EUR/USD Intraday Technical Levels for Jully 31, 2012

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Today’s Technical Level:
Breakout BUY Level: 1.2318.
Strong Resistance: 1.2311.
Original Resistance: 1.2300.
Inner Sell Area: 1.2288.
Target Inner Area: 1.2260.
Inner Buy Area: 1.2230.
Original Support: 1.2220.
Strong Support: 1.2208.
Breakout SELL Level: 1.2201.
Description:
Today EUR/USD has support and resistance at 1.2220 and 1.2300 and is accompanied by strong support at 1.2208 and by 1.2311 as strong resistance.
If EUR/USD breaks out and closes below a 1.2201 level today, this will indicate a considerable bearish strength, while if EUR/USD manages to break out and closes above a 1.2318 level, this will denote a high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2230, and SELL position at 1.2288; in this case both targets should be located at the level of 1.2260.

GBP/USD Intraday Technical Analysis and Trading Recommendations for July 27, 2012

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On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Yesterday, the GBP/USD pair found significant support at the lower limit of the triangle pattern around 1.5460 which pushed the pair to the upside for about 260 pips in one day.
Price level 1.5460 not only corresponds to the lower limit of the triangle but also to the backside of the broken downtrend line depicted on the chart as well.
The GBP/USD pair has a strong long-term Resistance zone between 1.5773-1.5840 where daily price action should be watched for valid long-term positions to be taken.
The current price level of 1.5730 corresponding to the upper limit of the symmetrical triangle should constitute an intraday Resistance for the pair even on the short-term. However, breakthrough above it opens the way towards the stronger resistance zone 1.5773-1.5840.
For risky traders, an intraday SELL position can be taken at 1.5730 with SL as 4H closure above 1.5780 with TP at 1.5700, 1.5666 then 1.5630.

EUR/JPY Intraday Technical Analysis 2012-07-20

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The spot rate is currently testing the intermediate support of its medium term bearish channel at 96.10 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 95.60.
Technical indicators provide buy-signals and until the support is not broken the assumption of a rebound 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 at the level of 96.10 with the 1st objective at 96.70 and then at 96.90. A break through 95.90 will alter this scenario.

AUD/USD Wave Analysis July 19, 2012

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AUD/USD Elliott Wave
The AUD/USD pair was trading in a strong upward move for the last few weeks developing impulsive wave (3) (coloured green). Yesterday during the European session we could observe a descending movement towards the 1.0287 level where this currency pair found support and the price started pushing higher. Therefore, during the New York session we could see a strong ascending move that brought the AUD/USD pair to the new high around 1.0375 level. Today this currency pair continued trading in a bullish mood and we are expecting to see the price above 1.0500 soon. 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 Fibonacci extensions (1.0100-1.0248-1.0204) with Take Profit 1 at 1.0445 (161.8% of wave 1) and Take Profit 2 at 1.0502(200% of wave 1). Support at 1.0330 point can be used as Stop Loss. Also it is necessary to monitor the U.S. Unemployment Claims, Existing Home Sales and Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.0256 (S2) 1.0289 (S1) 1.0309 (PP) 1.0341 (R1) 1.0374 (R2) 1.0394 (R3) 1.0426
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0390 with Stop Loss 1.0330 Take Profit 1 at 1.0445 and Take Profit 2 at 1.0502 are recommended.

