GBP/USD Intraday Technical Analysis for March 30, 2012

Pivot Point: 1.5915.

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GBP/USD:

• Resistance: 1.6000. (Sell below this level).
• Support: 1.5785. (Buy above this level).
  

Trading Recommendations:

According to the previous events, the price is still located between 1.579 and 1.598 levels.

BUY-deals are recommended higher than the 1.58 level with targets at levels 1.585 and 1.594.
The descending movement will probably take place lower than the 1.6 level with the first targets seen at 1.594, 1.59 and 1.586 levels.

Overview:

It should be mentioned that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning the previous events, the price is still between the levels 1.598 and 1.579, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.58 level with its first target seen at level 1.585. From this point the pair is likely to begin the ascending movement to the point 1.59 and further to the level 1.594. However, if the pair does not manage to pass through the level 1.6015, the market will indicate a bearish opportunity below the strong resistance level 1.6. In this regard, SELL-deals are recommended lower than the 1.6 level with the point 1.595 seen as first target. The pair is likely to turn to downwards continuing the development of the bearish trend to the level 1.585.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 29, 2012

 

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The GBP/USD currency pair now has an obvious bullish trend within the depicted bullish channel.
GBP/USD had approached the upper limit of the shown bullish channel but couldn't reach it showing obvious bearish reaction towards 1.6000.
The pair has a significant support level at 1.5858 which corresponds to the lower limit of the bullish channel and two Fibonacci levels illustrated on the chart.
This support level 1.5858 was tested during yesterday's deals with daily low at 1.5841 showing significant bullish rejection confirming our LONG position.
This support level is expected to be defended by bulls allowing the pair to resume its bullish movement towards 1.5940 and 1.5995 initially.
Breaking through 1.5800 invalidates the bullish scenario in the short-term view.
Break and 4H closure below 1.5845 opens the way for a strong bearish movement to occur towards 1.5815 & 1.5766.</sup>

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 28, 2012

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The GBP/USD currency pair now has an obvious bullish trend within the depicted bullish channel.
GBP/USD had approached the upper limit of the depicted bullish channel but couldn't reach it showing obvious bearish reaction towards 1.6000.
The pair has a significant support level at 1.5858 which corresponds to the lower limit of the bullish channel and two Fibonacci levels illustrated on the chart.
This support level is expected to be defended by bulls allowing the pair to resume its bullish movement towards 1.5940, 1.5995 initially.
Breaking through 1.5800 invalidates the bullish scenario in the short-term view.

GBP/USD Intraday Technical Analysis 2012-03-27

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The spot rate is presently testing the upper limit of its medium term bullish channel in 1.6000 and is likely to initiate a decline. However, if these levels are passed through, the revealed potential will result in more violent movement of a bullish trend.
Technical indicators provides buyers signals and approaching the overbuy zone supporting the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.6000 with 1st objectives 1.6060 and1.6080. In case the level 1.5980 is passed through, the proposed scenario will be invalidated.

GBP/USD Weekly Technical Levels for March 26 - 30, 2012

Weekly Technical Levels:

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Tip (s):

R3 and S3 are clear indicators of the maximum range for the period of extreme volatility. Nevertheless, it is still possible to break them through.
Pivot lines work well on sideways markets, as prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price will be located below the pivot point line and will continue its movement.
In case of the breaking news release that may influence the market, the price may go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Time Frame: H1 // H4.

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Drag your Fibonacci retracement levels from the lower to the higher levels of the last week from the 19^th of February to the 23^rd of February, 2012 in order to determine the low and high of the price.

Average = (Higher - Lower) / 2
Average = 1.5846

• Range: 152 pips.
• The value of 50% Fibonacci retracement levels: 1.5846.
• In the point 1.60 a strong resistance will be formed.
• In the point 1.54 a strong support will be formed.
• Volatility: 240.9. Thus, the market indicates the higher volatility.
• It is necessary to mention that the price is still located between the points 1.58 and 1.5615.

Observation (s):

• If the trend goes upwards, then the strength of the currency will be defined as: GBP is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine the accurate psychological support and resistance levels.
• Volatility Formulas: Variation = Average * (Higher - Lower).

