GOLD Intraday Technical Analysis 2012-06-08

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Gold is currently testing the intermediate support of its mid-term bearish channel at 1.550 suggesting a rebound. However, a break through this level will trigger a decline to a lower limit – 1.510.
Technical indicators provide BUY signals and are approaching the oversold 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 the short term.
According to the previous events, the market will provide a bullish opportunity at the level of 1.550 with the 1st objective at 1.560 and then at 1.565. A break through 1.547 will alter this scenario.

GBP/USD Intraday Technical Analysis 2012-06-07

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The spot rate has broken the intermediate resistance of its medium term bearish channel at 1.5430 resulting in acceleration. A pull back on these levels is expected before the upper limit of its channel in 1.5580 is reached.
Technical indicators provide sellers signals supporting the assumption of a pull back. Bollinger bands are much discarded due to the strong increase that took place these days. The situation is expected to stabilize in the nearest future.
According to previous events the market will provide a bullish opportunity at the level of 1.5430 with the 1st objectives seen at 1.5490 and 1.5520. A breakdown of 1.5410 will reverse this scenario.

GBP/USD Wave Analysis for June 6, 2012

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Wave marking analysis:
Yesterday the GBP/USD pair continued the consolidation between 1.5400 and 1.5340 supposedly forming the horizontal part of the trend within more prolonged ascending corrective structure. If that proves to be so, then after the completion of the wave B the pair is likely to resume the growth of quotes towards correction level of 23.6%, located above the point 1.5500. At the same time, the unexpected reaction on Bank of England’s decision can lead to the rapid growth of the pound or even to the return of the price in the area of highs of May.

Targets for further elaboration of the wave 3 in C or 3 of the downside part of the trend:
1.5267 and lower – low of the wave 5
Targets for the option with corrective waves a-b-c:
1.5386 – 11.4% of Fibonacci
1.5511 – 23.6% of Fibonacci
General conclusions and trading recommendations:
The current ascending part of the trend continues its development. The intermediary target is seen at the 1.5267 which is the low of the wave 5. Presently the quotes can reach the levels of 1.5386 and 1.5511 which is equal to 11.4% and 23.6% of Fibonacci within the 3-wave corrective structure. The downside channel points at possible prospective for the downward part of the trend. No divergence/convergence was formed.

USD/CAD Intraday Technical Analysis and Trading Recommendations for June 5, 2012

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Intraday Technical Outlook:
The USD/CAD pair was trading within the depicted uptrend line started on the 3rd of May. However, its movement has been sideways or tending to be bearish for the last two days.
The USD/CAD made bearish breakout below the Yellow & Blue channels which indicates some bearish tendency of the pair.
The backside of the lower limit of the broken channels is being tested around price level 1.0420 which also corresponds to the upper limit of the Violet Channel.
The USD/CAD pair INTRADAY outlook remains bearish as long as the pair is trading below 1.0445.
In the short-term prospective, the USD/CAD pair remains bullish as long as the pair is trading above Support Level 1.0310 then above the previous congestion zone 1.0230-1.0150 on the mid-term.
Intraday Support & Resistance Levels:
Support :
S1: 1.0370
S2: 1.0300
S3:1.0230
S4: 1.0150.
Resistance :
R1: 1.0400
R2 : 1.0450.
Trade Recommendations:
If you have current SELL entry taken at price level 1.0440, keep holding it with some profit taking at 1.0370 and move its SL to breakeven.
- Price Level 1.0420 constitutes a valid intraday SELL entry with SL located above 1.0470 & TP levels at 1.0390 & 1.0340.
- Price Level 1.0300 constitutes a valid BUY entry with SL located below 1.0220 while TP levels are to be located at 1.0350, 1.0395 & 1.0475.

InstaForex

GBP/JPY Elliott Wave Count and Fibonacci Levels for June 4, 2012

The GBP/JPY pair is developing an impulse wave C of the medium term downtrend from 129.32 (light green in the chart) including three subwaves (magenta in the chart) and an impulse subwave C developing from 126.39. Within this wave we also have four subwaves (red in the chart) and potential corrective subwave 4 developing from 118.74.
Presently the downside targets are Fibonacci expansions of 129.33-124.59-126.39, 126.39-124.08-125.03, 125.03-118.74-120.77.
Supports:
- 118.72 = expanded objective point (XOP)
- 116.88 = contracted objective point (COP)
If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of 125.03-118.74.
Resistances:
- 121.14 = .382 retracement
- 121.88 = .50 ret
- 122.63 = .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 (20-35 pips above the current prices). Consider the opportunities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.

InstaForex

GBP/USD Intraday Technical Analysis 2012-06-01

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The spot rate is presently testing the lower limit of its medium term bearish channel at 1.5340 and is likely to initiate a rebound. However, a breakdown of these levels will reveal significant potential and initiate a more violent bearish trend.
Technical indicators provide buyers signals and evolving in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong recent decline. The situation is likely to stabilize soon.
According to previous events the market will provide a bullish opportunity at the level of 1.5340 with 1st objectives seen at 1.5400 and 1.5420. A breakdown of 1.5320 will cancel this scenario.

InstaForex

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.