Instaforex Analysis

[IFX Gertrude]

USD/CHF: technical analysis for August 2, 2013

Overview:
USD/CHF: It should be noted that the price has still been trapped between 0.9380 -- 0.9343 and the price has been set below strong resistance at the level of 0.9425 (38.2% of Fibonacci retracement levels on H4 chart). Moreover, it is worth noting that these levels are coinciding between 23.6% and 38.2% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 0.9425 and it is now approaching it in order to test it. Therefore, the Swissy's downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9425 it will be a good sign to sell below 0.9425 with the first target of 0.9290 and it will call for downtrend in order to continue bearish towards 0.9228 next week in order to form double bottom at the level of 0.9228. Furthermore, it also should be noted that the price at 0.9285 will possible form a strong support (11% of Fibonacci retracement levels on H4 chart). So it will be saturation around 1.9285 to rebound the pair, as well probably the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 0.9290 with the first target of 0.9335 and continue towards 0.94.

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[IFX Gertrude]

Silver: Immediate resistance seen at 12.50 level

Technical outlook and chart setups:
Silver remains locked in a trading range for now. Support region is around 19.00/20, while resistance is around 12.30/50. As depicted here, the metal broke the rising counter trend line last week and is testing the backside, which is resistance now. It is recommended to initiate fresh short positions on a bearish signal appearance here. Immediate resistance is around the 20.50 mark, followed by 21.80/22.00 region; while support is now at 18.70/80 region. Looking lower on a turn around at the backside of trend line test.

Trading recommendations:
Flat for now. Looking to initiate short positions again.

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[IFX Gertrude]

Silver looking to move towards 19.00 before rallying

Technical outlook and chart setups:
The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen at 18.70 and lower. After this intermediary down move, the metal could be expected to rally towards 23.00 level and complete a 3 wave corrective rally. Aggressive trading strategy would be to remain short for now.

Trading recommendations:
Remain short, stop is above 20.50, and target is at 19.00.

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[IFX Gertrude]

GBP/CHF slide poised to accelerate. Remain short

Technical outlook and chart setups:
he currency pair tested the rising support line and fell back yesterday, as depicted in the Daily chart. Implications are bearish for GBP/CHF from here. Hence the recommendation is not changed - to maintain short positions for now. Immediate resistance would be at 1.4300 level, which was a high two days ago, followed by 1.44. Strong resistance is placed at 1.48 and 1.5. Looking into the wave structure, the next swing lows could be below 1.4 level in the coming days/weeks. Looking lower for now.

Trading recommendations:
Remain short, stop at 1.44, target is open

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[IFX Gertrude]

Elliott Wave analysis of EUR/NZD for August 8, 2013

Today's Support and Resistance levels:
R3: 1.6946
R2: 1.6872
R1: 1.6796
Current Spot: 1.6760
S1: 1.6718
S2: 1.6656
S3: 1.6623

Technical summary:
The break below the important support at 1.6771 yesterday invalidated my bullish count and told us, that the rally from the low of 1.6225 is only a B-wave in flat correction. Therefore, we will have to change our focus from the upside towards the downside until this ongoing correction is over.
I'm now looking for resistance at 1.6796 to protect the upside from a break below 1.6718, which will be the first good indication, that we can expect the impulsive decline lower at least towards 1.6623 and likely even deeper towards 1.6456.
In the short-term outlook, a break above 1.6799 will confuse the Picture, but only a break above 1.6872 will question the bigger Picture.

Trading recommendation:
The stop at 1.6765 was hit for a small loss. Sell EUR here at 1.6760 with a stop at 1.6875. Target is at 1.6225.

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[IFX Gertrude]

Silver tests backside of resistance line. Initiate short positions against 21.00 now

Technical outlook and chart setups:
The metal has breached through the resistance line now, around 20.25/30 levels. Hence, it is recommended to initiate short positions against 21.00. Immediate resistance is at 20.70/75, followed by 22.50/23.00; while support is around 18.70, followed by 18.25 levels. The wave structure indicates that a dip down ward movement towards 18.70/50 levels is possible before next leg higher up. The entire structure may be turning as a 3 wave pullback for now. Looking lower at least for the short-term prospect.

Trading recommendations:
Remain short, set stop at 21.00, target is at 18.50.

