InstaForex Wave Analysis - page 149

 

EurJpy rally extends to swing highs at 127.40/50. Flat for now

Technical outlook and chart setups:

As seen here on the 4H chart presented here, the single currency pair has extended rally from 124.00 level above recent swing highs at 127.00 region again. The recommended short positions around 125.90/126.00 region have not worked out as expected. Immediate chart support is now provided by 124.00 followed by 121.00 region and lower. A weekly resistance is at 127.90/128.00 region, which would be the immediate upside target for bulls for the moment. It is recommended to await clear pullback signals before entering trades at the moment.

Trading recommendations:

Flat for now. Preparing to go short again.

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GBP/USD technical analysis for February 7, 2013

DESCRIPTION:

Today, the pound still have a good and healthy bearish momentum, this is indicated by all the three Moving Averages still giving a "Death Cross" formation pattern. However since the 1.5775 level was breached by this currency three days ago, theoretically, the price was supposed to reach 1.5575 yesterday, but now it is still running at 1.5650. Bearish momentum for the pounds has slightly decreased.

Today the official Bank Rate/MPC Rate Statement will be released. Some fundamentalist forecast the rate will remain unchanged at 0.50%. We hope this news will be a booster for the bearish momentum for this currency today.

Recommendation:

Sell stop (pending order) at 1.5637.

Take profit 1 at 1.5623.

Take profit 2 at 1.5601 (optional).

Stop loss at 1.5659. Alternative:Buy stop (pending order) at 1.5683.

Take profit 1 at 1.5701.

Take profit 2 at 1.5730 (optional).

Stop loss at 1.5654.

More analysis - at instaforex.com

 

EUR/NZD Elliott Wave analysis for February 8, 2013

Today's support and resistance levels:

S1: 1.6043 R1: 1.6082

S2: 1.5990 R2: 1.6122

S3: 1.5970 R3: 1.6190

Technical overview:

We saw the expected break above the minor resistance line from 1.6359, but it was clearly a failure break, which is of concern to our overall bullish count. That said, a break below 1.5990 is needed to invalidate our count and cause reevaluation to a more bearish count. However, as long as important support at 1.5990 protects the downside, we will be looking for a break above 1.6081 and, more importantly, a break above 1.6147, which will confirm a new rally higher towards 1.6278 and 1.6359, towards the ideal target at 1.6524.

Trading recommendation:

We long EUR from 1.6045 and have stop+revers at 1.5985. If you have not opened a long position on EUR yet, then buy at a break above 1.6081 with the same stop+revers at 1.5985.

More analysis - at instaforex.com

 

EUR/JPY Elliott Wave analysis for February 11, 2013

Today's support and resistance levels:

S1: 123.43 R1: 124.44

S2: 122.98 R2: 124.90

S3: 122.20 R3: 125.57

Technical overview:

With the break below 124.01 we got the final confirmation, that wave 3 did indeed end at 127.70 and wave 4 now is in force. Wave 4 corrects wave 3 and as wave 3 clearly was an extended wave, we should at least see a 23.6% retracement of wave 3, that would mean a correction down to 121.24. A more normal correction would be a 38.2% correction of wave 3, which would take us down to 117.24. This levels also marks the bottom of wave 4 of one lessor degree and is a very common retracement target. As wave 2 was a running flat correction we will be looking for a more simple structure in wave 4, something like a simple zig-zag correction. In the short term, we are looking for a break below support at 123.42 for a continuation down to 122.98, where we expect wave a of 4 to end. Only a break above 124.50 will invalidate that call for a move towards the 125.70 - 126.05 area before going down again.

Trading recommendation:

We short EUR from 125.65 and will move our stop lower to 124.55. We will place our stop profit at 123.25.

