asset is considered as bullish.
Resistance 1: 1,0008
Resistance 2: 1,006
Support 1: 0,993
Support 1: 0,9904
As long as the main tendency remains downward, today it is recommended to sell the pair after a breakdown of the support level 0,993 with 0,9904 seen as first target.



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EUR/JPY Intraday Technical Analysis 2012-05-14

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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 103.30 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 104.30.
Technical indicators do not provide clear signals but until the resistance is not broken the assumption of a decline 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 will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 103.30 with the 1st objective at 103.90 and then at 104.20. A break through 103.10 will invalidate this scenario.

AUD/USD Elliott Wave Count and Fibonacci Levels for May 11, 2012

The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend. Within this wave there are five subwaves (red in the chart) and a potential corrective subwave B of A-B-C cycle.
The upside targets are Fibonacci retracements of 1.0473-1.0020.
Resistances:
- 1.0193 = .382 retracement
- 1.0246 = .50 ret
- 1.0300 = .618 ret
If the downtrend resumes, the immediate supports will be Fibonacci expansions of 1.0473-1.0304-1.0354, 1.0354-1.0110-1.0219, 1.0219-1.0020-1.0142.
Supports:
- 1.0019 = contracted objective point (COP)
- 0.9975 = objective point (OP)
- 0.9943 = OP
- 0.9912 = super expanded objective point (SXOP)


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Overbought/Oversold
The larger wave is now moving downside, so it is recommended to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-35 pips above the current prices). Consider the possibilities 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 May 10, 2012

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (red in the chart), and potential corrective subwave A of A-B-C cycle is developing against the downtrend from 1.0020. Within this wave there are three subwaves (yellow in the chart), and impulse subwave С is still developing from 1.0033.
The targets above are Fibonacci retracements of 1.0473-1.0020, 1.0219-1.0020, and expansions off 1.0020-1.0085-1.0033.
Resistances:
- 1.0120 = .50 retracement
- 1.0138-43 = expanded objective point (XOP) and .618 ret
- 1.0193 = .382 ret
- 1.0203 = super expanded objective point (SXOP)
- 1.0246 = .50 ret
If the downtrend resumes the immediate supports will be Fibonacci expansions off 1.0473-1.0304-1.0354, 1.0354-1.0110-1.0219.
Supports:
- 0.9975 = objective point (OP)
- 0.9912 = SXOP


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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 (current prices) or into the overbought area (current prices), watch for possibilities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

USD/CAD Technical Analysis and Trading Recommendations for May 9, 2012

Pivot Point: 0.9990.

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Overview:

The market will continue showing strength by going to the level 0.9700 (23.6% of Fibonacci retracement levels - Daily chart). Therefore, the USD/CAD pair's resistance was broken and turned into support nine months ago (on the 4^th of August, 2011), the pair has already formed a strong support at the level of 0.97. So the market indicates a bullish opportunity at level 0.9700 / 0.99 with 0.9975 seen as first objective and continues its movement towards 1.0025 and further to 1.0060. However, if the trend does not manage to break through and close above the level 1.006, then a downside momentum will begin which is rather convincing. The structure of the downfall looks as non-corrective, for that the market will indicate a bearish opportunity at 1.006, hence it will be a good sign to sell at this level in order to continue downward pace towards 0.9910.

Trading Recommendations:

According to previous events, the price remains between 1.0080 and 0.9900.

• Buy above 0.9910 with target at 0.9975 then 1.050.
• Consider the downside movement below 1.0060 with target seen at the 0.9910 level.

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.
Key level at 1.0060.
History will probably be repeated at this level.

GOLD Intraday Technical Analysis 2012-05-08

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Gold is presently testing the intermediate resistance of its medium term bearish channel at 1,645 and is likely to decline. However, in case these levels are passed though, the significant potential will be released enabling to reach its upper limit in 1,668.
Technical indicators provide sellers signals but as long as the resistance is not broken, the assumption of possible decline is relevant. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Considering previous events the market will provide a bullish opportunity as soon as the gold has broken through its resistance of 1,645 with 1,655 and 1,658 seen as targets. If the level 1,642 is passed through, the proposed scenario will be invalidated.

