GOLD Intraday Technical Analysis 2012-07-31

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Gold is currently testing the intermediate resistance of its medium term bullish channel at 1 633 and seems to initiate a decline. However, a breakthrough these levels will release good potential and reach the upper limit of this one to 1 658.
Technical indicators do not provide clears signals but until 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 provide a bullish opportunity as soon as the gold has broken through its resistance of 1 633 with the 1st objective at 1 645 and then at 1 650. A breakthrough 1 630 will invalidate this scenario.

GBP/USD Intraday Technical Analysis 2012-07-30

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The spot rate is currently testing the upper limit of its medium term trading range at 1.5770 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.
Technical indicators do not provide clears signals but approach an overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events, the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5770 with the 1st objective at 1.5830 and then at 1.5850. A breakthrough 1.5750 will invalidate this scenario.

EUR/USD Intraday Technical Levels for Jully 27, 2012

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Today’s Technical Levels:
Breakout BUY Level: 1.2334.
Strong Resistance: 1.2327.
Original Resistance: 1.2316.
Inner Sell Area: 1.2304.
Target Inner Area: 1.2276.
Inner Buy Area: 1.2247.
Original Support: 1.2236.
Strong Support: 1.2224.
Breakout SELL Level: 1.2217.
Description:
Today EUR/USD has support and resistance at 1.2236 and 1.2316 and is accompanied by strong support at 1.2224 and by 1.2327 as strong resistance.
If EUR/USD breaks out and closes below a 1.2217 level today, this will indicate a considerable bearish strength, while if EUR/USD manages to break out and close above a 1.2334 level, this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.2247, and SELL position at 1.2304; in this case both targets should be located at the level of 1.2276.

Gold Continues To Remain Sideways Choppy Before Breakdown.. 2012-07-20

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Technical Outlook and Chart Setups:
As it is depicted above, the yellow metal remains locked in a decreasing resistance/ increasing support type cone structure. If we study the wave counts after the highs registered at 1640.00 levels, we are in the 5th wave now which should break down to lower levels. Until 1620/25 levels are not breached, expect gold to breakdown. We recommend to go short on any intraday rallies towards 1580/90 levels.
Trading Recommendations:
Remain short, stop at 1620/25, and target fresh lows.

Gold Bais Turns Increasingly Towards A Bearish Breakdown 2012-07-19

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Technical Outlook and Chart Setup:
Yesterday we discussed that the yellow metal is vulnerable towards a bearish breakdown till prices are below 1600.00 level. Today we re-confirm the above depicted structure. Immediate resistance is now at 1600.00 level, it is expected that prices should not exceed this for now. Expect a bearish breakdown to materialize soon, which would bring in a paradigm shift in the trend. We shall turn bullish only on a clear break of 1620.00 level on the higher side.
Trading Recommendations:
Short at current market price (1673-75), Stop 1620, target open.

Gold Vulnerable Below 1600.00

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Technical Outlook and Chart Setups:
Let us focus specifically on the recent consolidating structure, as shown above. It is basically a cone structure within the down swing from 1780 levels at least. Such structures have slight tendencies to break towards the swing or trend (which is down in this case). Till the time we are within the consolidation, our strategy should be to buy the support (1540/50) and sell resistance (1590/1600). Aggressive trading should be performed only on a break on either side.
Trading Recommendations:
For now, buy the support region around 1550.00 and sell the resistance region around 1590.00. Later on, trade will be in the direction of break.

EUR/USD Technical Levels and Trading Recommendations for July 17, 2012

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Overview

Proceeding from today's H4 chart, the pair is still taking the upward movement after its rebound from the Support level 1.2170 and currently is approaching to the Resistance level 1.2330. If the pair is able to break the Resistance level and close 4H above, we will receive a strong indicator for more bullish move which enables the Resistance level 1.2405. Then we should wait for breaking this Resistance level to continue the bullish signals. In case the pair manages to break this Resistance level 1.2405, we will get more bullish signals till reaching the Resistance level 1.2460.
On the other side, if the pair fails to break the Support level 1.2330 and bounces from it, this will provide a good opportunity for the bearish signals till reaching the Support level 1.2225. Then we should wait for breaking the Support level to continue the bearish signals. Given that the pair manages to break this Support level and closes 4H below, a bullish strength will provide new sell signals and enable the Support level of 1.2170 as a level target. Based on the given H4 chart, the technical indicators provide more bullish signals, but as long as the Resistance level of 1.2330 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.
Resistance and Support Levels
R3(1.2460)
R2(1.2405)
R1(1.2330)
S1(1.2225)
S2(1.2170)
S3(1.2140)

Trading Recommendations
According to previous analysis, we recommend buying after breaking the Resistance level 1.2330 and closing 4H above with TP 1.2400; SL closing 4 hours below the Resistance level will be appropriate.

EUR/USD - Weekly and Monthly Pivot Points for July 16 - 20, 2012

The pivot point is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for EUR/USD are: 1.2248 weekly; 1.2564 monthly. The euro is located near the pivot weekly and bellow the Moving Average of 200 periods. Therefore, the pivot points indicate the following: 1) If the price set by the pivot point is broken in an upward motion, the market is bullish and, conversely, if the pivot point is broken in a downward motion, the market is bearish. 2) They can provide points of market entry and exit or can be removed which is useful for trading strategy. For example, a sell limit order can be placed on a level support for open if this support is broken and the stop loss can be placed for this order in one of the Resistances. Signal For 16 - 20 July Buy long 1.2170 with Take Profit at 1.2410 and with the Stop Loss at 1.2100 or Buy above 1.2250 with Take Profit at 1.1.2410. ____WEEKLY_____ Weekly - R3 = 1.2504 Weekly - R2 = 1.2419 Weekly - R1 = 1.2333 Weekly Pivot = 1.2248 Weekly - S1 = 1.2162 Weekly - S2 = 1.2077 Weekly - S3 = 1.1991 Show full picture ____MONTHLY______ Monthly - R3 = 1.3301 Monthly - R2 = 1.3023 Monthly - R1 = 1.2842 Monthly Pivot = 1.2564 Monthly - S1 = 1.2383 Monthly - S2 = 1.2105 Monthly - S3 = 1.1924 Show full picture

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

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On the mid-term scale, the GBP/USD currency pair is moving sideways in a slightly bearish channel since it managed to breakdown the mid-term uptrend line depicted on the chart.
Price levels of 1.5460 and 1.5520 which correspond to 61.8% and 50% of Fibonacci levels based on the previous bullish swing 1.5266 up to 1.5774.
On the intraday scale the price zone of 1.5400 corresponds to the lower limit of the long-term channel which constitutes a very strong support zone and is likely to push the GBP/USD pair to the upside to 1.5520 and 1.5570 then 1.5640 with SL located below 1.5390.
A short-term Head & Shoulders reversal pattern was seen this week at the key-zone of 1.5460 – 1.5520 which was broken down yesterday. However, GBP/USD failed to make higher highs. Instead, it’s building a bearish pressure over the support level of 1.5400.
The pair is probably forming a mid-term bearish Head & Shoulders reversal pattern with its right shoulder located around R1 (1.5645) which is rendered a valid sell entry with SL located above 1.5725.
The current price level 1.5500 constitutes a strong intraday resistance for GBP/USD which should be watched for price action today as its breakthrough will open the way towards the next resistance at 1.5570 then at 1.5640.

Gold Major Breakdown May Be Under Way 2012-07-12

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Technical Outlook and Chart Setups:
As depicted above, gold seems to be in a larger consolidation structure since last quarter 2011, the dropping line of resistance. Taking into account the inside wave structure, the yellow metal seems to be in a wave 4 consolidation between 1540.00 and 1630.00. Anything above 1630.00 will break out of the consolidation structure; but for now we expect a breakdown of 1530.00 levels in near term.
Trade Recommendations:
Sell intraday rallies 1580.00/1600.00 levels, Stop at 1630.00, Target Open.

