Technical analysis on EU,GU and major pairs

[johny5]

GBP/USD Intraday Technical Analysis 2012-02-01

The spot rate is currently testing the lower limit of its medium term bullish channel at 1.5720 suggesting a rebound. However, a break of these levels will free a large potential and entail a bearish channel.

RSI provides buy-signals and is approaching the oversell zone supporting the assumptions of a rebound. Bollinger bands are stabilized showing a more regular volatility.

According to previous events, the market indicates a bullish opportunity at the levels of 1.5720 with the 1st objective of 1.5790, then of 1.5820. A break through 1.5700 will change this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Intraday Technical Analysis 2012-02-01

The spot rate is currently testing the lower limit of its medium term bullish channel at 1.3030 suggesting a rebound. However, a break of these levels will free a large potential and entail a bearish channel.

RSI provides buy-signals and is approaching the oversell zone supporting the assumptions of a rebound. Bollinger bands are stabilized showing a more regular volatility.

According to previous events, the market indicates a bullish opportunity at the levels of 1.3030 with the 1st objective of 1.3090, then 1.3120. A break through 1.3010 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis & Trading Recommendations for February 2, 2012

After a break though the long-term bearish channel marked in blue, the pair is trending up inside the narrow bullish channel marked in brown.

The pair managed to make a bullish breakout of the consolidation range 1.5650 - 1.5740 which opened the way for the pair to test 1.5775 that was broken too.

Break of resistance level 1.5775 which took place yesterday opened the way directly towards 1.5870 which showed BEARISH price action.

Now the view for the GBP/USD pair is Bearish after failure of price to fixate above resistance level 1.5870.

Based on the previous analysis

The view for the pair is bearish but to minimize the position risk :

SELLING is suggested as soon as the pair retests the resistance level 1.5870 OR After 1H closure below 1.5815.

TP should be placed at 1.5820, 1.5775, 1.5740, 1.5690 then 1.5630 & SL should be placed above 1.5900.

Performed by Mohamed Samy, Analytical expert

 

[johny5]

EUR/USD Intraday Technical Analysis 2012-02-02

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3200 and seems to initiate a decline. However, a break through these levels would free up significant potential and initiate a bullish trend.

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

According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.3200 with the 1st objective of 1.3260, then of 1.3280. A break through 1.3180 will change this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Elliott Wave Count for February 3, 2012

Market Overview
The GBP/USD pair remained within the short-term bullish channel for the last 4 weeks. Yesterday we could observe the pairs breakdown to 50EMA support around 1.5800 level where this major pair finished trading day. Today we could observe the bullish mood and the upward movement to the 1.5840 level in the early European Session. Price is currently testing resistance line around 1.5860 level. In case level 1.5880 is passed through, the point 1.6030 will be considered the nearest resistance level.

Breaking News
(GBP)Services PMI
(USD)Non-Farm Employment Change
(USD)Unemployment Rate
(USD)Average Hourly Earnings m/m
(USD)ISM Non-Manufacturing PMI
(USD)Factory Orders m/m

Support and Resistance levels
(S3) 1.5756 (S2) 1.5780 (S1) 1.5795 (PP) 1.5819 (R1) 1.5843 (R2) 1.5858 (R3) 1.5882


GBP/USD Elliott Wave Analysis
GBP/USD pair finished the wave (2) of the bigger 3 wave at the 1.5785 level starting wave (3). According to our wave rules and taking into consideration that the wave (3) is expected to finish 100% or 161.8% of the wave (1), we can define possible target levels with Fibonacci Extensions (1.5706-1.5882-1.5785) with take profit 1 (100%) at 1.5960 level, take profit 2(161.8%) at 1.6068 level and stop loss end of the wave 2 located near the 1.5780 level.

Trading Forecast
Concerning the Elliott Wave Rules today the trend is expected to go upwards. That is why it is recommended to open the LONG positions at level 1.5880 with Stop Loss at level 1.5780, Take Profit at level 1.5960 and Take Profit 2 at 1.6068.

Performed by Nicola Delic, Analytical expert

 

[johny5]

EUR/USD Intraday Technical Analysis 2012-02-03

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3180 and seems to initiate a decline. However, puncturing these levels will release significant strength and initiate a bullish trend.

Technical indicators do not provide clear signals but until that 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 indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.3180 with the 1st objective of 1.3250, then of 1.3280. A break throguh 1.3160 will cancel this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Intraday Technical analysis 2012-02-06

The spot rate is currently testing the lower limit of its medium term bullish channel in 1.5760 suggesting a rebound. However a break of these levels would free a large potential and entail a bearish channel.

RSI provides sellers signals and approaching the overbuy zone supporting the assumptions of 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 on the levels of 1.5760 with a 1st objective of 1.5820, then 1.5850. A break in 1.5740 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Intraday Technical analysis 2012-02-06

The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.3060 suggesting a rebound. However a break of these levels would entail a decline to the lower limit of this one to 1.2990.

RSI provides seller signals suggesting a decline in the short term. Bollinger bands are stabilized showing a more regular volatility.

According to previous events, the market indicates a bullish opportunity on the levels of 1.3060 with a 1st objective of 1.3120, then 1.3150. A break in 1.3040 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Intraday Technical analysis 2012-02-07

The spot rate is currently testing the upper limit of its medium term bearish channel in 1.5860 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.

RSI don't provide clears signals but approaching to the overbuy 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 spot rate will have broken its resistance in 1.5860 with a 1st objective of 1.5920, then 1.5950. A break in 1.5840 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Elliott wave count for February 7, 2012

Market Overview
Yesterday in early Asian session we could observe downward movement of the EUR/USD pair to the 1.3100 level (200EMA Support). European session continued in bullish mood and the price reached a low around 1.3025, in New York session we could observe slight upward movement and price filling opening gap at 1.3138.Today in Asian session this major tests again 200EMA where this pair can find big support and push back to opening price, we can expect a test around 1.3160 level before we see EURO/DOLLAR above 1.3200

Support and Resistance levels
(S3)1.2986 (S2)1.3029 (S1)1.3056 (PP)1.3100 (R1)1.3143 (R2)1.3170 (R3)1.3214

Important News
(EUR)French Trade Balance
(EUR)German Industrial Production m/m
(USD)Fed Chairman Bernanke Testifies
(USD)IBD/TIPP Economic Optimism
(USD)Consumer Credit m/m

EUR/USD Elliott Wave Analysis

Euro-Dollar Pair finishes 1 wave of bigger iii wave at 1.3140 level, wave 2 is over at 1.3089 and we are currently in 3 wave.Concerning our wave rules and assuming that wave 3 will finish at 161.8% of wave 1 we can project our potential targets level with Fibonacci extensions(1.3026-1.3140-1.3089) to 1.3205 level(100% of wave 1) and 1.3273(161.8% of wave 1)we can use end of wave 2 for our stop loss.

Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why LONG position at levels 1.3150 with Stop Loss at 1.3090, Take Profit 1 at 1.3205 and Take Profit 2 at 1.3273 are recommended

Performed by Nicola Delic, Analytical expert