InstaForex Wave Analysis

[badman]

GBP/USD Bullish Outlook May 19, 2011 (Daily Strategy)









GBP/USD

The United Kingdom pound – United States dollar pair is showing signs of a change in trend,

a daily close above the first monthly resistance around 1.6205 will be a clear signal to

buy long up to resistance levels of 1.6650 at least. We remind you that the long term

fundamental price target for the pair is at around price levels of 1.7500 United States

dollars to the United Kingdom pound.

Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at

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USD/JPY wave analysis for May 19, 2011






Yesterday during the Asian session the USD/JPY did not manage to pass the 81 figure level

and advanced to 81.70 by the end of the day. At the same time, the current situation is

developing, and as a result the price might form the 1st wave of the future new uptrend

section. At the same time, current MACD divergence still allows a new stage of declining in

the direction of the lows reached earlier.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at

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GBP/USD wave analysis for May 19, 2011






Even good data on unemployment did not manage to prevent the GBP/USD from another downfall.

As a result, the price declined by almost 1.5 figures and closely approached the 61 figure

level. At the same the inner wave system of the correction structure formed during the

first two days of this week does not look quite convincing. In the meantime, we cannot

eliminate the possibility of yesterday’s downside movement to be resumed and form a more

complex 3rd wave (or C).

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at

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EUR/USD wave analysis for May 19, 2011







During yesterday’s trading the EUR/USD could not define further direction. At the same

time, the price is still within the wave structure that at the moment can be characterized

as another series of abc correction waves. Thus, current situation allows both resumption

of downside movement in the range of the future 5th wave in the estimated 3rd (or C), and

possible development of a new uptrend section.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011


More analysis - at

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[insta_poster]

USD/CAD technical analysis for May 20, 2011

Support: 0.9513, 0.9440, 0.9400
Resistance: 0.9840, 0.9972, 1.0050
On a four-hour chart the USD/CAD currency pair is showing the decline. Nevertheless, the growth can continue after the current rebound.
As stated above, in case of the resistance break through at 0.9721 an upturn targeted to 0.9972 can be awaited. Thereafter, a puncture of 1.0380 will denote the finishing of the recoil from 1.0680, and a further ascending can be expected.
It should be mentioned as well that on a four-hour chart a pattern of recoil has formed – the reverse Head-and-Shoulders. Breaking through the neckline confirmed this viewpoint and aimed the currency pair at 1.0050. On the other hand, the puncture of the support at 0.9513 will point to the false formation of the pattern.
Moreover, if a rebound occurs, the puncture of the support at 0.9440 will open the way to 0.9400. And the following decline targeted to 0.9353 can be expected, that is actually the level of the Fibo projection 100.0 with 1.0285 at 0.9666 to 0.9972.
In a mid-term outlook the break through the support at 0.9930 pointed to the continuation of the midterm descending trend from 1.3063 (maximum of 2009) with the target at 0.9400. Though this down movement seems to be the correction and in the area of 0.9056-0.9700 there is a strong support level.
Till the support level 0.9972 is unbroken, the attitude to the currency pair will remain bearish.
If there is a rebound, breaking through 1.0851 will confirm the puncture of the decreasing trend from 1.3063. In this case the USD/CAD pair is expected to upmove to the resistance at 1.1126 with the following aim at 1.1866.


Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[insta_poster]

GBP/JPY Elliott wave count and Fibonacci levels - May 20, 2011

GBP/JPY is developing potential impulse subwave C (colored red in the chart), that is part of corrective wave 4 (colored royal blue in the chart).
The targets of the upmove are Fibonacci retracements of 137.03-130.26, and expansions off 130.26-133.16-130.74, 130.74-132.94-131.93.
Resistances:
- 133.27-29 = confluence area of contracted objective point (COP) and .382 retracement
- 133.64 = confluence area of objective point (OP) and .50 ret
- 134.13 = objective point (OP)
- 134.44 = .618 ret
If the price keeps declining the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, and also retracements of 130.74-132.94.
Supports:
- 131.84 = .50 ret
- 131.58 = .618 ret
- 130.00 = OP
- 129.15 = .618 ret

