GBP/USD Intraday Technical Analysis and Trading Recommendations for April 30, 2012

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The Daily chart depicted above shows that the GBP/USD pair could break its long-term downtrend line of January. Since then it has been trading within an uptrend despite some sideways consolidation in November and March.
Although the GBP/USD pair showed a significant bearish reaction towards 1.5950 - 1.6000 which gave some bearish expectations. The pair has failed to break through the level 1.5800 which allowed the bulls to make a strong push to the upside and break 50% & 61.8% Fibonacci levels at 1.5925 & 1.6090 respectively.
It is crucial that a short-term uptrend line was broken in the first week of April which was tested at 1.6125 last Friday which is expected to constitute a solid long-term resistance level at 1.6262 -1.6300 to prevent further bullish movement.


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On the 4H chart, we see that the GBP/USD pair has recently broken the consoildation range between 1.6077-1.6145 with successful retesting which allowed the GBP/USD pair to resume its bullish movement towards 1.6262.
Also on the 4H chart, the GBP/USD pair is expected to test the upper limit of the depicted bullish channel at 1.6330 which is a solid Intraday resistance level.
Untill now there is no significant bearish reaction towards the mentioned resistance levels it is recommended to wait till we get bearish confirmation with 4H closure below 1.6262. However, SELLING the GBP/USD pair at 1.6330 is considered as a valid SELL entry without waiting for confirmation.
TP levels are to be located at 1.6250,1.6155 &1.6100 with SL as daily closure above 1.6385.

EUR/JPY Structure Is Constructive For Bulls 2012-04-27

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Technical Outlook and Chart Setup:
We are still focused on the 4H chart depicted above. Intermediary support is provided by 106.00 and 106.30 levels while the strong support is seen at 104.50 level. Intermediary resistance level is provided seen at 108.00 levels. Yesterday the prices have tested support levels and pulled back sharply. The overall structure remains very much constructive for building long positions. Our minimum expectations on the upside remain at 109.20/30 levels and 110.00 levels in the coming sessions. It is recommended to remain long and open fresh long positions.
Trade Recommendations:
Maintain long positions with stop at 104.00 levels and targetting 109.20 levels.

GOLD Intraday Technical Analysis 2012-04-26

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Gold is testing the intermediate resistance of its medium term bearish channel at 1,649 suggesting a decline. However a break though these levels will allow it to reach the upper limit of its channel at 1,665.
Technical indicators provide buy-signals but until that the resistance is not broken the assumption of a decline is most likely. 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 will offer a bullish opportunity when gold has broken through its resistance – 1,649 – with the 1st objective of 1,660, then of 1,665. A break through 1,646 will change this scenario.

EUR/JPY Rally To Continue Further - Technical Analysis and Trading Recommendations 2012-04-25

Technical Outlook:
EUR/JPY rallied at the last trading session like we expected.
Looking at a 4 hour timeframe we see that the single currency is setting up to continue further. Intermediary support is at 106.30 and strong support is provided by 104.00. Intermediary resistance is at 108.00 and we expect it to be broken in 1-2 trading sessions. It is suggested to remain long for now.



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Chart Setups:
Looking into above chart setups, it seems that a higher bottom is formed at 106.30. Prices may be poised to extend its 3rd wave rally, extending towards 109.30 and above. Stops should go at 104.00 for now. Overall structure remains constructive at the moment.
Trading Recommendations:
Hold on to long positions, stop at 104.00 and target at 109.30.

GBP/USD Intraday Technical Analysis 2012-04-24

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At the moment the spot rate is testing the upper limit of its medium term bullish channel in 1.6150 and is likely to initiate a decline. However, a breakdown of these levels will reveal significant potential and initiate more viloent bullish trend.
Technical indicators provide buyers signals but approaching the overbuy zone confirms 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.
Proceeding from previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.6150 with a 1st targets seen at 1.6210 and 1.6230 levels. In case the level 1.6130 is passed through, the prospect scenario will be cancelled.

EUR/USD Weekly Technical Levels for April 23 - 27, 2012

Weekly Technical Levels:

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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 the 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.

Observation (s):

• If the trend is of upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
• Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
  

GBP/USD Weekly Technical Levels for April 23 - 27, 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 at 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.

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.
  

EUR/USD:Technical Analysis and Intraday Trading Recommendations for April 20, 2012

Pivot Point: 1.3110.

Time Frame: H4



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Trading Recommendations:

Intraday Forecast
According to previous events, the price is still located between 1.3305 and 1.3170.

Buy-deals are recommended above 1.3230 with the targets seen at 1.329 and 1.335 levels.
Below 1.32 look for further downside pace with the first target seen at 1.3153 and 1.3025 levels.

