GOLD Intraday Technical Analysis 2012-06-12

Show full picture

Gold is now testing the upper limit of its medium term bearish channel at 1,629 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators do not provide clear signals but 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 increase these days. Stabilization is expected in a short term.
In accord to recent events the market will provide a bullish opportunity as soon as gold has broken through its resistance of 1,629 with the 1st objective at 1,640 and then at 1,645. A break through 1,626 will invalidate this scenario.

Crude Oil Technical Analysis for June 8, 2012

Show full picture
Analysis:
As crude oil technical analysis for June 8 shows, the downtrend is persisting. The oil price consolidated below the 83.75 support level, which suggests further downward movement. The target of further downtrend is 75.63. The Fibonacci Fan indicates that the price has failed to correct more than by 23.6% so far. It actually means that the downtrend is really strong. In case with bearish trading, Stop Loss is recommended to be placed above the downward trend line. The Awesome indicator suggests the current movement downwards, as the last closed bar is red. It can be interpreted as the current movement downwards in the short term. OsMA also reversed downwards, promising continuous downtrend in the longer term.

Trading recommendations:
According to the results of the oil price analysis, short positions with the 75.63 target appear to be preferable. Stop Loss should be placed below the downward trend line. If a trade turns out to yield 80-100 pips, it is better to drag the trade into the “no loss” area. It is recommended to close short positions manually if OsMA turns upwards.
Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.
Explanations to the picture:

Awesome Oscillator – red and green bars in the indicators’ window.
OsMA – grey bars in the indicators’ window.
Trend lines – blue lines.
Support and resistance - red horizontal lines.

AUD/USD Elliott Wave Count and Fibonacci Levels for June 7, 2012

The AUD/USD pair is developing a corrective wave B (light green in the chart) of the medium term downtrend from 0.9581 comprising three subwaves (red in the chart) and an impulse subwave C developing from 0.9710. This wave also includes three subwaves (orange red in the chart) and a subwave C is moving from 0.9877. Presently the immediate resistances are Fibonacci retracements of 1.0473-0.9581 and expansions of 0.9581-0.9803-0.9710, 0.9710-0.9931-0.9877. Resistances: - 1.0014 = contracted objective point (COP) - 1.0027 = .50 retracement - 1.0069 = expanded objective point (XOP) - 1.0098 = objective point (OP) - 1.0132 = .618 ret If the price reverses to the downside, the immediate supports will be Fibonacci retracements of the wave up from 0.9581 - this wave is not developed yet, so supports are not available. Show full picture Overbought/Oversold The bigger wave is now moving up, so it is preferable to try long positions when the Detrended Oscillator goes below the zero level (20-25 pips below the current prices) or into the oversold area (40-50 pips below the current prices). Consider the opportunities to go long at or near the indicated supports. Read more on how to trade with Fibonacci levels.

InstaForex

GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 6, 2012

Show full picture
Last Friday, the GBP/USD pair tested the lower limit of the Yellow channel around 1.5280 expressing a massive bullish reaction which turned our short-term view for the pair into bullish.
As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicates a possible bullish retracement which is expetced to take place today.
The GBP/USD pair has an Intraday Resistance Level located at 1.5480 which corresponds to the upper limit of the Yellow Channel & the Average Daily Range for today. In case this price level is broken, the way towards 1.5555 will be open.
The GBP/USD pair has an Intraday Support Zone located at 1.5380-15400 which corresponds to the upper limit of the broken Violet channel and the mid-line of the Yellow one. In case it is broken through, the way towards 1.5290 will open.
Based on the previous analysis
The market offers a valid BUY-entry around 1.5380-1.5400 with SL located below 1.5320.
TP levels are to be located at 1.5450, 1.5495 & 1.5555.

GBP/JPY Technical Levels and Trading Recommendations for June 5, 2012

Show full picture


Overview
As it was expected yesterday, the breakdown of the support level 119.60 resulted in strong upward movement. Today the GBP/JPY pair is trading in a slight upward movement and slightly downside correction reaching the support level 119.60 again. Considering today's H4 chart, if the pair is able to break the upward trend line, then the support area 119.60 -119.00 may act as a strong indicator for downward trend enabling to reach the support level 118.50.
On the other hand, the rebound from the support area and reversal to the downward movement can lead to testing the strong resistance level 121.10. If the pair is able to break through the resistance level and close above 4H, this will indicate the purchasers strength and a good opportunity to buy. Then it is necessary to wait the price reaching the resistance level 122.60. In case this level is passed through, the new buyers signals will be provided with 123.32 level seen as target. Technical indicators provide bullish signal but as long as the resistance level 121.10 is unbroken, the downward trend is still possible. Therefore we should wait more confirmations before making the decision.


Resistance and Support levels
R3(123.50)
R2(122.60)
R1(121.00)
S1(119.60)
S2(119.00)
S3(118.50)


Trading Recommendations
According to the prevous analysis, we recommend buy-deals when the resistance level 121.10 is passed through with TP1 122.45 and TP2 123.15 , SL 4H closure below 121.10 level .

InstaForex

GOLD Elliott Wave Count for June 4, 2012 2012-06-04

Show full picture
GOLD Elliott Wave
Last week Gold was trading in upward move developing 3 wave of the bigger (3) wave. During the Fridays Asian and European session we could observe descending movement toward the 1544.90 level.We can consider this move as end of the 2 wave (coloured green). Therefore during the New York session Gold started in a bullish mood and reached new high at 1628.60 level. We can consider this move as end of the 3 wave (coloured green). Today during the early Asian session Gold we could observe the downward movement and price trading under 1618.00 level. Presently we can observe the end of the 4 wave (coloured green); at the moment we expect price to be above 1650.00 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 (1526.30-1598.00-1532.40) with Take Profit at 1648.21 (161.8% of wave 1). Support level at 1607.30 can be used as Stop Loss point.
Support and Resistance Levels
(S3) 1481.2 (S2) 1513.4 (S1) 1567.7 (PP) 1599.9 (R1) 1654.2 (R2) 1686.4 (R3) 1740.7
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 1627.50 with Stop Loss at 1607.30 and Take Profit at 1648.21 are recommended

InstaForex

EUR/JPY Counter Trend Rally Is Near 98/99 Levels 2012-06-01

Show full picture

Technical Outlook and Chart Setup:
Yesterday the currency hit fresh lows again. Presently charts look a bit stretched and hinting a recovery/pullback. As depicted above, we are focused on 2 possible entry levels for short positions. 1) At 98.80/99.00 levels, which is the 0.618 retracement of the recent fall from 100.30/40. OR 2) 100.80/101.00 level which is the 0.382 retracement of the drop from 108.00 levels. 100.30/40 levels shall remain intermediary resistance.
Trade Recommendations:
Looking to sell at 98.80/99.00 levels OR 101.00 levels, tatgetting 90.00 levels.

InstaForex