EUR/USD Intraday Wave Analysis July 18, 2012

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EUR/USD Elliott Wave
Yesterday we performed a long term analysis for the EUR/USD pair and today we want to examine a smaller time frame for intraday traders. Yesterday during the European session we could observe an ascending movement towards the 1.2315 level and we can consider this move as the end of the C wave (coloured blue). Therefore, during the early New York session this major pair did not manage to hold this level and the price rapidly fell to the new daily low of 1.2188 (end of the D wave) where the EUR/USD pair found support and price reached 1.2300 level at the end of the NY session. At the moment we could observe the price trading around 1.2256 level and we are expecting to see it above 1.2350 level today. In accordance with our wave rules and taking into account that the wave E retraces minimum 100% of the wave C, we can define the potential targets by measuring C wave with Take Profit 1 at 1.2326 (100% of wave C) and Take Profit 2 at 1.2363 (127.2% of wave C). Support at 1.2210 point can be used as Stop Loss. Also it is necessary to monitor the U.S. Building Permits, Housing Starts, Fed Chairman Bernanke Testifies, Crude Oil Inventories and Beige Book data that can change the rate of the pair.
Support and Resistance
(S3) 1.2138 (S2) 1.2187 (S1) 1.2217 (PP) 1.2266 (R1) 1.2315 (R2) 1.2345 (R3) 1.2394
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2250 with Stop Loss 1.2210, Take Profit 1 at 1.2326 and Take Profit 2 at 1.2363 are recommended.

GBP/USD Sell Below 1.5704 for July 17, 2012 (Daily Strategy)

The British pound gain strength amid a downward correction, currently its short-term uptrend is not in danger. The weekly resistance level 1.5704, which is the key to the pair, has a clear path and can continue its way to the south. We believe that this will happen only when it has resolved the major part of the problems within the European Union. Taking into account that gloomy future, we recommend selling at the level of 1.5704 with targets at 1.5520.
On the other hand, a return to the weekly pivot line recommend buying at this level the pair, again sought to break the 1.57.
The trend indicator shows bullish strength.



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EUR/JPY Pullback Underway - Technical Analysis and Trading Recommendations 2012-07-16

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Technical Outlook and Chart Setups:
Looking at the wave structure above, we can see that the pullback of the wave 4 seems to be underway now. Minimum expectations are towards 98.00/98.50, which is also the convergence point of the 0.382 Fibonacci retracement and past support turned resistance. It is recommended to stay long with a strict stop, this pullback has just started.
Trading Recommendations:
1. Aggressive strategy: stay long from last Friday recommendations, Stop at 95.00, Target 98.50.
2. Conservative approach: wait to sell at 98.50 level for a down target below 93.00
Good Luck!

Gold Not Giving Up On Lat Weeks Support at 1548/49 Levels. 2012-07-13

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Technical Outlook and Chart Setups:
The overall structure remains unchanged as discussed yesterday, while short term outlook may change. The last week intermediary support at 1548/49 levels, depicted as S1 above, is not giving in to the bears as yet. That leaves us with a possibility of a corrective rally that may exceed resistance at 1630.00 levels. Until and unless the support region of 1550/40 levels is not broken convincingly, don’t be surprised if bulls take charge above 1630.00 levels in the coming sessions.
Trading Recommendations:
1. Cover short positions if taken yesterday.
2. Aggressive strategy would be to buy with stop at 1545.00, target at 1660/70 levels.
3. Conservative strategy would be flat for now. Trade on a breakdown of 1540.oo levels.

Eur/Jpy Bears Targetting at 93.50/94.00 Region - Technical Analysis and Trading Recommendations 2012-07-12

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Technical Outlook and Chart Setups:
As depicted above, the pullback towards the 101.50 level last month can be considered as Wave 4. Wave 5 is under way now and the bears should be targetting at the 93.50/94.00 levels as downside minimum projections. Near term support is cast by the 96.00 levels while immediate resistance comes in at the 98.50/60 levels. We expect a pullbacks to be well capped below this resistance level now.

Trading Recommendations:
Sell intraday rallies towards 98.00/ 98.50 levels, Stop at the 101.30 level, Target - 93.50

EUR/JPY - Elliott Wave Analysis for July 10 - 2012

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Today's Support and Resistance Levels:

Support Resistance
1: 97.39 1: 98.19
2: 97.02 2: 98.69
3: 95.65 3: 99.09

Technical Overview:
The ongoing blue wave iv has for now remained below the resistance at 98.30. It is a little to early to say that blue wave iv is done with, but we should expect this blue wave iv being a shallow correction and should take the shape of a flat correction or a triangle, the reason for this is, that blue wave ii corrected 61.8% of blue wave i and Elliott Alternations principle tells us, that a sharp simple correction as wave ii should be followed by a shallow but more complex correction in wave iv. Once blue wave iv is over we should see a decline towards the ideal target near 94.58 in blue wave v.