Overview:

Long Term: Two Weeks..
The EUR/USD pair has broken the resistance level and turned towards the support level near the last week's point 1.3110 (March 16, 2012). Therefore, the pair has already formed a strong support at 1.3110. Moreover, having failed to close below 1.31, the pair started showing a bullish market at this level. It is necessary to mention that these levels coincide with strong levels for bulls on H4 chart; the pair has also formed a strong support at the level 1.311. So the pair will move upwards which is a convincing fact; the structure of the upside movement looks as non-corrective indicating a bullish opportunity above 1.3110. This can be a good sign for Buy-deals above 1.3110 with the first target at 1.33 initiating an uptrend in order to continue the bullish mood towards the point 1.317 and further to 1.3300. However, it should also be noted that the price is still between 1.3390 and 1.32, as the RSI and the last strong resistance level are still able to begin a downtrend at this level. So the market indicates a bearish opportunity at the level 1.3305 on H4 chart with the first target 1.317 (Weekly Pivot Point) and continues towards 1.31.

GBP/USD Intraday Technical Analysis for April 18, 2012

Weekly Pivot Point: 1.5985.

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GBP/USD:

• Resistance: 1.6060. (Sell below this level).
• Support: 1.5600. (Buy above this level).
  

Trading Recommendations:

According to the previous events, the price is still located between levels 1.5800 and 1.5960.

BUY-deals are recommended higher than the 1.56 level with targets at levels 1.59 and 1.6.
The descending movement will probably take place lower than the 1.6060 level with the first targets at levels 1.59, 1.5855 and 1.57.

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 previous events, the price is still between the levels 1.58 and 1.596, 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 1.56 level with its first target at the level of 1.5875. From this point the pair is likely to begin the ascending movement to the point 1.59 and further to the level 1.6. However, if the pair fails to pass through the level of 1.6060, the market will indicate a bearish opportunity below the strong resistance level 1.6020. In this regard, SELL-deals are recommended lower than the 1.6 level with the first target at 1.59. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.57.

Definition (s):

Range I – A long-term means a reversion strategy that looks to go against strong divergence from the pair’s average value. It will typically hold trades for an extended period of time and is one of the slower moving trading strategies.
Range II– Like Breakout 2, uses sentiment as a filter for its trades. It will use a simple oscillator range trading strategy but only take the trading signals if SSI is not at extremes. It is fairly short-term in nature and will tend to trade very little during times of strong trending moves. It is likewise one of the most volatility-sensitive trading systems and will tend to do poorly during times of sharp currency moves.

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios become invalidate.
Stop Loss should NEVER exceed your maximum exposure amounts.

EUR/JPY on Crossroads, Hold on Shorts 2012-04-18

Technical Outlook:
EUR/JPY structure is presenting 2 possible options. 1) The rally of the wave 5 from 97.00 to 111.00 correcting in 3 waves which can extend towards 103.00 and 101.00 levels. 2) The 3 wave downswing might have ended below 104.00 levels; presently the single currency is attempting to reach a new high, as shown in the chart setup below. Until the measured resistance at 107.50 holds at the same level, prices are expected to fall down. Please, consider the Chart Setup and Recommendations below.



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Chart Setup:
Immediate resistance is located at 107.50 as it was mentioned yesterday. But it is necessary to concern the fact that EUR/JPY has passed through all retracement levels acting as resistance from 106.30/50 levels. Currently prices are testing 107.00 levels and are likely to break down to upside. It is hereby suggested to re-consider the trading strategy in case 107.30/50 levels are broken today. The resistances are seen at 107.50 and 111.00 levels and supports are at 102.00, 99.20 and 98.00 respectively. You can find two recommended trading strategies below.
Trade Recommendations:
1. Sold @ 105.00, Stop @ 107.50, Target1 @ 102.50, Target2 @ 101.00
2. If stopped out today, it is recommended to: Buy @ 105.50/70, Stop @ 104.50, Target above 111.00.

EUR/JPY Retraces, Ready to Fall - Technical Analysis and Trading Recommendations 2012-04-17

Technical Outlook:
Structurally, EUR/JPY remains in a downtrend shown as Line of Resistance below. This line was broken earlier when the prices rallied from 97.00 to 111.00. The current situation shows that a huge retracement is underway; it can even be the beginning of a fresh downtrend. As one can see below, the measured levels for the retracement to end are 103.20 and 101.80 respectively. Resistances are well placed now at 107.50 and 111.00 respectively, where as Supports come in at 101.70 (S1), 99.20 S2) and 97.00 (S3). It is recommended to remain short.