AUD/USD Elliott Wave Count for March 23, 2012

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Market Overview
Yesterday the AUD/USD pair was trading within a downward movement. During the European session the major started a descending movement to the 1.0355 level. Therefore, during the New York session we could observe the continuation of the bearish mood; the price reached a new 9-weeks low at 1.0336. The AUD/USD pair did not manage to hold this level and at the end of the New York session the price has moved a bit higher towards1.0385 level. Today during the Asian session we could observe an upward movement to the 1.0420 level.The AUD/USD pair is expected to test 200EMA resistance at 1.0500 level today. Also it is necessary to consider the data concerning the USD New Home Sales that can affect the rate of the pair.
Support and Resistance levels
(S3) 1.0254 (S2) 1.0311 (S1) 1.0345 (PP) 1.0402 (R1) 1.0459 (R2) 1.0493 (R3) 1.0550
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished A wave (colored pink) of the bigger B wave (colored blue) in the point 1.0636 and wave B (colored pink) in the point 1.0335 level. Presently we can observe the beginning of the final C wave of the bigger B wave. Proceeding from our wave rules and considering that the wave C is equal to the A wave, we can define the potential targets with the help of Fibonacci extension (1.0422-1.0636-1.0335) with first Take Profit at level 1.0550 (100% of the wave A) and second Take Profit at 1.0650 (161.8% of the wave A). For Stop Loss we can use 1.0335 invalidation point.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin an upward movement. That is why long positions at levels 1.0490 with Stop Loss at 1.0335,Take Profit 1.0550 and Take Profit 2 at 1.0650 are recommended.

USD/JPY Intraday Technical Levels for March 22, 2012

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TODAY's TECHNICAL LEVELS:

Resistance. 3 : 83.73.
Resistance. 2 : 83.57.
Resistance. 1 : 83.40.
Support. 1 : 83.20.
Support. 2 : 83.04.
Support. 3 : 82.87.

DESCRIPTION :

Please, pay attention to the levels of support. 3 (82.87) and resistance. 3 (83.73), in general, when the level is touched, USD/JPY will retrace from the previous minimum by10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.

GBP/USD Intraday Technical Analysis 2012-03-21

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The price is now testing the upper limit of its medium term bearish channel at 1.5910 and seems to initiate a decline. Though puncturing through these levels will free up significant potential and start a bullish trend.
Technical indicators provide sell-signals and are getting closer to the overbuy zone supporting the assumptions of a decline. Bollinger bands are much discarded as a result of a strong increase during these days. 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 broken its resistance at 1.5910 with the 1st objective of 1.5970, then 1.5990. A break through 1.5890 will change the plan.

USD/JPY Intraday Technical Levels for March 20, 2012

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TODAY's TECHNICAL LEVEL :

Resistance. 3 : 83.83.
Resistance. 2 : 83.66.
Resistance. 1 : 83.50.
Support. 1 : 83.29.
Support. 2 : 83.13.
Support. 3 : 82.96.

DESCRIPTION :

Please, pay attention to the support 3 (82.96) and resistance 3 (83.83) levels. In general, when a level has been reached, the USD/JPY pair 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 of that these currencies have found today's trends.

USD/JPY: Weekly Technical Levels for March 19 -23, 2012.

Weekly Technical Levels:

Tip (s):

R3 and S3 are considered as clear indicators of the maximum range of extreme volatility though it is possible to pass them through.
Pivot lines work well on sideways markets, as the prices are most likely to be located between the R1 and S1 line.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.

Time Frame: H1 // H4.

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Fibonacci retracement levels are to be replaced from the last week's lower levels (those of the 12^th of February) to the higher levels (those of the 16^th of February 2012) in order to determine the low and high price.

Average = (Higher - Lower) / 2
Average = 83.06

• Range: 212 pips.
• The value of 50% Fibonacci retracement levels: 83.06.
• At 85.40 a strong resistance is expected to be formed.
• At 81.00 a strong support is expected to be formed.
• Volatility: 1835.73. Thus, the market indicates the higher volatility level.
• It should be noted that the price remains between 81.90 and 84.40 levels.