EUR/USD Weekly Technical Levels for May 7 - 11, 2012

Weekly Technical Levels:

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Tip (s):

R3 and S3 are considered as clear indicators of the maximum range of extreme volatility though it is possible to pass them through.
Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 line.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Observation (s):

• If the trend is of upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
  

GBP/USD Intraday Technical Analysis for May 4, 2012

Pivot Point: 1.6187.

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GBP/USD:

• Resistance: 1.6270. (Sell below this level).
• Support: 1.6100. (Buy above this level).
  

Trading Recommendations:

According to previous events, the price is still located between the levels 1.5955 and 1.6290.

• The descending movement will probably take place lower than the 1.6270 level with the first targets at levels 1.617 and 1.61.
• BUY-deals are recommended higher than the 1.61 level with targets at levels 1.6155 and 1.6233.

Overview:

It should be mentioned that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.5955 and 1.629, 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 1.61 level with its first target at the level of 1.6155. From this point the pair is likely to begin the ascending movement to the point 1.62 and further to the level 1.6233. However, if the pair fails to pass through the level of 1.6270, the market will indicate a bearish opportunity below the strong resistance level 1.6270. In this regard, SELL-deals are recommended lower than the 1.6270 level with the first target at 1.6170. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.61.

GOLD Intraday Technical Analysis 2012-05-03

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Gold is currently testing the intermediate support of its medium term bearish channel at 1,645 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1,620.
Technical indicators do not provide clears signal but are approaching the oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 1,645 with the 1st objective at 1,655 and then at 1,660. A break through 1,642 will alter this scenario.

GBP/USD Intraday Technical Analysis 2012-05-02

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The spot rate is getting closer to the lower limit of its medium term bullish channel at 1.6190 making a rebound possible. However, a puncture of this level will release good potential and initiate a bearish channel.
Technical indicators give buy-signals supporting the assumption of a retracement soon. Bollinger bands have greatly tightened in recent days showing a slow down of the volatility and the imminence of a violent movement.
According to previous events the market will give a bullish opportunity at the level of 1.6190 with the 1st objective at 1.6250 and then at 1.6270. A break through 1.6170 will alter this scenario.

GBP/USD Intraday Technical Analysis and Trading Recommendations for May 1, 2012

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The Daily chart depicted above shows that the GBP/USD pair could break its long-term downtrend line of January. Since then it has been trading within an uptrend despite some sideways consolidation in November and March.
Nevertheless the GBP/USD pair showed a significant bearish reaction towards 1.5950 - 1.6000 which gave some bearish expectations. The pair has failed to break through the level 1.5800 which allowed the bulls to make a strong push to the upside and break 50% & 61.8% Fibonacci levels at 1.5925 & 1.6090 respectively.
Price levels 1.6262 -1.6300 mentioned yesterday correspond to the backside of the broken short-term uptrend line & previous Supply zone.
Yesterday the significant bearish reaction took place as the GBP/USD had daily closure below 1.6262 at 1.6233 which opens the way for the pair to visit 1.6090 ( 61.8% Fibonacci Level ).


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On the 4H chart, we see that the GBP/USD pair has recently broken the consoildation range between 1.6077-1.6145 with successful retesting which allowed the GBP/USD pair to resume its bullish movement towards 1.6262.
Yesterday the GBP/USD pair has failed to reach the upper limit of the depicted bullish channel at 1.6330. Instead it showed bearish movement shown on the 4H closure below 1.6262 which was followed by further decline.
4H closure below 1.6225 confirms breakdown of the lower limit of the bullish channel depicted above giving another SELL entry at retesting of the backside of its broken lower limit.
Support Levels for the GBP/USD pair are located at 1.6150 then 1.6090 which should be watched for profit taking of the suggested yesterday's SELL entry.
Yesterday we recommended a SELL entry at 4H closure below 1.6262 which is open now with TP levels at 1.6250,1.6155 &1.6100 with SL as daily closure above 1.6385.