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Chart Setup:
The rally from 97.00 to 111.00 was in 5 waves. Retracement of this rally should take place in 3 waves down, and it looks like the 3rd wave resumed at 107.20 last Friday. This wave is projected to complete at 101.80 levels. The most probable count from here on should be towards 101.80 and we expect it to reach by the last week of April or in early May. 107.50 is the immediate resistance now.
Bottom Line: lower from here.
Trading Recommendation: Issued Yesterday
Sell @ 105.00, Stop @ 107.50, Target1 @ 103.20, Target2 @ 101,80.

AUD/USD Elliott Wave Count for April 16, 2012

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AUD/USD Elliott Wave
Last week the AUD/USD has finished 1 wave (coloured blue) in the point 1.0450. During the Friday's trading day we could observe the development of the 2 wave (coloured blue). We could observe the descending movement in the Europe and New York session price broke 50 EMA support and pushed to 1.0360 level. During the early Asian session the AUD/USD pair continued the bearish mood and we could see price at the 1.0310 level. We can consider this move as the end of 2 wave (coloured blue). Presently we can observe the beginning of the 3 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0224-1.0450-1.0310); the First Take Profit at 1.0623 (138.2% of wave 1) and Second Take Profit at 1.0676 (161.8% of wave 1). For Stop Loss we can use the invalidation point at 1.0224. Also it is necessary to consider the data concerning the U.S Core Retail Sales m/m, Retail Sales m/m, Empire State Manufacturing Index, TIC Long-Term Purchases, Business Inventories m/m and FOMC Member Pianalto Speaks that can affect the rate of the pair
Support and Resistance levels
(S3) 1.0295 (S2) 1.0332 (S1) 1.0355 (PP) 1.0392 (R1) 1.0429 (R2) 1.0452 (R3) 1.0489
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0350 with Stop Loss at 1.0224, Take Profit 1 at 1.0623 and Take Profit 2 at 1.0676 are recommended.

EUR/JPY Rally Continues. Move Stop Loss 2012-04-13

Technical Outlook: EUR/JPY is expected to continue its rally up to 107.50. Furthermore, the bullish momentum will possibly end near 109.99 and 110.00 levels. For this week Buy-deals are still considered as relevant. The point 105.00 is considered as support level while resistance levels are seen in ponits 109.50, 110.00 and 111.00. Consider the long positions and refer to Trade Recommendations below. Show full picture Chart Setup: We would like to remind that the recent fall from 111.00 to 105.00 levels can be used in 2 ways. 1. It could have completed the retracement of the large upswing that started from 97.00 levels up to 111.00 levels. And now it is moving towards new highs above 111.00. 2. The first downleg of retracement has been completed at 105.00 levels, the current upswing is a counter trend rally which could last up to 109.00-110.00 levels and then drop down towards 102.00 levels. Taking into account both opportunities, Buy-deals are recommended targetting 107.50 levels up to 109.00-110.00 levels. This strategy remains relevant and the resistance area as shown in the form of an arrow, comes at 109.00 levels onwards. Bottom Line: Stay long for now. Trade Recommendations: Issued early this week Buy @ 105.60/80, Stop @ 105.00, Target Open. Move stop loss to break even levels today. We do not have any risk now...!

EUR/JPY - Hold on to Long Positions - Tehnical Analysis and Trading Recommendations 2012-04-12

Technical Outlook:
As discussed yesterday, a badly needed rally is being materialized now. Please notice, that the rally has just begun, the immediate upside target is the 107.50 level. This rally could further extend to the 109.00 and 110.00 levels. 105.50 will act as a support now. Hold on to long positions taken yesterday, we shall suggest to move stops by tomorrow.



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Chart Setup:
As indicated above, we are in the buy zone of the longer term dropping resistance line and in the sell zone of the intermediary uptrend line that starts from the 97.00 level. The prices would at least incline to test the back side of the uptrend line, indicated by arrow - at prices 109.00 to 110.00, before they decide to reverse. Our recommended BUY has materialized and it is still suggested to stay long. Resistance on the Daily charts is placed at the 111.00 level, while the 105.50 level will provide support now.
Bottom Line: Higher.
Trading Recommendations: Issued on April 11, 2012
Buy at 105.60/80, Stop at 105.00, Target Open, Minimum Expectations are 109.00 - 110.00.

EUR/JPY is preparing for Rally 2012-04-11

Technical Outlook:
The pair has reached the downside extensions at 105.50 levels have been met sooner than it was expected. A major past support at 105.59 has been broken through on Daily Charts (please refer to the chart below). The pair is very likely to begin a counter-trend rally today. It is recommended to open long positions from here. Resistance levels are seen in points 108.50; the rallies are exppected to be capped by 109.00 levels.



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Chart Setup and Trade Recommendations:
Looking at the chart, it is evident that the prices are stabilising at the 0.382 retracement of the rally between 97.00 and 110.50. Furthermore it has also served our downside expectations at 105.50. Bears are expected to go in for a break now, expect a rally to resume in the nearest future targetting 108.50 and 109.00 levels. It is possible that rally will be extended to 110.00 levels. The counter-rally has the potential to decline towards 102.00 levels in coming sessions, but in 3 waves. The first downside wave is expected to be completed. We need a relief counter-trend rally before we go short again.
Trade Recommendations:
Buy @ 105.60/80 levels, Stop @ 105.00/20, Target Open.

EUR/JPY - Technical Analysis and Trading Recommendations 2012-04-10

Technical Outlook:
After registering a low near 106.00, the pair has pulled back smartly as expected. Immediate resistance is between 108.00 and 108.60/70. As soon as the pull-back is over, the bearish tendency is expected to reach 105.50 and 105.00 levels (Support region) at least. As shown below, resistance level 110.00 is considered as a strong one. Intraday counter rallies are to be expected towards 107.50 and 108.60/70 levels. It is recommended to re-enter short positions at 108.60/70 levels targeting 105.50 in the near term.


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Chart Setup and Trading Recommendations:
As it is shown on the chart, there are 2 trading counts setting up here.
1. The EUR/JPY pair has remained in a secular bearish trend, but as it is shown above, a dropping trend line has been broken and prices are retracing before resuming to the upside. Considering the current situation, we expect prices to fall down towards 102.00 levels before resumption of the movement.
2. The retracement could have ended yesterday, close to 106.00 levels and EUR/JPY is headed towards registering a new high! We recommend the following trading strategies.
Trade Setups and Recommendations: Issued earlier on April 4
1. Book profits on short positions initiated last week.
2. Short-term: Buy at 107.00-107.20, Stop at 106.00, Target at 108.60.
3. Mid-Term: Initiate Sell at 108.60, Stop at 110.00, Target at 105.50
Best wishes.

GBP/USD Weekly Technical Levels for April 9 - 13, 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 at 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.

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.
  

GBP/USD Intraday Technical Analysis and Trading Recommendations for April 5, 2012

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Starting from 1.5600 towards 1.6060, the GBP/USD pair is considered as bullish as it is moving within the depicted bullish channel which has been broken this current week.
The GBP/USD pair showed massive bearish reaction after testing 1.6060 level and breaking down 1.5880 the prominent support level reaching the point 1.5830 (Less important support level on the 4H chart) which may obviously affect the bulls.
The massive bearish reaction that was able to break down the lower limit of the depicted channel favours the bearish prospective rather than bullish one.
Proceeding from the former price action in the current price zone 1.5830-1.6060 we can see that the GBP/USD is probably forming a H&S reversal pattern with neckline at 1.5830 and the right shoulder that is expected to be placed around 1.5945-1.5970 which constitutes a valid low/risk SELL entry.
Breakdown above the last recorded high at 1.6062 invalidates the bearish scenario for the short-term prospective. However, a breakdown of 1.5830 will confirm the reversal pattern allowing the GBP/USD to reach 1.5777 and 1.5650.

USD/JPY Intraday Technical Levels for April 04, 2012

TODAY's TECHNICAL LEVELS:

Resistance. 3 : 83.21.
Resistance. 2 : 83.05.
Resistance. 1 : 82.88.
Support. 1 : 82.68.
Support. 2 : 82.52.
Support. 3 : 82.35.

DESCRIPTION :

Please, pay attention to the levels of support. 3 (82.35) and resistance. 3 (83.21), in general, when a level is touched, USD/JPY 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 trends today.

GBP/USD Intraday Technical Analysis and (Linear Regression Channel) for April 3, 2012

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The Linear Regression Channel for the GBP/USD currency pair reveals the following:
The GBP/USD has trended upside since last week within the Blue and Violet channels. However, the newer channels are less bullish than the Yellow one.
The pair is testing the lower limit of the Yellow channel at 1.6017 which is the key-level for the pair movement today.
Bearish Breakout outside the Yellow channel below 1.6015 opens the way to 1.3250.

USD/JPY Intraday Technical Levels for April 02, 2012

TODAY's  TECHNICAL  LEVEL : Resistance. 3 : 83.64. Resistance. 2 : 83.48. Resistance. 1 : 83.31. Support. 1 : 83.11. Support. 2 : 82.94. Support. 3 : 82.78. DESCRIPTION : Please, consider the support 3 (82.78) and resistance 3 (83.64) levels. When a level has been reached, the USD/JPY will rebound from the previous minimum by 10 to 20 pips. 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.