Technical analysis on EU,GU and major pairs

[johny5]

GBP/USD Intraday Technical Analysis 2012-05-15

The spot rate is approching the upper limit of its medium term bearish channel at 1.6150 and is likley to decline. However, a breakdown of these levels will release significant potential and initiate a violent bullish trend.

Technical indicators provide sellers signals and as long as the resistance level is unbroken, the pair is very likely to decline. 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 provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.6150 with 1st objectives seen at 1.6210 and 1.6230. In case the level 1.6130 is broken through, the proposed scenario will be cancelled.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Elliott Wave Count for May 16, 2012

For the last two weeks the EUR/USD pair has been developing 3 wave (coloured blue) of the bigger wave (3) (coloured green). Yesterday the EUR/USD pair was trading in a downward movement. During the European session we could observe the ascending movement towards the 1.2865 level. Therefore during the New York session the EUR/USD did not manage to hold this level and price started pushing lower reaching 1.2720 level (daily low). Today during the Asian session the price continue trading in a bearish mood reaching 1.2680 level.We can consider this move as end of the 3 wave (coloured pink). Presently we can observe 3 impulsive wave. 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 (1.3380-1.2993-1.3282) with Take Profit 1 at 1.2600 (161.8% of wave 1). The resistance point at 1.2750 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S Building Permits, Housing Starts, Capacity Utilization Rate, Industrial Production m/m, Crude Oil Inventories,FOMC Meeting Minutes that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.2625 (S2) 1.2681 (S1) 1.2716 (PP) 1.2772 (R1) 1.2828 (R2) 1.2863 (R3) 1.2919

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.2700 with Stop Loss at 1.2750 and Take Profit at 1.2600 are recommended.

Performed by Nicola Delic, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis and Trade Recommendations for May 16, 2012

In the beginning of the month,the GBP/USD pair has broken the lower limit of its bullish channel. Since then it has been downtrending within the depicted bearish channel.

Yesterday the GBP/USD pair showed siginificant bearish swing breaking-down the significant support / prominent Intraday buttom around 1.6050 opening the way for a quick decline towards 1.5960-1.5940 which is considered as a strong support zone that determins the next target.

Bullish stabilization above 1.5960-1.5940 enhances the bullish retracement towards 1.6050. However, its breakdown will lead to another decline towards 1.5895 and 1.5860.

Price Level 1.6050 is considered to be valid SELL entry as it corresponds to the upper limit of the ongoing bearish channel & previous broken support level.

SL should be located above 1.6120 while TP levels are to be located at 1.6015, 1.5975 and 1.5930.

Performed by Mohamed Samy, Analytical expert

 

[johny5]

EUR/USD Elliott Wave Count for May 17, 2012

EUR/USD Elliott Wave
Yesterday the EUR/USD pair was trading sideways. During the European session we could observe downward movement towards the 1.2680 level where this pair find support and started pushing higher. Therefore during the early New York session we could observe price around 1.2760 level. At the second half of New York session the EUR/USD start pushing lower again and this major closed Wednesday at the 1.2700 level. Today during the Asian session we could observe bullish mood and price reaching 50 EMA resistance. We have German, French and Swiss bank holiday today so I do not expect high volatility before New York start. Presently we can observe end of the 5 wave (coloured pink) of the bigger 3 wave (coloured blue) so we should be prepared for entering with long position for catching corrective 4 wave (coloured blue).In accordance with our wave rules and taking into account that the wave 4 retraces 100% of the wave 2, we can define the potential targets with measuring the 2 wave. Take Profit at 1.2918 (100% of wave 2). The resistance point at the 1.2600 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S. Unemployment Claims, Philly Fed Manufacturing Index and Treasury Sec Geithner Speech, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.2641 (S2) 1.2670 (S1) 1.2689 (PP) 1.2718 (R1) 1.2747 (R2) 1.2766 (R3) 1.2795

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 1.2660 with Stop Loss at 1.2600 and Take Profit at 1.2918 are recommended.

Performed by Nicola Delic, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis 2012-05-17

The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5860 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit 1.5020.

Technical indicators provide sell-signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity at the level of 1.5860 with the 1st objective at 1.5920 and then at 1.5950. A break through 1.5840 will alter this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Intraday Technical Analysis 2012-05-18

The spot rate is now testing the upper limit of its medium term bearish channel at 1.2720 and seems to initiate a decline. Still, a break through these levels will free 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 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 provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2720 with the 1st objective at 1.2780 and then at 1.2800. A puncture of 1.2700 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis 2012-05-18

The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.5690 and seems to start a rebound. However, a pass of these levels will release good potential and reach the lower limit of this one to 1,5360.
Technical indicators provide sell-signals but until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

According to previous events the market will provide a bullish opportunity at the level of 1.5690 with the 1st objective at 1.5750 and then at 1.5770. A break through 1.5670 will alter this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

EUR/USD Elliott Wave Count for May 21, 2012

EUR/USD Elliott Wave
During the last week the EUR/USD pair was trading downward developing impulsive 3 wave (coloured blue). During the Friday's European session we could observe ascending move toward the 1.2710 level (100EMA resistance). Therefore during the New York session we could observe continuation of the bullish mood and price reached new daily high at 1.2793 level.Today during the Asian session we could observe ascending move toward the 1.2812 level.The EUR/USD did not manage to hold this level and we could observe bearish mood in early European session. We expect to see price at 1.2825 today. Presently we can observe the end of the 4 wave so we need to be prepared for 5 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with measuring 1 wave with Take Profit 1 at 1.2689 (78.6% of wave 1) and Take Profit 2 at 1.2649 (100% of wave 1). The resistance level at 1.2870 can be used as Stop Loss.

Support and Resistance levels
(S3) 1.2585 (S2) 1.2643 (S1) 1.2679 (PP) 1.2736 (R1) 1.2794 (R2) 1.2830 (R3) 1.2887

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.2845 with Stop Loss at 1.2870, Take Profit 1 at 1.2689 and Take Profit 2 at 1.2649 are recommended

Performed by Nicola Delic, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis 2012-05-21

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5830 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide sell-signals but 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.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5830 with the 1st objective at 1.5890 and then at 1.5910. A break through 1.5810 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert

 

[johny5]

GBP/USD Intraday Technical Analysis 2012-05-22

The spot rate is currently testing the upper limit of its medium term trading range at 1.5840 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.

Technical indicators provide buy-signals but 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.

According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5840 with the 1st objective at 1.5900 and then at 1.5920. A break through 1.5820 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert