InstaForex Wave Analysis - page 160
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Technical outlook and chart setups:
The metal finds interim support at 19.70, just ahead of the rising trend line. Short-term view is still pointing towards a possible 21.00 mark but looking into gold setups, Silver has really been lagging behind in rallying towards fresh highs. It is recommended to book profits on long positions held earlier and remain flat for now. Aggressive traders may opt to initiate fresh short positions against the recent highs at 20.50 level. Immediate resistance is 20.50/60, followed by 22.50 on the higher side; while support is at 19.20/30 on the lower side.
Trading recommendations:
Book profits on long positions, initiate fresh shorts at 20.20/25, and stop is at 20.90.
EUR/JPY technical analysis for July 29, 2013
This week, the EUR/JPY pair continues its Bearish situation. It is already indicated by all the three moving averages making a "Death Cross" pattern. For today if the EUR/JPY pair can breach below the 129.75, this will be the sign for this currency to continue going down.
RECOMMENDATION:
SELL Stop (Pending Order) is at 129.74.
Take Profit is at 129.60.
Stop Loss is at 129.84.
USD/CAD technical analysis for July 30, 2013
Overview:
The resistance of USD/CAD sets at the level of 1.0425, therefore the bears are going to sell below 1.0425 because there is a double top on the price 1.0430. So it should also be noted that the resistance sets at the level of 1.0425, thus swing trade at 1.0425 in order to sell with the target of 1.0353, it might resume to 1.0250. Additionally, the trend will call for a bearish market on the level of 1.0500, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0560. However, the USD/CAD pair has still been trapped between 1.0504 (78% of Fibonacci retracement levels) and 1.0370 (50% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0250, then the bulls are going to buy above 1.0250 with the first target of 1.0365, it might resume to 1.0430.
It should be noted that Range: 55 pips, then a risk of 46 pips must make a profit of 82.5.
Volatility: 150.85, therefore the market indicates the higher volatility. (Volatility Formulas Variation = Average * (Higher - Lower)).
In the long term if the market calls for bearish then the price will form double bottom at the level of 1.0135.
More analysis - at instaforex.com
EUR/JPY technical analysis for July 31, 2013
With all the three moving averages still making a Death Cross formation pattern, no doubt EUR/JPY will extend the downtrend today, as long it does not touch 130.50. If this level is breached, then the downtrend will hold at least for today. RECOMMENDATION: Sell stop (pending order) at 129.74. Take profit at 129.60. Stop loss at 129.84.
EUR/USD technical analysis for August 1, 2013
Overview:
The EUR/USD's resistance was broken and it turned to support since yesterday, thus the pair has already formed a strong support at 1.3180 (this level will be formed at the weekly support 1) and a minor support will be set at the level of 1.3240. Moreover, it could not close below 1.3179 (23.6% Fibonacci retracements levels) and started indicating a bullish market, as well as the price placed above 23.6% Fibonacci for five days. Additionally, it should also be noted that the price has still been trapped between 61.8% Fibonacci retracement levels and 100%. Equally important, the RSI and the moving average (50) are still calling for uptrend. Therefore, the market indicates a bullish opportunity at level of 1.3179 at H1 or daily charts with the first target of 1.3240, and continues towards 1.3340. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.3130, thus the price will fall for a bearish market in order to go further towards the strong support at 1.3130 to test it again. Furthermore, it should be noted that the level of 1.3136 is going to form a double bottom. However, the resistance for August 1, 2013 will be set at the level of 1.3340. Therefore, it will be wise to sell at this level with the first target at the weekly pivot point 1.3237, and it will continue towards 1.3179.
USD/CHF: technical analysis for August 2, 2013
Overview:
USD/CHF: It should be noted that the price has still been trapped between 0.9380 -- 0.9343 and the price has been set below strong resistance at the level of 0.9425 (38.2% of Fibonacci retracement levels on H4 chart). Moreover, it is worth noting that these levels are coinciding between 23.6% and 38.2% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 0.9425 and it is now approaching it in order to test it. Therefore, the Swissy's downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9425 it will be a good sign to sell below 0.9425 with the first target of 0.9290 and it will call for downtrend in order to continue bearish towards 0.9228 next week in order to form double bottom at the level of 0.9228. Furthermore, it also should be noted that the price at 0.9285 will possible form a strong support (11% of Fibonacci retracement levels on H4 chart). So it will be saturation around 1.9285 to rebound the pair, as well probably the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.9290 with the first target of 0.9335 and continue towards 0.94.
Silver: Immediate resistance seen at 12.50 level
Technical outlook and chart setups:
Silver remains locked in a trading range for now. Support region is around 19.00/20, while resistance is around 12.30/50. As depicted here, the metal broke the rising counter trend line last week and is testing the backside, which is resistance now. It is recommended to initiate fresh short positions on a bearish signal appearance here. Immediate resistance is around the 20.50 mark, followed by 21.80/22.00 region; while support is now at 18.70/80 region. Looking lower on a turn around at the backside of trend line test.
Trading recommendations:
Flat for now. Looking to initiate short positions again.
Silver looking to move towards 19.00 before rallying
Technical outlook and chart setups:
The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen at 18.70 and lower. After this intermediary down move, the metal could be expected to rally towards 23.00 level and complete a 3 wave corrective rally. Aggressive trading strategy would be to remain short for now.
Trading recommendations:
Remain short, stop is above 20.50, and target is at 19.00.
GBP/CHF slide poised to accelerate. Remain short
Technical outlook and chart setups:
he currency pair tested the rising support line and fell back yesterday, as depicted in the Daily chart. Implications are bearish for GBP/CHF from here. Hence the recommendation is not changed - to maintain short positions for now. Immediate resistance would be at 1.4300 level, which was a high two days ago, followed by 1.44. Strong resistance is placed at 1.48 and 1.5. Looking into the wave structure, the next swing lows could be below 1.4 level in the coming days/weeks. Looking lower for now.
Trading recommendations:
Remain short, stop at 1.44, target is open
Elliott Wave analysis of EUR/NZD for August 8, 2013
Today's Support and Resistance levels:
R3: 1.6946
R2: 1.6872
R1: 1.6796
Current Spot: 1.6760
S1: 1.6718
S2: 1.6656
S3: 1.6623
Technical summary:
The break below the important support at 1.6771 yesterday invalidated my bullish count and told us, that the rally from the low of 1.6225 is only a B-wave in flat correction. Therefore, we will have to change our focus from the upside towards the downside until this ongoing correction is over.
I'm now looking for resistance at 1.6796 to protect the upside from a break below 1.6718, which will be the first good indication, that we can expect the impulsive decline lower at least towards 1.6623 and likely even deeper towards 1.6456.
In the short-term outlook, a break above 1.6799 will confuse the Picture, but only a break above 1.6872 will question the bigger Picture.
Trading recommendation:
The stop at 1.6765 was hit for a small loss. Sell EUR here at 1.6760 with a stop at 1.6875. Target is at 1.6225.
More analysis - at instaforex.com