EUR/USD Intraday Technical Levels for February 20, 2012

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TODAY  TECHNICAL  LEVEL :

Breakout BUY Level : 1.3282.

Strong Resistance : 1.3274.

Original Resistance : 1.3262.

Inner Sell Area : 1.3249.

Target Inner Area : 1.3218.

Inner Buy Area : 1.3186.

Original Support : 1.3174.

Strong Support : 1.3161.

Breakout SELL Level : 1.3153.

DESCRIPTION :

Today EUR/USD has support and resistance at 1.3174 and 1.3262 and is accompanied by strong support at 1.3161 and by 1.3274 as strong resistance.

If EUR/USD breaks out and closes below a 1.3153-level today, then this will indicate considerable bearish strength, while if EUR/USD manages to break out and close above a 1.3282-level, then this will denote high bullish strength. Alternatively, you can trade in a way to open a BUY position at the level of 1.3186, and at 1.3249– a SELL position, in this case both targets should be located at the level of 1.3218.
 

 

GOLD Intraday Technical analysis 2012-02-17

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The gold is currently testing the intermediate resistance of its medium term bearish channel in 1735 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1747.

Technical indicators don't give clear signals but are approaching the overbought zone suggesting a decline. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1735 with a 1st objective of 1745, then 1747. A break in 1733 would invalidate this scenario.

AUD/USD Elliott wave count and Fibonacci levels for February 16, 2012

AUD/USD is now trading within impulse wave 5 of medium term uptrend (colored royal blue in the chart) that started from 1.0525, this wave is part of wave A of a larger degree from 1.0145 (colored light green in the chart). Now the former wave has subwaves A, B, and C, with potential subwave C is still developing from 1.0628 (colored magenta in the chart). This wave also has its subwaves, they are A, and B (colored red in the chart) that is developing from 1.0775.

The targets of the upmove are Fibonacci expansions off 1.0231-1.0687-1.0525, 1.0525-1.0844-1.0628.

Resistances:

- 1.0825 = contracted objective point (COP)
- 1.0947 = objective point (OP)
- 1.0981 = OP

If the price keeps falling the targets below will be Fibonacci retracements of 1.0145-1.0844, and expansions off 1.0844-1.0628-1.0775, 1.0775-1.0679-1.0737.

Supports:

- 1.0641 = OP
- 1.0582-77 = confluence area of expanded objective point (XOP) and .382 retracement
- 1.0559 = OP
- 1.0495 = .50 ret

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Overbought/Oversold

The larger wave is now moving up, so it's prefereable to open long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (current prices as well), watch for possibilities of going long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

 

GBP/USD Intraday Technical analysis 2012-02-15

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The spot rate is currently testing the upper limit of its medium term bearish channel in 1.5770 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
Technical indicators provide sellers with signals suggesting a decline in the short term. Bollinger bands are much discarded to a result of the strong decline of these days. But until that the resistance is not broken the assumption of a stabilization is most likely
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5770 with a 1st objective of 1.5850, then 1.5870. A break in 1.5750 would invalidate this scenario.
 

GBP/JPY Elliott wave count and Fibonacci levels for February 14, 2012

GBP/JPY is developing impulse subwave C (colored royal blue in the chart) that is part of impulse wave A of a larger degree (colored light green in the chart) from 117.22. Within the former subwave there are also waves of a still smaller degree - they are A, B, and C (colored magenta in the chart), and subwave C is still developing from 121.34. Subwave C was confirmed when the price broke above 122.79 (top of subwave A). However it will be over if the price breaks below 121.34.

Now the targets of the upmove are Fibonacci retracements of 127.25-117.22, and expansions off 117.22-121.98-119.53, 119.53-122.79-121.34, 121.34-123.11-121.62.

Resistances:

- 122.71 = contracted objective point (COP)
- 123.35-39-42 = confluence area of COP, objective point (OP), and .618 retracement
- 123.75 = OP
- 124.29 = OP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of 119.53-123.11, and expansions off 123.11-121.98-122.86.

Supports:

- 121.32 = .50 ret
- 121.03 = expanded objective point (XOP)
- 120.90 = .618 ret

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Overbought/Oversold

The bigger wave is now moving up, therefore it's preferable to try long positions when the Detrended Oscillator goes below the zero level (30-35 pips below the current prices) or into the oversold area (60-75 pips below the current prices).

Read more on how to trade with Fibonacci levels.

 

GOLD Intraday Technical analysis 2012-02-13

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The gold is currently testing the intermediate resistance of its medium term bearish channel in 1733 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1758.

RSI provide buyers signals but approaching to the overbuy zone suggesting a decline. Bollinger bands are stabilized showing a more regular volatility.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1733 with a 1st objective of 1745, then 1748. A break in 1731 would invalidate this scenario.

GBP/USD Intraday Technical Analysis & Trade Recommendation February 10, 2012

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Although the GBP/USD curreny pair is moving within a slightly bullish channel, it begad to move sideways after hitting the resistance level 1.5870 which may be a trend change point.

Visiting resistance level 1.5870 showed BEARISH price action forming a possible Head and Shoulders reversal pattern with neckline at 1.5785.

Selling was suggested yesterday at the the resistance 1.5870 forming the right shoulder of the H&S pattern with profit till now which needs to be confirmed with 4H closure below 1.5785.

GBP/USD support area marked in blue on the chart at 1.5734-1.5750 which is the lower limit of both consolidation range & the newly formed bullish channel should be watched for a possible intraday reversal.

Its expected that support area will hold the price above in the first visit, pushing the pair to retrace towards 1.5835 which will be another good SELL entry.

Break of this support area 1.5734-1.5750 will open the way for a quick decline of GBP/USD price.

Based on the previous analysis

It's suggested to take some profits of yesterday's short position or even BUY with small lot size at or near to 1.5734-1.5750 with TP at 1.5830.

SELLING is suggested at 1.5830 & 1.5870 for a long-term SHORT position with TP at 1.5800,1.5730, 1.5660 with SL above 1.5930.