GOLD Intraday Technical Analysis 2012-07-10

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Gold is presently testing the intermediate resistance of its medium term bearish channel at 1 594 and looks like making a decline. Nevertheless, a puncture of these levels will provide potential and the pair will be able to reach the upper limit of this one to 1 620.
Technical indicators provide sell-signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as gold has broken through its resistance of 1 594 with the 1st objective at 1 605 and then at 1 610. A break through 1 591 will invalidate this scenario.

EUR/USD: Weekly Technical Levels for July 9 - 13, 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: Intraday Technical Analysis for July 6, 2012

Weekly Pivot Point: 1.5634.

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Sideways Trend: Prices are moving within a narrow range between 1.5580 and 1.5480.
GBP/USD "Pound-Dollar":
•Resistance: 1.5583. (Sell below this level).
•Support: 1.5477. (Buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels 1.5580 and 1.5480.

• The descending movement will probably take place lower than the 1.5580 level with the first targets at levels 1.553 and 1.5483.
• BUY deals are recommended higher than the 1.5480 level with targets at levels 1.5525 and 1.5577.

Overview:

It should be noticed that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5580 and 1.5480, so it is recommended to be careful 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 1.5480 level with its first target at the level of 1.5525. From this point, the pair is likely to begin an ascending movement to the point of 1.5550 and further to the level of 1.5580. However, if the pair fails to pass through the level of 1.5583, the market will indicate a bearish opportunity below the strong resistance level of 1.5583. In this regard, SELL deals are recommended lower than the 1.5583 level with the first target at 1.5533. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5480.

GBP/JPY Around 123.50 Today - Analysis for July 5, 2012

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GBP/JPY Elliott Wave
Yesterday the GBP/JPY pair was trading in a downward move developing impulsive wave 3 (coloured blue). During the early European session we could observe a descending movement towards the 124.65 level. Therefore, during the New York session we could observe continuation of the bearish mood with the price reaching new daily low at 124.18 level. Today this exotic pair is trading around 124.00 level and I am expecting to see the price around 123.50. 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 (125.42-124.24-125.39) with Take Profit 1 at 123.54 (161.8% of wave 1) and Take Profit 2 at 123.08(200% of wave 1). Resistance point at 124.20 can be used as a Stop Loss point.
Support and Resistance Levels
(S3) 123.64 (S2) 124.04 (S1) 124.28 (PP) 124.68 (R1) 125.08 (R2) 125.32 (R3) 125.72
Trading Forecast
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the downward movement. That is why short positions at level 124.00 with Stop Loss at 124.20, Take Profit 1 at 123.54 and Take Profit 2 at 123.08 are recommended.

GBP/USD Intraday Technical Analysis

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The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5720 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide sell-signals supporting the assumption of a decline in a short term. 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 provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5720 with the 1st objective at 1.5780 and then at 1.5800. A break through 1.5700 will invalidate this scenario.

GBP/USD Weekly Wave Analysis

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GBP/USD Elliott Wave
The GBP/USD pair was trading in an upward move last week developing waves 1 and 2 (coloured green). During the Asian and the early European sessions we could observe descending movement toward the 1.5640 level where this major pair found support and price started pushing higher. Therefore, during the New York session we could observe a strong bullish mood in this pair and price reached above 1.5720 level. Today the GBP/USD pair is trading in a sideways move and we are expecting to see price above 1.5800 level. 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 (1.5265-1.5777-1.5483 with Take Profit 1 at 1.5993 (100% of wave 1) and Take Profit 2 at 1.6408 (161.8% of wave 1). Invalidation point at 1.5484 can be used as a Stop Loss point. Also it is necessary to monitor the U.S Factory Orders m/m and Total Vehicle Sales data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.5605 (S2) 1.5636 (S1) 1.5654 (PP) 1.5685 (R1) 1.5716 (R2) 1.5734 (R3) 1.5765
Trading Forecast
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.5777 with Stop Loss at 1.5484 Take Profit 1 at 1.5993 and Take Profit 2 at 1.6408 are recommended.

EUR/USD: Weekly Technical Levels for July 2 - 6, 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.