EUR/USD: Weekly Technical Levels for July 23 - 27, 2012 2012-07-23
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Weekly Technical Levels:



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Tip (s):


R3 and S3 are considered as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.
In case of the breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.


Observation (s):

If the trend is of upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.
Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.


Performed by Mourad El Keddani, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/NZD - Elliott Wave Analysis for July 23 - 2012 2012-07-23
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EUR/NZD - Daily


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EUR/NZD - 4 Hour

Today's Support and Resistance Levels:

Support Resistance
1: 1.5177 1: 1.5293
2: 1.5131 2: 1.5371
3: 1.5100 3: 1.5450


Technical Overview:
Looking at the long term picture (see the upper daily chart), we can see that we are now at the end of the diagonal support line near 1.5140. We have been trying to find a bottom here and it now seems that it is in place with the test of 1.5131 or is very close to it. As long as minor resistance at 1.5293 and more importantly 1.5450 has been broken to the upside, we should allow for more pressure towards the downside that said there is not much more room towards the downside.
Zooming in on the last decline from the 1.6969 high (see the 4 hourly chart), we can see that we are hitting the end of the diagonal support line near 1.5140, but we also retested the falling channel, which has contained most of the decline since the 1.6923 all pointing towards a bottom forming in this area. This situation proves that we must allow for slightly more downside pressure as long as minor resistance at 1.5293 is not broken towards the upside. A break above 1.5293 will ease the downside pressure and a break above 1.5450 will signal that an important bottom is in place.
Trading Recommendation:
We are long from 1.5250 with a 1.5095 stop. We will move stop up to 1.5125 upon a break above 1.5293. If you are not long EUR already, then wait for a break above 1.5293 before buying with a stop at 1.5125.


Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/USD Intraday Technical Analysis 2012-07-24
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The spot rate has broken the intermediate support of its medium term bearish channel at 1.2150 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.2020.
Technical indicators provide buy signals and approaching to oversell zone supporting the assumption of a pull back. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to the previous events, the market will provide a bearish opportunity at the level of 1.2150 with the 1st objective at 1.2090 and then at 1.2070. A break through 1.2170 will alter this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

USD/CHF Wave Analysis July 24, 2012 2012-07-24
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USD/CHF Elliott Wave
For the last few days the USD/CHF pair was trading in an upward move developing impulsive (5) wave (coloured green) of the bigger wave (5) (coloured orange). Yesterday during the Asian and European sessions we could observe an ascending movement towards the 0.9945 level and we can consider this move as the end of the 3 impulsive wave (coloured blue). Therefore, during the New York session the USD/CHF did not manage to hold this level and the price reached 0.9888 level (end of 4 wave). Today this major pair started pushing higher, the price is currently trading around 0.9915 level and we are expecting to see it around 0.9969 today. 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 by measuring 1 wave with Take Profit at 0.9963 (100% of wave 1). Support at 0.9900 point can be used as Stop Loss. Also it is necessary to monitor the U.S. Fed Chairman Bernanke Speaks, Flash Manufacturing PMI data that can change the rate of the pair.
Support and Resistance
(S3) 0.9853 (S2) 0.9877 (S1) 0.9892 (PP) 0.9916 (R1) 0.9940 (R2) 0.9955 (R3) 0.9979
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9920 with Stop Loss 0.9900 and Take Profit at 0.9963 are recommended.


Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012

GBP/USD: Intraday Technical Analysis for July 24, 2012 2012-07-24
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Weekly Pivot Point: 1.5624.



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Sideways Trend: prices are moving within a narrow range between 1.5500 and 1.5480.
GBP/USD "Pound-Dollar":
• Resistance: 1.5523 (Sell below this level).
• Support: 1.5400 (Buy above this level).


Trading Recommendations:

According to the previous events, the price is still between the levels of 1.5500 and 1.5480.

The descending movement will probably be lower than 1.5523 level with the first targets at 1.5450 and 1.5403 levels.
BUY deals are recommended above the 1.54 level with targets at 1.5473 and 1.5520 levels.