More analysis - at instaforex.com

 

Hold on to GBP/CHF short positions from the 1.4505 level; downside may gain momentum

Technical outlook and chart setups:

As seen in the daily chart, the currency pair seems to have taken resistance at the Fibonacci 0.382, just around the 1.4500 level yesterday. Keeping it simple, it is expected to continue drifting down either from the 1.45 resistance level or from the 1.4700 level (the 0.618 Fibonacci resistance here). In any case, selling higher up rallies is recommended. Fresh lows below the 1.4100 mark should be seen soon enough now. The 1.4700 region would be the best sell entry if prices manage to reach there.

Trading recommendations:

Hold on to short positions taken yesterday. Move down risk to breakeven levels. Target open.

More analysis - at instaforex.com

 

GBP/USD technical analysis for February 14, 2013

DESCRIPTION:

The GBP/USD is still in the healthy and strong bearish momentum, which is indicated by all the three Moving Averages being still in the Death Cross formation pattern. This currency pair breached and closed bellow the 1.5575, now it will be going down to 1.5375, although 1.5685 can be reached; they will hold the bearish momentum for this currency.

Recommendation:

Sell stop (pending order) at 1.5519.

Take profit 1 at 1.5505.

Take profit 2 at 1.5482 (optional).

Stop loss at 1.5541.

Or

Buy stop (pending order) at 1.5564.

Take profit 1 at 1.5578.

Take profit 2 at 1.5600 (optional).

Stop loss at 1.5541.

More analysis - at instaforex.com

 

GBP/USD technical analysis for February 15, 2013

DESCRIPTION:

This currency pair is still driven by the healthy Bearish momentum and is now heading to 1.5375 as a target. Unless it goes to 1.5685, it will be a sign of weakness for the GBP/USD Bearish movement.

Recommendation:

Sell stop (pending order) at 1.5468.

Take profit 1 at 1.5446.

Take profit 2 at 1.5411 (optional).

Stop loss at 1.5502.

Or

Buy stop (pending order) at 1.5526.

Take profit at 1.5540.

Stop loss at 1.5516.

More analysis - at instaforex.com

 
GBP/USD technical analysis for February 15, 2013

DESCRIPTION:

After the AUD/USD breach above 1.0275 a few days ago, this currency is supposed to go to the target of 1.0475; but as we can see this currency cannot break the resistance 1.0375 and looks like this pair have lost a bullish momentum, now this pair wants to retest again 1.0200 as the psychological level. Recommendation:

Sell stop (pending order) at 1.0274.

Take profit at 1.0260.

Stop loss at 1.0284.

Or

Buy stop (pending order) at 1.0301.

Take profit at 1.0315.

Stop loss at 1.0291.

More analysis - at instaforex.com

 

GBP/USD technical analysis for February 19, 2013

DESCRIPTION:

Since yesterday this currency could not reach its target 1.5375, we assume the bearish movement from this currency has a decreased momentum as all the three Moving Averages still form the "Death Cross" pattern which indicates this currency still has a healthy downside movement.

Recommendation:

SELL stop (pending order) at 1.5450.

Take profit 1 at 1.5430.

Take profit 2 at 1.5398 (optional).

Stop loss at 1.5482.

Alternative:

BUY stop (pending order) at 1.5483.

Take profit 1 at 1.5492.

Take profit 2 at 1.5507 (optional).

Stop loss at 1.5468.

More analysis - at instaforex.com

 

GBP/CHF: move down risk to 1.4350 on short positions

Technical outlook and chart setups:

As depicted in the 4H chart, the currency pair is drifting South below the 1.42 mark, but it is yet to register fresh lows. As shown, 1.4350 is immediate resistance, followed by 1.4500, while intermediary support is in the 1.4150/70 region. It is recommended to hold on to short positions taken earlier and also reduce risk. A breakdown of 1.4170 would push prices rapidly towards 1.3900 and 1.3800 levels respectively.

Trading recommendations:

Hold on to short positions taken earlier, reduce Risk/Move stop lower to 1.4350, target 1.3900/1.3800.

More analysis - at instaforex.com