GBP/JPY Elliott wave count and Fibonacci levels for July 6, 2011

GBP/JPY is developing corrective subwave B from 128.19 (colored royal blue in the chart) that is part of impulse wave C of long term downtrend (from 132.30) - this one is light green in the chart. Now within this wave B there are A, B and C subwaves of still smaller degree - colored magenta in the chart. Wave C stopped at 130.82, and now we have potential subwave A in to the downtrend. The targets of the downmove are Fibonacci retracements of 128.40-130.82, and expansions off 139.93-130.26-135.11, 135.11-129.74-132.30, 132.30-128.19-130.82.
Supports:
- 129.61 = .50 retracement
- 129.32 = .618 ret
- 128.28 = contracted objective point (COP)
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 135.11-128.19 and expansions off 128.19-130.06-128.40.
Resistances:
- 130.83 = .382 ret
- 131.43 = expanded objective point (XOP

Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator gets above the zero level (10-15 pips above the current prices) or into the overbought area (45-60 pips above the current prices).
http://instaforex.com/forex_analysis/32712/?x=OUE  

GBP/JPY head and shoulders and Long opportunity July 4 , 2011

As we see , there's apparent rejection of the Fibonacci level 61.8% to be broken.
Now it's expected to see a bullish move to come next.

4H chart , there's a broken bearish channel and successfuly retested.
Also there's a Head & Shoulder pattern with broken neck line targetting 131.30.
Based on the analysis:
There's an opportunity to go long at the live price with TP at 130.60 then 131.20.
SL should be placed below 128.20.

http://instaforex.com/forex_analysis/32536/?x=OUE  

EUR/USD Intraday Technical Level For July 1st / 2011

TODAY  TECHNICAL  LEVEL :

Breakout BUY Level : 1.4542.
Strong Resistance : 1.4534.
Original Resistance : 1.4520.
Inner Sell Area : 1.4506.
Target Inner Area : 1.4472.
Inner Buy Area : 1.4437.
Original Support : 1.4424.
Strong Support : 1.4230.
Breakout SELL Level : 1.4401.

SHORT  DESCRIPTION :

Today the EUR/USD is to find Support and Resistance between 1.4424 and 1.4520 and it has a strong Support at 1.4230 and a strong Resistance at 1.4534; if today the EUR/USD breaks out and closes below 1.4401, it will be a sign for Short trading for today; on the other hand, if the pair can break out and close above 1.4542, it will be the sign for LONG trading for today. Another option for the advanced trader can be trading between the Inner Buy Level at the 1.4437 for LONG trading and the Inner Sell Level at the 1.4506 for the SHORT trading, and all of them with the target at the 1.4472 level.


http://instaforex.com/forex_analysis/32329/?x=OUE  

EUR/USD Intraday Technical Analysis - June 30 , 2011

EUR/USD currency pair managed to make a bullish wave in the last 3 days after bounce of the lower limit of the daily triangle and support level 1.4100
Now the pair is approaching the upper limit of the bearish channel and the resistance level 1.4450-1.4500 .
We need to see clear closure outside the channel and above the resistance level to ensure continuity of the upside movement towards 1.4700 at least .

We have a confirmed double buttom pattern .
The last few candles managed to break its neck line at 1.4440 , now the pair is targetting 1.4500 , 1.4550 , 1.4625 .
This pattern has a target of about 300 pips ; up to to the last top at 1.4700-1.4750
In general , Area 1.4400-1.4440 is a good BUY area  with TP at 1.4500 , 1.4550 , 1.4625 .
http://instaforex.com/forex_analysis/32285/?x=OUE   

EUR/USD Intraday Technical Analysis - June 29, 2011

The pair is in a bearish channel , it seems to fail to reach the lower limit .
Bullish bounce of the lower limit of the daily triangle and possible double buttom pattern .
Recently the pair broke and closed above the upper limit of the same triangle .

The pair has broken the short term downtrend line .
Now the pair is testing the resistance level 1.4415-1.4420 which is 50% Fibonatcci Retracement level , Recent top and the intermediate trendline drawn in the chart .
It's obvious also that MACD is trending up .
Conclusion :
Retracement is expected from the current resistance level down to 1.4280-1.4320 which will be a good BUY area .
SL : 4H closure below 1.4250 .
TP : 1.4400 , 1.4450 , 1.4500 .

http://instaforex.com/forex_analysis/32167/?x=OUE

EUR/USD Intraday Technical analysis 2011-06-27

The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.4070 suggesting a rebound. However a break of these levels would entail a return to the lower limit of the channel to 1.3910.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4070 with a 1st objective of 1.4180, then 1.4220. A break in 1.4040 would invalidate this scenario.


http://instaforex.com/forex_analysis/31885/?x=OUE  

EUR/USD Intraday Technical Analysis & Trade recommendations June 24, 2011

On the daily chart , the pair is trapped inside a triangle .
This triangle needs to be broken to identify the next destination of the pair .
We need to see either break of 1.4500 to the upside or 1.4050 to the downside for more targets .

On the 4H , the pair is trapped inside a shorter term triangle which need to be broken also to detect the next possible direction
The pair made a rebound from the 78.6% from the last upside swing  .
This rebound extended up to 50% Fibonatcci of yesterday's down swing .
1.4300 is the key level for Friday's movement . Trading above it enhances bullish pressure , vice versa .
Break of 1.4300 to the upside opens the way up to 1.4440 the psychological resistance level .
Trade Recommendations :
Buy at levels near 1.4220-1.4250 with TP at 1.4300 , 1.4350 then 1.4400
SL should be 4H closure below 1.4200

http://instaforex.com/forex_analysis/31813/?x=OUE