• Observation (s):

  • If the trend is of upside character, then the strength of the currency will be defined as following: USD is an uptrend and JPY is a downtrend.
  • Most of traders use the Fibonacci retracement to determine accurately the psychological level of support and resistance.
  • Volatility Formulas: Variation = Average * (Higher - Lower).

USD/JPY Technical Analysis and Trading Recommendations for March 16, 2012

4H

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General situation:
Analyzing the USD/JPY market for March 16, it is evident that in the course of the yesterdays deals the price rebounded from the second resistance level and declined to the first resistance level indicating a current correction. The current signal for Buy-deals is confirmed as Chinkou Span is located above the price chart and the price is fixed above the Ichimoku Cloud. Thus, the target for the ascending movement is seen at the second resistance level 83.94. In case it has been overcome, the third resistance level 85.24 will be considered as the next target. The upward movement will remain relevant as long as the price is higher than the Kijun-Sen (83.05). In case the price is fixed below this line, the further elaboration of the signal for Buy-deals will be questioned indicating a possible reversal of the price to downwards and a bullish mood on the USD/JPY market. Bollinger Bands indicates the ascending movement, lines are slightly tightened reflecting the current correction and directed upwards. Thus, long positions are considered as relevant. MACD is directed downwards indicating the current descending movement. Therefore, it is recommended to refrain from opening the long positions until the MACD reverses to upside providing the signal for bullish trade.

Trading recommendations:
On the USD/JPY market it is recommended to consider Buy-positions with target seen at the 83.94 level. In case this level is passed through, the point 85.24 will be considered as the next target. Stop Loss is to be placed below the point 83.05. As the price goes higher, Stop Loss can be replaced upside. If the MACD reverses to upwards, it will be possible to open the long positions. If the price passes 30-40 pips to the required side, the Stop Loss can be placed to the non-loss area. Take Profits are be placed approximately at levels 83.85 and 8510.
Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.
Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 15, 2012

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GBP/USD currency pair is now testing the lower limit of both Violet and Yellow channels at 1.5640 which constitute a considerable intraday support level.
Bullish presence at 1.5640 is obvious indicating that the bulls are still intact. However breaking through 1.5640 allows bears to resume their pressure initiated yesterday at 1.5740.
The pair has an intraday resistance level at 1.5700-1.5710 which corresponds to the upper limit of the violet channel and the intermediate line of both yellow and blue channels.
The stronger Intraday resistance is located at 1.5750-1.5760 which corresponds to the upper limit of both blue and yellow channels.
SELLing at the previously mentioned resistance levels is recommeded with TP at 1.5700, 1.5650 and 1.5575 levels while the SL is to be located above the 1.5770 level.

GBP/USD Intraday Technical Analysis for March 14, 2012

Pivot Point: 1.5682.

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GBP/USD:

• Resistance: 1.5815. (Sell below this level).
• Support: 1.552. (Buy above this level).
  

  Trading Recommendations:

  
  According to the previous events, the price is still located between 1.5645 and 1.5945 levels.
  
  BUY-deals are recommended higher than the 1.552 level with targets at levels 1.571 and 1.5825.
  The descending movement will probably take place lower than the 1.5815 level with the first targets seen at 1.57, 1.565 and 1.553 levels.

• Signals:

  SELL (Short) : at 1.5735
  
  • Take Profit 1 : at 1.5615
  • Take Profit 2 : at 1.5520
  • Stop Loss : at 1.5850
    

    Overview:

    
    It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning the previous events, the price is still between the levels 1.5945 and 1.5645 so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.552 level with its first target seen at level 1.56. From this point the pair is likely to begin the ascending movement to the point 1.572 and further to the level to 1.58. However, if the pair does not manage to pass through the level 1.5815, the market will indicate a bearish opportunity below the strong resistance level 1.5815. In this regard, SELL-deals are recommended lower than the 1.5815 level with the point 1.57 seen as first target. The pair is likely to turn to downwards continuing the development of the bearish trend to the level 1.555.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 13, 2012

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Yesterday, the GBP/USD pair hit the remaining TP level for the H&S pattern at 1.5630 recording a daily low at 1.5601.
Trading below 1.5650 enabled the pair to reach 1.5600 quickly. However, the pair is not managed to break through the level 1.5650. Instead it shows some bullish rejection towards 1.5600.
The pair has established a new short-term downtrend line enabling the SELL-deals at 1.5740-1.5750 level which corresponds to the downtrend line & confluence of two fibonacci levels 61.8% & 38.2% of the depicted swings.
The targets for this SELL-deals are located at 1.5700, 1.5650 and 1.5590 levels while the SL is to be located above the 1.5870 level.