Overview:


It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5500 and 1.5480, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably indicate the signs of a bullish trend. In other words, buy deals are recommended above 1.5400 level with its first target at the level of 1.5453. From this point, the pair is likely to begin an ascending movement to the point of 1.5483 and further to the level of 1.5520. However, if the pair fails to pass through the level of 1.5523, the market will indicate a bearish opportunity below the strong resistance level of 1.5523. In this regard, sell deals are recommended lower than the 1.5530 level with the first target at 1.5550. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5403.


If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .


Performed by Mourad El Keddani, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/USD Wave Analysis July 24, 2012 2012-07-24
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EUR/USD Elliott Wave
Since our Last analysis the EUR/USD pair was trading in an upward move developing corrective wave 4 (coloured blue) of the bigger (5) wave (coloured green). During the early European session we could observe a descending movement towards the 1.2070 level and we can consider this move as the end of the impulsive 3 wave (coloured blue). Therefore, during the New York session this major pair started pushing higher and price filled Monday gap at 1.2148 level and we can regard this move as the end of the 4 wave (coloured blue). Today the EUR/USD pair started pushing lower developing final 5 wave (coloured blue) of the bigger (5) wave (coloured green). 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 by measuring 1 wave with Take Profit at 1.1983 (100% of wave 1). Resistance at 1.2150 point can be used as Stop Loss. Also it is necessary to monitor the EU German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, BBA Mortgage Approvals and U.S. Fed Chairman Bernanke Speaks, Flash Manufacturing PMI data that can change the rate of the pair.
Support and Resistance
(S3) 1.2032 (S2) 1.2061 (S1) 1.2080 (PP) 1.2109 (R1) 1.2138 (R2) 1.2157 (R3) 1.2186
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2100 with Stop Loss 1.2150 and Take Profit at 1.1983 are recommended


Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012

NZD/USD: Intraday Technical Analysis for July 24, 2012 2012-07-24
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Strong Resistance: 0.8000.
Strong Support: 0.7860.

Overview:
The NZD/USD pair is expected to continue the movement from the point of 0.7865 (0.7860: 00% of Fibonacci retracement levels on the H1 chart). Thus, kiwi shows the signs of strength, following the breakdown of the highest level 0.7960. This fact can be considered as a good signal for BUY deals above the point 00% of Fibonacci retracement levels on the H1 chart or at the level (0.7860) with the first targets 0.7929 and 0.8000 (it will act as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide between 61.8% of Fibonacci retracement (0.7980) and 78% of Fibonacci retracement (0.8011) However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level 0.8000, the market will show a further decline to the 0.7930 level indicating a bearish mood in order to retest the weekly support 1 at 0.7929.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.


Performed by Mourad El Keddani, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/NZD - Elliott Wave Analysis for July 24 - 2012 2012-07-24
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Today's Support and Resistance Levels:
Support Resistance
S1: 1.5265 R1: 1.5339
S2: 1.5233 R2: 1.5398
S3: 1.5209 R3: 1.5450
Technical Overview:
We saw the expected rally from the 1.5131 low taking out minor resistance at 1.5293 for a move towards 1.5398. Thereby, we got the first indication that an important low is in place at 1.5131.
In short term we are looking for a minor correction from 1.5398, which will most likely end in the 1.5233 - 1.5265 area for the next move higher towards 1.5450 and likely even towards resistance at 1.5698. If minor wave ii extends beyond 1.5698, the next target will be near 1.5801.
There is a risk in short term that the correction from 1.5398 becomes a shallow, but more complex and will drag on for 5 - 8 days before the rally from 1.5131 continues.
Trading Recommendation:
You should be long EUR against NZD from 1.5250 or from 1.5295 with a stop at 1.5125. If you are not long EUR yet buy at 1.5265 or wait for a break above 1.5398 with the same stop at 1.5125.


Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012

GOLD Intraday Technical Analysis 2012-07-24
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Gold is currently testing the upper limit of its medium term bearish channel at 1 582 and seems to initiate a decline. However, a break through these levels will release a 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 are much discarded as a result of strong increase these days. Stabilization is expected in a short term.
According to previous events, the market will provide a bullish opportunity as soon as the gold is broken through its resistance of 1 582 with the 1st objective at 1 595 and then at 1 600. A break through 1 579 will invalidate this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

This post has been edited by jebat66: Jul 24 2012, 01:36 AM

GBP/USD Intraday Technical Analysis 2012-07-24
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The spot rate has broken the intermediate support of its medium term bearish channel at 1.5550 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.5370.
Technical indicators are providing buy signals and approaching the oversell zone supporting the assumption of a pull back. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to the previous events, the market will provide a bearish opportunity at the level of 1.5550 with the 1st objective at 1.5490 and then at 1.5470. A break through 1.5570 will alter this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/JPY - Elliott Wave Analysis for July 24 - 2012 2012-07-24
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Today's Support and Resistance Levels:
Support Resistance
S1: 94.77 R1: 95.01
S2: 94.37 R2: 95.22
S3: 94.14 R3: 95.64
Technical Overview:
After the test of 94.22 yesterday we have seen a minor rally to 95.22 which we consider to be corrective by its nature, therefore, we are looking for one last decline to just below the 94.22 to end the entire decline since the 111.43 high in March 2012. Once the low is in place, we should expect a powerful move towards the upside, taking out resistance at 95.64 for a continuation higher towards important resistance at 97.27.
The short term risk is a direct break above resistance at 95.22, which will indicate that we saw an important low at 94.22 yesterday and would call for a direct continuation towards resistance at 95.64.
Trading Recommendation:
Buy EUR against JPY at 94.20 with a 93.50 stop. For now consider taking profit at 97.00.


Performed by Torben Melsted, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/JPY Intraday Technical Analysis 2012-07-24
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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 95.10 and seems to initiate a decline. However, a break through these levels will release a good potential and will be able to reach the upper limit of this one to 95.80.
Technical indicators do not provide clears 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 decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 95.10 with the 1st objective at 95.80 and then at 96.20. A breakthrough 94.90 will invalidate this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

EUR/USD Wave Analysis for July 25, 2012 2012-07-25


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EUR/USD Elliott WaveSince our last analysis the EUR/USD pair was trading in a downward move as we predicted yesterday. During the European and New York sessions we could observe a descending movement from 1.2140 towards the 1.02043 level. Today this major pair did not manage to hold yesterday’s bearish mood and the price started pushing higher reaching a new daily high at 1.2082 level. The EUR/USD pair is currently developing last impulsive wave 5 (coloured blue) of the bigger wave (5) (coloured green) and we are expecting to see price at 1.2000 today. 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 by measuring 1 wave with Take Profit at 1.1983 (100% of wave 1). Resistance at 1.2125 point can be used as Stop Loss. Also it is necessary to monitor the EU German Ifo Business Climate, Prelim GDP q/q, Belgium NBB Business Climate and U.S. New Home Sales, Treasury Sec Geithner Speaks, Crude Oil Inventories data that can change the rate of the pair.Support and Resistance (S3) 1.1928 (S2) 1.1928 (S1) 1.2023 (PP) 1.2080 (R1) 1.2118 (R2) 1.2175 (R3) 1.2213Trading ForecastProceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2080 with Stop Loss 1.2125 and Take Profit at 1.1983 are recommended

EUR/JPY Intraday Technical Analysis2012-07-25


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The spot rate approached the intermediate resistance of its medium term bearish channel at 94.80 and seems to initiate a decline. However, a break through these levels will release a good potential and will enable to reach the upper limit of this one to 95.80.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 the previous events, the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 94.80 with the 1st objective at 95.40 and then at 95.60. A breakthrough 94.60 will invalidate this scenario.

GOLD Intraday Technical Analysis2012-07-25


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Gold is currently testing the upper limit of its medium term bearish channel at 1 585 and seems to initiate a decline. However, a break through these levels will release a 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 gold is broken through its resistance of 1 585 with the 1st objective at 1 595 and then at 1 600. A break through 1 582 will invalidate this scenario.