InstaForex Wave Analysis - page 141
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EUR/USD Intraday Technical Analysis
The spot rate is currently testing the upper limit of its medium-term bullish channel at 101.80 suggesting a decline. However, a break of these levels will free a large potential and initiate a more violent bullish channel.
Technical indicators provide sell signals supporting the assumption of a decline in a short term. Bollinger bands have stabilized showing a more regular volatility. Furthermore, the superior band evolves on the level of the spot rate supporting the hypothesis of a violent movement in case of failure.
The spot rate is currently testing the upper limit of its channel we suggest 2 scenarios: the first one is the hypothesis of a decline where we recommend a sell on the level of 101.80 with the 1st objective at 101.20 and then at 101.00. A breakthrough of 102.00 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 101.80 with the 1st objective at 102.40 and then at 102.60. A breakthrough of 101.60 will invalidate this scenario.
USD/JPY Intraday Technical Levels for October 08, 2012
TODAY's TECHNICAL LEVELS:
Resistance 3: 79.08.
Resistance 2: 78.92.
Resistance 1: 78.77.
Support 1: 78.58.
Support 2: 78.43.
Support 3: 78.27.
DESCRIPTION:
Please, pay attention to the levels of support 3 (78.27) and resistance 3 (79.08), in general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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USD/JPY Intraday Technical Levels for October 09, 2012
Today's Technical Levels:
Resistance 3: 78.68.
Resistance 2: 78.53.
Resistance 1: 78.37.
Support 1: 78.18.
Support 2: 78.02.
Support 3: 77.86.
Description:
Please, pay attention to the levels of support 3 (77.86) and resistance 3 (78.68). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
1.4900 Still Remains A Possibility For GbpChf
Technical Outlook and Chart Setups:
As it was discussed yesterday, the single currency pair produced Bullish Engulfing Pattern just shy of 1.4900 level. Longs were recommended around 1.5 level and prices still have a bit more room left on the upside. Sequence of lower lows and lower highs is forming at the moment, so it is suggested to book small profits on long positions. As depicted above, the downside Fibonacci extensions spread through 1.4900 (shown in red). Furthermore, trend line convergence is also at the same level. There is a possibility that prices fall back to 1.4900 and bounce thereafter. On the other side, bulls will gain more makeweight if prices take out 1.5250 resistance from here on. Keeping it simple, taking small profits should be the trade mantra. 1.4900 remains key to the bears, while 1.5250 remains key to the bulls.
Trade Recommendations:
Book profits from longs taken yesterday. Scalp between 1.4900 (go long) and 1.5100 (go short).
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USD/JPY Intraday Technical Levels for October 11, 2012
Resistance 3: 78.49.
Resistance 2: 78.34.
Resistance 1: 78.18.
Support 1: 77.99.
Support 2: 77.84.
Support 3: 77.68.
Please, pay attention to the levels of support 3 (77.68) and resistance 3 (78.49). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
More analysis - at instaforex.com
USD/JPY Intraday Technical Levels for October 11, 2012
Resistance 3: 78.49.
Resistance 2: 78.34.
Resistance 1: 78.18.
Support 1: 77.99.
Support 2: 77.84.
Support 3: 77.68.
Please, pay attention to the levels of support 3 (77.68) and resistance 3 (78.49). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
EUR/JPY - Elliott Wave Analysis for October 15 - 2012
Today's Support and Resistance Levels:
S1: 101.17 R1: 101.52
S2: 100.90 R2: 101.68
S3: 100.71 R3: 101.91
Technical Overview:
Our Triangle scenario continues to work as it was expected. We reached the lower part of our target in the range 101.89 to 102.08 with the test of 101.91 on Friday. It could be entire wave D of the Triangle, but as the Triangle draws to its conclusion it becomes more difficult to separate the waves. However, if we break back above 101.51 we should see a move closer to the top of our range at 102.08. If we do not see a break above 101.51, but we will do it below 100.88, we could see wave E towards 100.55, which should prove to be a nice buying opportunity as we expect the Triangle to move towards the upside. Triangles always predict the last rally in the direction of the underlying trend, which means that once the Triangle has finished and we have seen a break towards the upside we know that there will be the last rally higher starting from 94.10. Trading Recommendation: We were long EUR from 100.25 and took profit on Friday at 101.85. Now we are looking to re-buy EUR. We will buy EUR at 100.65 or upon a break above 102.80.
EUR/JPY Intraday Technical Analysis
The spot rate is currently testing the upper limit of its medium-term bearish channel at 102.30 suggesting a decline. However, a break of these levels will initiate a bullish channel.
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.
The spot rate is currently testing the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 102.30 with the 1st objective at 101.70 and then at 101.50. A breakthrough of 102.50 will invalidate this scenario. The second scenario is a break of its resistance where we recommend a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 102.30 with the 1st objective at 102.90 and then at 103.10. A breakthrough of 102.10 will invalidate this scenario.
More analysis - at instaforex.com