Trading Recommendation:
You should be short from 99.55 with stop at break-even and take profit at 95.85. If you are not short already you should short a test into the 98.23 - 98.30 area with the same stop and take profit levels.

GOLD Intraday Technical Analysis 2012-07-09

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Gold is currently testing the intermediate support of its medium term bearish channel at 1,576 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1,540.
Technical indicators provide buy-signals and approaching 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 1,576 with the 1st objective at 1,590 and then at 1,590. A break through 1,573 will alter this scenario.

AUD/USD Possibly lower within new correction - Analysis for July 6, 2012

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AUD/USD Elliott Wave
Since yesterday the AUD/USD pair was trading in an upward move developing final 5 wave of the bigger wave 1 (coloured blue). During the European session we could observe an ascending movement toward the 1.0328 level. We can consider this move as the end of the impulsive wave 1 (coloured blue). Therefore, during the New York session this currency pair started pushing lower and price reached 1.0250 level. Today the AUD/USD pair continued trading in a bearish mood and price is currently testing 100 EMA support level. At the moment we can observe the beginning of wave 2 and we are expecting to see price under 1.0250 level today. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci Retracements (0.9968-1.0328) with Take Profit 1 at 1.0148 (50% of wave 1) and Take Profit 2 at 1.0106(61.8% of wave 1). Resistance point at 1.0330 can be used as a Stop Loss point.
Support and Resistance Levels
(S3) 1.0199 (S2) 1.0232 (S1) 1.0252 (PP) 1.0286 (R1) 1.0319 (R2) 1.0339 (R3) 1.0373
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 1.0240 with Stop Loss at 1.0330 Take Profit 1 at 1.0148 and Take Profit 2 at 1.0106 are recommended.

AUD/USD Above 1.0350 Today - Analysis for July 4, 2012

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AUD/USD Elliott Wave
Since yesterday the AUD/USD pair was trading in a slight upward move, developing final wave 5 of the bigger wave 1 (coloured blue). During the European session we could observe descending movement toward the 1.0245 level. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and we could observe upward move that brings this pair to the new daily high 1.0295. Today during the Asian session we could observe continuation of the bullish mood and today we are expecting to see the end of the 5 impulsive wave (coloured pink). 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 measuring 1 wave with Take Profit at 1.0369 (100% of wave 1). Support at 1.0245 can be used as a Stop Loss point. Also it is necessary to know that U.S. banks have holidays so we can’t expect to see much volatility today in NY session.
Support and Resistance Levels
(S3) 1.0174 (S2) 1.0205 (S1) 1.0241 (PP) 1.0269 (R1) 1.0308 (R2) 1.0336 (R3) 1.0375
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 1.0300 with Stop Loss at 1.0245 and Take Profit at 1.0369 are recommended.

GOLD Intraday Technical Analysis 2012-07-03

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Gold is currently testing the intermediate resistance of its medium term bullish channel at 1,610 and seems to initiate a decline. However, a break through these levels will release good potential and reach the upper limit of this one to 1,644.
Technical indicators provide buy-signals but approaching to overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase 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 1,610 with the 1st objective at 1,620 and then at 1,625. A break through 1,607 will invalidate this scenario.

GOLD Intraday Technical Analysis 2012-07-02

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Gold is currently testing the intermediate resistance of its medium term bullish channel at 1,615 and seems to initiate a decline. However, a break through these levels will release good potential and reach the upper limit of this one to 1,644.
Technical indicators provide sell-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 increase 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 1,615 with the 1st objective at 1,625 and then at 1,630. A break through 1,612 will invalidate this scenario.