EUR/USD Intraday Technical Levels for March 12, 2012

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TODAY's TECHNICAL LEVEL :

Breakout BUY Level : 1.3184.
Strong Resistance : 1.3176.
Original Resistance : 1.3165.
Inner Sell Area : 1.3152.
Target Inner Area : 1.3121.
Inner Buy Area : 1.3088.
Original Support : 1.3077.
Strong Support : 1.3064.
Breakout SELL Level : 1.3056.

DESCRIPTION :

Today the EUR/USD pair has support and resistance levels in the points 1.3077 and 1.3165 and is accompanied by the strong support and resistance levels seen at 1.3064 and 1.3176.
If the EUR/USD pair breaks through and closes below the1.3056 level today, then this will be considered as a sing of considerable bearish strength, while in case the EUR/USD pair manages to break out and close above the 1.3184 level, this will indicated the high bullish strength. Alternatively, it is possible to open the BUY-positions at the1.3088 level; for SELL-positions it is possible to use the1.3152 level, provided that both targets are located at the level 1.3121.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 9, 2012

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On the 4H chart we can see the "Head & Shoulders" reversal pattern which was confirmed on Tuesday when the neck-line 1.5790 had been broken.

As it was expected, the pattern provided some risk for SELL-deals at 1.5870 level corresponding to the right shoulder which was tested twice this week.

Also on Tuesday we could observe breakdown of the lower limit of the mid-term bullish channel with obvious bearish price action. This fact may provide the possibility for opening the short position around 1.5790 with potential target seen at level 1.5480.

The GBP/USD pair also has 50% and 61.8% Fibonacci levels located above at 1.5835 & 1.5865, these levels are strongly defended by the bears.

The expected targets for the confirmed pattern are located at 1.5720,1.5662 and 1.5630 levels. However, the pair has an important support at 1.5750 which may give some retracement before its breakdown.

Some profits should be taken at the expected targets. Stop loss should be placed lower near 1.5880, as breakdown of this resistance level invalidates the current bearish scenario and opens the way to the point 1.5970.

 

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 8, 2012

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On the 4H chart we can see the "Head & Shoulders" reversal pattern which was confirmed on Tuesday when the neck-line 1.5790 was broken.

As it was expected, the pattern provided some risk for SELL-deals at 1.5870 level corresponding to the right shoulder which was tested twice this week.

The yesterday's daily low was at 1.5695. However, the expected targets for the confirmed pattern are located at 1.5720,1.5662 and 1.5630 levels.

Also on Tuesday we could observe breakdown of the lower limit of the mid-term bullish channel with obvious bearish price action. This fact may provide the possibility for opening the short position around 1.5790 with potential target seen at level 1.5480.

The GBP/USD pair also has 50% & 61.8% Fibonacci levels located above within the range1.5835 - 1.5865. This point is strongly defended by the bears.

Some profits should be taken at the expected targets. Stop loss should be placed lower near 1.5880, as breakdown of this resistance level invalidates the current bearish scenario and opens the way to the point 1.5970.

 

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 7, 2012

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On the 4H chart there is the "Head & Shoulders" reversal pattern which was confirmed yesterday after the obvious strong break of the neck-line at 1.5790

As expected, this pattern gave us low risk SELL-deals at 1.5870 corresponding to the right shoulder which was tested twice this week.

The expected targets for the confirmed pattern are located at 1.5720, 1.5662, 1.5630.

Also yesterday we witnessed break of the lower limit of the mid-term bullish channel with obvious bearish price action which may give another SELL-deals on retesting around 1.5790 with a potential target at 1.5480.

Some profits should be taken at the expected targets and stop loss should be lowered to 1.5880 as break of this resistance invalidates the current bearish scenario.

 

GBP/USD Intraday Technical Analysis [ Linear Regression Channels ] for March 6, 2012

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During the past few hours, the GBP/USD  pair was testing its resistance level located around 1.5870 with early signs of bearish mood.

