_____WEEKLY_______
Weekly - R3 = 1.3950
Weekly - R2 = 1.3853
Weekly - R1 = 1.3732
Weekly Pivot = 1.3635
Weekly - S1 = 1.3514
Weekly - S2 = 1.3417
Weekly - S3 = 1.3296
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Monday, January 31, 2011
Friday, January 28, 2011
EUR/USD wave analysis for January 28, 2011 2011-01-28
During yesterday’s trading the EUR/USD currency pair has finally reached the correction level 76.4%. At the same time, inner wave structure of the 5th wave in the estimated c does not look complete at the moment. It is worth mentioning that complex inner structure of the 5th wave gives the euro an opportunity to continue growth to the respective parity of the waves a and c near the 1.3830 level. However, given strongly overbought indicators, a reverse of the price down after another attempt to pass the 1.3740 – 1.3755 level.
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Thursday, January 27, 2011
The EUR/USD technical analysis and trading recommendations for January 27, 2011 2011-01-27
Overview:
The euro is still in the upside movement, the target level has been already passed, but there are no signs of completing movement. The formed signal is strong and confirmed since the Chinkou Span fixated above the price graph and the price is above the Ishimoku cloud. Thus, at the moment the first target for the upside movement is 1.3748 – the first resistance level. If this level is passed the next target will be the second resistance level at 1.3877. The upside movement continues while the price is above the Kijun-Sen(1.3580), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span fixed above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging again and directed up. The MACD is descending, however, we do not see the price moving down, which means that the indicator is resetting accumulated parameters, therefore it is might not be taken into consideration at the moment.
Trading recommendations:
Currently it is recommended to trade up with the target to 1.3748, and further to 1.3877. Stop Loss should be placed below 1.3580.
http://instaforex.com/forex_analysis/22139/?x=OUE
The euro is still in the upside movement, the target level has been already passed, but there are no signs of completing movement. The formed signal is strong and confirmed since the Chinkou Span fixated above the price graph and the price is above the Ishimoku cloud. Thus, at the moment the first target for the upside movement is 1.3748 – the first resistance level. If this level is passed the next target will be the second resistance level at 1.3877. The upside movement continues while the price is above the Kijun-Sen(1.3580), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span fixed above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging again and directed up. The MACD is descending, however, we do not see the price moving down, which means that the indicator is resetting accumulated parameters, therefore it is might not be taken into consideration at the moment.
Trading recommendations:
Currently it is recommended to trade up with the target to 1.3748, and further to 1.3877. Stop Loss should be placed below 1.3580.
http://instaforex.com/forex_analysis/22139/?x=OUE
Wednesday, January 26, 2011
The EUR/USD technical analysis and trading recommendations for January 26, 2011 2011-01-26
Overview:
The euro is still in the upside movement, the target level has been already passed, but there are no signs of completing movement. The formed signal is strong and confirmed since the Chinkou Span fixated above the price graph and the price is above the Ishimoku cloud. Thus, at the moment the first target for the upside movement is 1.3748 – the first resistance level. If this level is passed the next target will be the second resistance level at 1.3877. The upside movement continues while the price is above the Kijun-Sen(1.3550), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span fixed above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging again and directed up. The MACD is ascending, indicating the current upside movement.
Trading recommendations:
Currently it is recommended to trade up with the target to 1.3748, and further to 1.3877. Stop Loss should be placed below 1.3550. If the MACD reverses down it is recommended to cut long positions manually..
http://instaforex.com/forex_analysis/22063/?x=OUE
The euro is still in the upside movement, the target level has been already passed, but there are no signs of completing movement. The formed signal is strong and confirmed since the Chinkou Span fixated above the price graph and the price is above the Ishimoku cloud. Thus, at the moment the first target for the upside movement is 1.3748 – the first resistance level. If this level is passed the next target will be the second resistance level at 1.3877. The upside movement continues while the price is above the Kijun-Sen(1.3550), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span fixed above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show the continuing upside movement, the lines are diverging again and directed up. The MACD is ascending, indicating the current upside movement.
Trading recommendations:
Currently it is recommended to trade up with the target to 1.3748, and further to 1.3877. Stop Loss should be placed below 1.3550. If the MACD reverses down it is recommended to cut long positions manually..
http://instaforex.com/forex_analysis/22063/?x=OUE
Tuesday, January 25, 2011
USD/CAD technical analysis for January 25, 2011 2011-01-25
Support levels: 0.9820, 0.9711, 0.9650
Resistance levels: 1.0050, 1.0212, 1.0290
On a 4-hour graph the USD/CAD is demonstrating downside movement again. Earlier the USD/CAD has bounced off after refreshing a multi-month low.
At the moment the viewpoint to the pair is neutral. As mentioned before, if the USD/CAD breaks the 0.9980 resistance level further advance to 1.0212 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
However, if a reversal takes place break of the 0.9820 support level will target the pair to 0.9711.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as a target. However, this downside movement is probably a correction, and strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target. www.instaforex.com/?x=fxrebate
Resistance levels: 1.0050, 1.0212, 1.0290
On a 4-hour graph the USD/CAD is demonstrating downside movement again. Earlier the USD/CAD has bounced off after refreshing a multi-month low.
