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GOLD Wave Analysis for September 5,2012

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GOLD Elliott Wave
Yesterday gold was trading in a sideways move, developing final 5 wave (coloured blue) of the bigger impulsive (3) wave (coloured green). During the Asian and European sessions we could observe a descending movement towards the 1688.85 level. Therefore, during the early New York session this commodity found support at 1687.35 and the price reached a new high at 1698.18. We can consider this move as the end of the impulsive (3) wave (coloured green) and we are expecting to see the price around 1655.05 soon. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with Fibonacci retracement (1547.61-1698.18), with Take Profit at 1655.05 (38.2% of wave 3). To reduce the risk, we can use invalidation at 1704.80 level as Stop Loss. Also it is necessary to monitor the U.S. Revised Nonfarm Productivity q/q and Revised Unit Labor Costs q/q data that can change the rate of the pair.
Support and Resistance
(S3) 1676.3 (S2) 1681.9 (S1) 1690.3 (PP) 1695.9 (R1) 1704.3 (R2) 1709.9 (R3) 1718.3
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1685.95 with Stop Loss 1704.80 and Take Profit at 1655.05 are recommended.
Nicola Delic is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

EUR/USD Intraday Technical Analysis 2012-08-30

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The spot rate has been evolving between the upper limit of its medium term bearish channel at 1.2570 and the lower limit of this one at 1.2510 for three days. It approaches now the upper limit of its channel suggesting a decline. However, a break of these levels will free a large potential and initiate a violent bullish channel.
Technical indicators provide sell signals and 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.
As the spot rate approaches the upper limit of its channel then we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest selling on the level of 1.2570 with the 1st objective at 1.2510 and then at 1.2490. A breakthrough of 1.2590 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 1.2570 with the 1st objective at 1.2630 and then at 1.2650. A breakthrough of 1.2550 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

GBP/USD Support and Resistance for Tuesday, 28 August, 2012

Monday, 27 August, was a regular day for the British pound. It was trading in the sideways price channel in the range of 1.5793-1.5818 and has not expressed any distinct dynamics in the regard of the further direction.
At the end of the day, the prices were placed in the areas of VAL – 1.5997 and VAH – 1.5814. The point of control POC was formed in the 1.5808.
Forecast for Today:
During today’s Asian session the British pound dropped sharply against the US dollar and then restored its positions.
In case of downtrend resumption, the first resistance level will be POC area from 22 August – 1.5797. From that level the uptrend will continue from VAL of 24 August – 1.5823 and then to the POC level of that day – 1.5861 and after that towards VAH of 24 August – 1.5897.
The most conservative longs will be up to VAL of 16 May – 1.5906.
In case the downturn continues, the first support level will be in the POC area of 21 August – 1.5760. After that the decline will extend towards POC of 16 August – 1.5737 and then to POC of 20 August – 1.5707.
The most conservative shorts will be up to POC of 14 August – 1.5690.


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Description
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.

EUR/USD Strong Support 1. 2410 - For August 23, 2012 (Daily Strategy)

The euro benefited from the data that was published by the Federal Reserve, which made the impression that many of the members are more than willing to intervene and ease monetary policy if the U.S. economy does not recover soon. This was bad for the dollar and the euro which benefited as the result and reached the maximum of July 4 at 1.2570.
At the technical level, we note that secondary downtrend line is intact and there may be a correction of the pair to the support of 1.2410. We can visualize both of levels on the chart. Given that the pair is in a bullish mood, we recommend buying with targets 1.2570 and above 1.2650. The stop loss will place it below the support of 1.2410.



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If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
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Gerardo Porras is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

EUR/USD Intraday Technical Levels for August 22, 2012

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Today’s Technical Level:
Breakout BUY Level: 1.2534.
Strong Resistance: 1.2528.
Original Resistance: 1.2516.
Inner Sell Area: 1.2504.
Target Inner Area: 1.2474.
Inner Buy Area: 1.2444.
Original Support: 1.2432.
Strong Support: 1.2420.
Breakout SELL Level: 1.2412.
Description:
Today EUR/USD has support and resistance at 1.2432 and 1.2516 and is accompanied by strong support at 1.2420 and by 1.2528 as strong resistance.
If EUR/USD breaks out and closes below 1.2412 level today, this will indicate a considerable bearish strength, while if EUR/USD manages to break out and close above 1.2534 level, this will denote a high bullish strength. Alternatively, for advance traders, you can trade in a way to open BUY position at the level of 1.2444 and SELL position at 1.2504; in this case both targets should be located at the level of 1.2474.



Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
Email : Arief.ifx.jakarta@gmail.com
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GBP/USD Intraday Technical Analysis 2012-08-21

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As we predicted yesterday, the spot rate bounced off to the intermediate support of its medium term bullish channel at 1.5680 and approaches now the upper limit of this one at 1.5770 suggesting a decline. However, a break of these levels will free a large potential and initiate a more violent bullish trend.
Technical indicators provide buy signals but are approaching overbuy zone supporting a decline and 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. Furthermore, the spot rate is breaking the superior band supporting the hypothesis of a violent movement to the upper limit of its channel.
The spot rate tests its resistance that is why we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell at the level of 1.5770 with the 1st objective at 1.5710 and then at 1.5690. A breakthrough 1.5790 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance where we recommend a “buy stop”. We advised to buy the spot rate as soon as it is 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.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.