This resistance level 1.5870 is corresponding to the upper limit of both Blue & Yellow channels.

Now the pair is going to test the intraday support level 1.5844 corresponding to the lower limit of the violet channel. In case this level is broken down,  the pair will resume the bearish movement within the blue channel towards 1.5810 and futher towards 1.5770.

The breakdown of the 1.5870 level will allow the GBP/USD pir to resume the  bullish movement within the violet channel towards 1.5910.

The area 1.5910-1.5925 is considered as a resistance leel for the pair as corresponds to the upper limit of the violet channel.

 

EUR/USD Intraday Technical Levels for March 5, 2012

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TODAY's  TECHNICAL  LEVEL :

Breakout BUY Level : 1.3267.

Strong Resistance : 1.3259.

Original Resistance : 1.3247.

Inner Sell Area : 1.3234.

Target Inner Area : 1.3203.

Inner Buy Area : 1.3171.

Original Support : 1.3159.

Strong Support : 1.3146.

Breakout SELL Level : 1.3138.

DESCRIPTION :

Today the EUR/USD pair considers the points1.3159 and 1.3247 as support and resistance levels with the strong support at 1.3146 level and 1.3259 seen as the strong resistance level.

If the EUR/USD pair breaks out and closes below the level 1.3138l today, the signal of bearish trend will be provided; if the EUR/USD pair manages to break out and close above the 1.3267 level - the strong bullish trend will be indicated. Alternatively, you can make BUY-deals at the 1.3171 level and SELL-deals at the 1.3234 level giving that both targets are located at the 1.3203level.

AUD/USD: Technical Analysis and Trading Recommendations for March 2, 2012.

Pivot Point: 1.0782.

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Intraday Technical levels  (March 2, 2012):

R3:1.0927
R2:1.0869
R1:1.0840
PP:1.0782
S1:1.0753
S2:1.0695
S3:1.0666

Overview:

The AUD/USD pair has turbulently reached the level 1.0810 moving from the point 1.0600. Yesterday's deals were closed at level 1.0811. Three months ago the price was below 78% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.0795 which is located between 78% of Fibonacci retracement levels and 61.8% on Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.0873 with targets located near the strong support level 1.0675. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0675 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0675 with the level 1.0740 as a target and further the 1.0830 level.

Trading Recommendations:

According to previous events, the price is still been trapped between 1.0870 and 1.0650.

• Buy-deals above 1.0675 with targets near 1.078.
• Sell-deals below 1.0873 for the further development of the downtrend in order to continue the  bearish movement towards 1.0595 and 1.047 levels.

Observation (s):

• Please check out the market volatility before investing, as the sight price may have already been reached and scenarios cancelled.
• Strong Support: 1.0600.
• Strong Resistance: 1.0876.

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 1, 2012

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GBP/USD Survey according to the Linear Regression Channels over the past two weeks:

- GBP/USD respected the upper limit of both channels depicted on the chart which showed bearish presence pushing the pair down to 1.5802. However, Price came back quickly to break this channel with quite strong bullish 4H candlestick.

- After failure to trade below 1.5800, GBP/USD pair directed towards 1.5925 which is corresponding to the upper limit of the bullish blue channel & still trading around the same level.

- GBP/USD showed quite strong bearish rejection on testing the high for this month at 1.5927 & failed to bypass its strong resistance area at 1.5940-1.5960.

This will probably delay further bullish movement and push the pair down to 1.5860-1.5840.

- Broken limit of the violet channel at 1.5850 is now acting as support level for the pair.

4H closure above 1.5960 allows the pair to reach 1.6050.

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The 1H chart of GBP/USD shows that the pair has an important support level at 1.5900 which is the lower limit of both the Violet & Yellow channels.

This price level 1.5900 is significant as Bullish Price Action towards it pushes the pair to the upside reaching 1.5950 initially.

Break of this level will allow the pair to reach 1.5850 which is corresponding to the lower limit of the Yellow bullish channel which constitutes an important support for the pair today.

We should pay attention as the 1H chart shows some bullish weakness unlike the 4H chart which is still bullish as long as the pair is trading above 1.5850.