At the moment the viewpoint to the pair is neutral. As mentioned before, if the USD/CAD breaks the 0.9980 resistance level further advance to 1.0212 should be expected. Further break of the 1.0380 level will denote that the rollback from 1.0680 is completed and further growth should be expected.
However, if a reversal takes place break of the 0.9820 support level will target the pair to 0.9711.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as a target. However, this downside movement is probably a correction, and strong support level is located near 0.9056-0.9700.
Thus, if a reversal takes place, the breakout of 1.0851 will prove the downtrend broken through from 1.3063. In this case the USD/CAD is expected to go up to the resistance level 1.1126 with 1.1866 as the next target. www.instaforex.com/?x=fxrebate
Wednesday, January 19, 2011
USD/JPY candlestick analysis for January 19, 2011
The USD/JPY pair is declining further from 83.67 after it has successfully broken the 82.35 support level. As mentioned before, if the support level 80.93 is broken, long positions should be closed as a break of this level will cause the pair to decrease to 80.20.
Earlier on a 4-hour graph the USD/JPY pair has formed Hammer candlestick, indicating upside movement. This candlestick shows that the currency pair was decreasing for several days, but rebounded near 80.93.
This viewpoint is supported by the fact the pair has successfully broken the 23.6 Fibonacci correction level. Breakout of the resistance level 82.85 has targeted the pair to 84.50.
Earlier on a 4-hour graph the USD/JPY pair has formed Hammer candlestick, indicating upside movement. This candlestick shows that the currency pair was decreasing for several days, but rebounded near 80.93.
This viewpoint is supported by the fact the pair has successfully broken the 23.6 Fibonacci correction level. Breakout of the resistance level 82.85 has targeted the pair to 84.50.
USD/CAD technical analysis for January 19, 2011
Support levels: 0.9820, 0.9711, 0.9650
Resistance levels: 0.9980, 1.0212, 1.0290
On a 4-hour graph the USD/CAD is bouncing off after refreshing a multi-month low. The viewpoint to the pair is still bearish as the downtrend remains. As mentioned before, the breakout of the 0.9890 support level allowed this pair to reach 0.9820 with 0.9711 as the next target.
Moreover, this breakout has provided certain interest to selling and quite significant interest to purchase from corporate market participants.
Nevertheless, if a reversal takes place and the USD/CAD breaks the 0.9980 resistance level, this will lead to upside motion with the target to 1.0212. Further breakout of 1.0380 will denote the end of a rollback from 1.0680 and that further advance should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as a target. However, this downside movement is probably a correction, and strong support level is located near 0.9056-0.9700.
Thus, in case the reversal takes place, then the breakout of 1.0851 will confirm that the downtrend from 1.3063 is broken through. In this case it is expected that the USD/CAD will move upside to the resistance level at 1.1126 with 1.1866 as the next target.
Resistance levels: 0.9980, 1.0212, 1.0290
On a 4-hour graph the USD/CAD is bouncing off after refreshing a multi-month low. The viewpoint to the pair is still bearish as the downtrend remains. As mentioned before, the breakout of the 0.9890 support level allowed this pair to reach 0.9820 with 0.9711 as the next target.
Moreover, this breakout has provided certain interest to selling and quite significant interest to purchase from corporate market participants.
Nevertheless, if a reversal takes place and the USD/CAD breaks the 0.9980 resistance level, this will lead to upside motion with the target to 1.0212. Further breakout of 1.0380 will denote the end of a rollback from 1.0680 and that further advance should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as a target. However, this downside movement is probably a correction, and strong support level is located near 0.9056-0.9700.
Thus, in case the reversal takes place, then the breakout of 1.0851 will confirm that the downtrend from 1.3063 is broken through. In this case it is expected that the USD/CAD will move upside to the resistance level at 1.1126 with 1.1866 as the next target.
EUR/GBP candlestick analysis (long term view) 2011-01-19
This week the EUR/GBP pair continued trading down. Earlier the EUR/GBP dropped after it could not break the support level at 0.8650.
As mentioned before, successful breakout of the support level near 0.8430-0.8450 targeted the pair to 0.8143.
The view on the currency pair remains bearish as earlier the EUR/GBP has formed a combination of Bearish Engulfing candlesticks in a downward trend.
In addition, the support level breakthrough at 0.8535 proves that this point of view is correct. Now the pair is likely to decline to 0.7750-0.7700.
The downside movement is supported by the fact that this combination of candlesticks was formed near the upper line of the downward trend where the bulls could not solidify, the bears started increasing their influence and the rebound took place.
It is worth pointing out that short positions should be closed in case of breakthrough of Fibonacci correction level 50.0, as it will mean that the downtrend is overcome and the currency pair will target to 0.98.
As mentioned before, successful breakout of the support level near 0.8430-0.8450 targeted the pair to 0.8143.
The view on the currency pair remains bearish as earlier the EUR/GBP has formed a combination of Bearish Engulfing candlesticks in a downward trend.
In addition, the support level breakthrough at 0.8535 proves that this point of view is correct. Now the pair is likely to decline to 0.7750-0.7700.
The downside movement is supported by the fact that this combination of candlesticks was formed near the upper line of the downward trend where the bulls could not solidify, the bears started increasing their influence and the rebound took place.
It is worth pointing out that short positions should be closed in case of breakthrough of Fibonacci correction level 50.0, as it will mean that the downtrend is overcome and the currency pair will target to 0.98.
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