Overbought/Oversold
Assuming that the medium term trend is down but a corrective wave up is developing it's preferable to stand aside or try longs when the Detrended Oscillator gets below the zero level (current prices) or into the oversold area (30-40 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[insta_poster]

AUD/USD Elliott wave count and Fibonacci levels - May 20, 2011

AUD/USD has probably finished wave C of medium term downtrend - 1.0888-1.0504, and now we have a corrective wave that is developing. The targets of the upmove are Fibonacci retracements of 1.0888-1.0504, 1.1011-1.0504, and expansions off 1.0504-1.0680-1.0594.
Resistances:
- 1.0696-98-1.0703 = confluence area of .50 and .382 retracements and contracted objective point (COP)
- 1.0741 = .618 ret
- 1.0758 = .50 ret
- 1.0770 = objective point (OP)
- 1.0817 = .618 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 0.9709-1.1011, and expansions off 1.1011-1.0536-1.0888, 1.0888-1.0504-1.0680.
Supports:
- 1.0514 = .382 retracement
- 1.0443 = COP
- 1.0413 = OP
- 1.0360 = .50 ret
- 1.0296 = OP

Overbought/Oversold
Assuming that the medium term trend is down but a corrective wave up is developing it's preferable to stand aside or try long positions when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or gets into the oversold area (30-40 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[badman]

CRUDE OIL Bullish Outlook May 20, 2011 (Daily Strategy)







CRUDE OIL

The detailed fundamental analysis puts the price of oil at around 125 dollars to the barrel

by the end of 2011. now the price of oil has stabilized over the past nine days and is

setting a triple bottom around the price level of 95 – 99 dollars. A buy at the present

price creates an excellent opportunity where the potential for a large price increase is as

high as the size of the previous price drops. The closer resistance level at 108.00 can be

used as a key point for a partial realization.

The resistance level of 114.70 that halted the pair previously can be used as a final

target price for the realization of a long position on the pair.





Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at

instaforex.com




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EUR/JPY Bullish Above 115.70, May 20, 2011 (Daily Strategy)






EUR/JPY

The move to positive sentiments exhibited by investors over the past couple of days has

also positively influenced the euro – Japanese yen pair that, for the most part, moves in

positive coordination with the financial markets. Expect a correction in the upward

sequence at least at the level of 115.70 to continue its upward trend again.

In the short term, the weekly resistance level of 119.00 could be used as a price target

for a partial realization whilst in the long term; we can set our sights towards the high

and important resistance level of 124.50 Japanese yen to the euro.



Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2011


More analysis - at

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[insta_poster]

EUR/GBP candlestick analysis for May 23, 2011

The EUR/GBP currency pair is trading down again after a strong rollback to the 0.8650 support level.
Earlier in a daily graph the EUR/GBP formed a Long Shadows candlestick indicating further downside movement, confirmed further.
This candlestick shows that earlier the EUR/GBP pair made a strong upside movement after an unsuccessful attempt to break the support level 0.8300. However, it reversed near the 0.9000 level. This means that the bulls could not solidify here and the bears started to increase their influence.
The divergence on the RSI and the MACD supports the downside movement.
Break of the Fibonacci 23.6 correction level proves this viewpoint.
As mentioned earlier, if the Fibonacci 38.2 correction level is successfully tested, we should expect downside movement with a target at 0.8650 where the Fibonacci correction level 50.0 is also located. Its break will target the pair to the next support level 0.8350.
It is worth mentioning that stop orders should be placed slightly above the resistance level 0.8840 as its break will target the pair to 0.9050.
In the medium term, the rollback from 0.8067 is completed with 3 waves at 0.9041. Current correction means the decline from the 0.9799 (2008 high) is continuing with a target to refresh lows below 0.8067. Break of the support level 0.8650 will prove this point of view and lead to downside movement to 0.8284. Its break will target the pair to 0.8067.
Nevertheless, break of the resistance level 0.9050 will denote that the short-term correction from 0.9799 is completed with 3 waves at 0.8067. In this case, the long-term downtrend initiated in 2000 will be probably continued to refresh highs above 0.9799.

Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[insta_poster]

GBP/USD technical analysis for May 23, 2011

The GBP/USD currency pair has rolled back again after it could not fixate below the support level at 1.6164. Nevertheless, the viewpoint at the pair is still bearish.
Earlier in a daily graph the GBP/USD formed a Dark Cloud Cover candlestick combination indicating a bearish signal.
This candlestick was formed after the pair failed to break the resistance level near 1.6750, which means that the bulls could not solidify here and the bears started to increase their influence.
The break of the Fibonacci 23.6 correction level proves this viewpoint. Now we should expect downside movement with a target at 1.6164. Its break will allow it to reach the support level 1.5932, where the Fibonacci 61.8 correction level is also located. At the same time, break of the 1.6300 level will probably cause a slight consolidation.
It is worth mentioning that stop orders should be placed slightly above the 1.6517 level as a break of this resistance will target the pair to 1.6750.

Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[insta_poster]

AUD/USD Elliott wave count and Fibonacci levels - May 23, 2011

AUD/USD has probably finished wave C of medium term downtrend - 1.0888-1.0504, and now we have a corrective wave that is developing. The targets of the upmove are Fibonacci retracements of 1.0888-1.0504, 1.1011-1.0504.
Resistances:
- 1.0696-98 = confluence area of .50 and .382 retracements
- 1.0741 = .618 ret
- 1.0758 = .50 ret
- 1.0817 = .618 ret
If the downtrend resumes the immediate supports will be Fibonacci retracements of 0.9709-1.1011, 1.0504-1.0710, and expansions off 1.1011-1.0536-1.0888, 1.0888-1.0504-1.0710.
Supports:
- 1.0583 = .618 ret
- 1.0514 = .382 retracement
- 1.0473 = COP
- 1.0413 = OP
- 1.0360 = .50 ret
- 1.0326 = OP

Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (30-35 pips above the current prices) or gets into the overbought area (55-70 pips above the current prices).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[insta_poster]

GBP/JPY Elliott wave count and Fibonacci levels - May 23, 2011

GBP/JPY is developing potential impulse subwave C (colored red in the chart), that is part of corrective wave 4 (colored royal blue in the chart).
The targets of the upmove are Fibonacci retracements of 137.03-130.26, and expansions off 130.26-133.16-130.74, 130.74-132.96-131.93, 131.93-132.96-132.29.
Resistances:
- 132.93 = contracted objective point (COP)
- 133.27-29-32 = confluence area of (COP), .382 retracement, and objective point (OP)
- 133.64 = confluence area of OP and .50 ret
- 133.96 = expanded objective point (XOP) and OP
If the price keeps declining the immediate supports will be Fibonacci retracements of 122.49-139.93, and expansions off 139.93-132.90-137.03, and also retracements of 130.74-132.96.
Supports:
- 132.11 = .382 ret
- 131.85 = .50 ret
- 131.59 = .618 ret
- 130.00 = OP
- 129.15 = .618 ret

Overbought/Oversold
Assuming that the medium term trend is down but a corrective wave up is developing it's preferable to stand aside or try longs when the Detrended Oscillator gets below the zero level (20-25 pips below the current prices) or into the oversold area (45-55 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2010
More analysis - at instaforex.com

[badman]

EUR/USD wave analysis for May 23, 2011









Since the opening of Friday’s trading the EUR/USD currency pair started to decline and dropped by two figures by the end of the day. At the same time, the high of the previous day at the moment looks like the top of the five-wave upside structure. Given this, we can suppose that the observed false high at 1.4350 indicated the end of the a wave (or 1) of a more complex and continuous correction. If so, in order to continue the upside movement the price must still form the b wave (or the 2nd).

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at instaforex.com




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USD/CHF wave analysis for May 23, 2011






Despite differently directed Friday’s trading, the USD/CHF currency pair managed to end forming the estimated b wave of the current correction structure and observe the 50,0% correction target level after a reverse. At the same time, the decline to 0.8750 at the moment looks like the beginning of the wave of this correction. If so, the indicated downside movement can develop in the direction of the next possible target located near the 87 figure level. 

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

More analysis - at instaforex.com