Technical analysis on EU,GU and majors

[bhanu545]

The spot rate broke the lower limit of its medium term bullish channel at 1.3290 leading to acceleration. A pull back at these levels is expected before a resumption of bearish sentiment and this will free a large potential.
Technical indicators provides sell-signals but approaching the oversell zone supporting the assumptions of a pull back. Bollinger bands are much discarded as a result of the strong decline of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bearish opportunity at the levels of 1.3290 with the 1st objective of 1.3220, then 1.3200. A break though 1.3310 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

[YES]

I actually can't believe it. The 1.20 floor has been tested on the EURCHF. A retest of 1.20 on the books maybe?

[bhanu545]

The spot rate has broken the intermediate support of its medium term bearish channel in 1.3090 resulting in acceleration. A pull back on these levels is expected before that the reaching of the lower limit of its channel in the point 1.2910.

Technical indicators do not provide clear signals but evolvement in the oversell zone confirms the assumption of a rebound. Bollinger bands are much discarded due to the strong increase of these days. The situation is expected to stabilize soon.

Proceeding from the previous situation, the market indicates a bearish opportunity at levels 1.3090 with 1st objectives seen at 1.3030 and 1.3010 levels. A breakdown in 1.3110 will reverse this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

[bhanu545]

Wave marking analysis:
Having completed during the yesterday’s Asian session the formation of the 4th wave, the GBP/USD pair resumed the descending movement and has nearly reached the level of figure 58. The downside movement that begun on April 2 is presently looking as completed 5-wave structure. If that proves to be so, the pair will probably rebound from last day’s low towards the point 1.5950. at the same time, considering the strong interest to dollar on the market, the 5th wave will apparently be prolonged resulting in decrease of quotes and testing of the level 1.5700.

Genera conclusions and trading recommendations:
At the moment the new downside part of the trend is being formed within the wave 1 or A. Intermediate targets are seen at Fibonacci levels 1.5779 and 1.5712 which are equal to 61.8% and 76.4% of Fibonacci respectively. The inner wave structure of the current wave points at the development of the wave 5 inside it indicating the possible growth of the pair in the nearest future. This growth is expected to take place within the wave 2 or B that may rise the quotes towards 1.5954 that corresponds to 23.6% of Fibonacci.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2012

[bhanu545]

The spot rate is presently testing the intermediate resistance of its medium term bullish channel in 1.5920 and is liklely to decline. However, a breakdown of these levels will enable to reach its upper limit in the point 1.6070.

Technical indicators do not provide clear signals but as the resistance remains unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded as a result of the strong decline of these days. The situation is expected to stabilize in the nearest future.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

[bhanu545]

The spot rate is currently testing the lower limit of its medium term bullish channel in 1.3030 indicating a possible rebound. However, breakdown of these levels will reveal significant potential and entail a bearish channel.

Technical indicators provide signals for Buy-deals; approaching the oversell zone confirms the possibility of a rebound. Bollinger bands are much discarded due to the strong decline of these days. The situation is expected to stabilize soon.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

[YES]

1.3150 seems to be the resistence level which needs to be broken in the EUR/USD. Until that level is broken and closed above on the daily, I'm still bearish with an expected retest of 1.30.

What do you think?

[bhanu545]

GBP/USD Elliott Wave
The GBP/USD pair was trading in an upward channel for last few days. During the Monday's European session we could observe the price testing 100EMA Resistance, therefore during the New York session the GBP/USD pair continued to trade in a bullish mood and price reached the 1.0591 level. Today during the Asian session we could observe the price at 1.5930 (5-day high). We can consider this move as wave B (coloured pink). Presently we can observe C wave of the bigger 2 wave (coloured blue). In accordance with our wave rules and taking into account that the wave C is as equal as wave A, we can define the potential targets with Fibonacci extensions (1.6061-1.5804-1.5930); the First Take Profit at 1.5771 (61.8% of wave A) and Second Take Profit at 1.5673 (100% of wave A). For Stop Loss we can use the resistance level at 1.5910. Also it is necessary to consider the data concerning the U.S. IBD/TIPP economic optimism, wholesale inventories m/m, FOMC member Lockhart Speech and EU Sentix Investor Confidence that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.5802 (S2) 1.5832 (S1) 1.5850 (PP) 1.5880 (R1) 1.5910 (R2) 1.5928 (R3) 1.5958

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.5870 with Stop Loss at 1.5910,Take Profit 1 at 1.5771 and Take Profit 2 at 1.5673 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012

[bhanu545]

The spot rate is currently testing the intermediate resistance of its medium term bullish channel at 1.3160 suggesting a decline. However, a break through these levels will allow it to reach the upper limit of its channel at 1.3530.
Technical indicators provide sell-signals and until the resistance is unbroken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline recently. Stabilization is expected in the short term.
According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has punctured its resistance at 1.3160 with the 1st objective of 1.3220, then of 1.3250. A break though 1.3140 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

[bhanu545]

The spot rate is presently testing the intermediate resistance of its medium term bullish channel in 1.5930 and is likley to decline. However, a breakdown of these levels will enable to reach the upper limit of the channel in the point 1.6080.

Technical indicators provide signals for Buy-deals but as the resistance remains unbroken, the pair is most likely. Bollinger bands have significantly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.5930 with 1st objectives seen at 1.5990 and 1.6020 levels. A breakdown in 1.5910 will cancel this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012