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[IFX Gertrude]

EUR/JPY technical analysis for August 12, 2013

Today, EUR/JPY is still in the downside situation; it was indicated by that all the three moving averages have still formed the "Death Cross Pattern" but now this currency is held by the EMA 34 as its dynamic resistance.

RECOMMENDATION:
SELL Stop (Pending Order) at 128.49.
Stop Loss at 128.59.
Take Profit at 128.35.

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[IFX Gertrude]

EUR/USD - Sell below 1.3387 - for August 13, 2013 (daily strategy)

Yesterday, the Euro in the Week opening left a gap that was covered at the beginning of the day, after it had a significant correction to the levels of the 15-day moving average, now we see that this bouncing, hope this stops at 1.3360 area, given that today's European session will be unveiled German ZEW Economic Sentiment, the analyst expected at 40.3, to be more optimistic compared to the previous month of 36.3, therefore we believe that this data can drive the euro but only few make a pullback, since it is located in area of high pressure bearish according the indicator of MACD and Momentum. Therefore, we recommend the next signal on the chart below.

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[IFX Gertrude]

USD/JPY intraday technical levels for August 14, 2013

TODAY's TECHNICAL LEVEL:
Resistance. 3: 98.72.
Resistance. 2: 98.52.
Resistance. 1: 98.33.
Support. 1: 98.09.
Support. 2: 97.90.
Support. 3: 97.70.

DESCRIPTION:
Please, pay attention to the levels of support 3 (97.70) and resistance 3 (98.72). Normally, when a level is touched, USD/JPY rebounds from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that this currency pair has found a trend today.

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[IFX Gertrude]

Silver inching towards 22.50 Resistance

Technical outlook and chart setups:
The metal has staged an impressive rally towards 22.20/30 levels till now. The 20.50 region should be past resistance turned support for the time being. A final push higher towards 22.50 would be required to confirm a major bullish reversal though. Resistance is at 22.50/23.00 levels, while support is at 19.20 and lower for now. Hence it is recommended to exit short positions, and watch out for the price reaction at 22.50 levels, before concluding a possible trade setup. The overall trend still remains bearish for now and a failure at 22.50 would warn a bearish reversal.

Trading recommendations:
Flat for now.

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[IFX Gertrude]

EUR/JPY technical analysis for August 21, 2013

Even the Bullish movement in all pairs with EUR has still dominated in the market base� on the rumors ECB wants to raise up its rate, and the Yen self has get a pressure because the lack of some fundamental data but now the EUR/JPY still moving in a ranging situation between the 129.25 to 131.00, maybe this happen because the market participant waiting the FOMC meeting minutes in a few day again.

RECOMMENDATION:
BUY Stop (Pending Order) at 130.76.
Take Profit at 130.90.
Stop Loss at 130.66.

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[IFX Gertrude]

EUR/JPY technical analysis for August 22, 2013

Since yesterday, the 131.00 level has already acted as strong resistance, although all the three moving average still make the "Golden Cross" pattern, this means the upside trend still continue in this pair, as long this currency not going down and breach bellow the EMA 100 (green) the uptrend situation still in a healthy condition.

RECOMMENDATION:
BUY Stop (Pending Order) at 131.26.
Take Profit at 131.30.
Stop Loss at 131.16.

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[IFX Gertrude]

EUR/JPY technical analysis for August 23, 2013

Yesterday, the strong resistance on the EUR/JPY has been already breached by this pair, for today seems the 132.00 level will be tested by this currency pair because we have got confirmation by all the three Moving Averages already form a "Golden Cross" formation pattern. This pattern will be the indication for the EUR/JPY which have a strong and healthy uptrend situation already.

RECOMMENDATION:
BUY Stop (Pending Order) at 132.26.
Take Profit at 132.40.
Stop Loss at 132.16.

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[IFX Gertrude]

EUR/JPY technical analysis for August 26, 2013

For today; we can look at this currency, the barrier at the 132.25. Since yesterday this level has already held this pair to continued the uptrend; the 132.25 acts as strong resistance, all the three Moving Averages has already formed the "Golden Cross" pattern that means the EUR/JPY still have a good and healthy uptrend situation.

RECOMMENDATION:
BUY Stop (Pending Order) at 132.51.
Take Profit at 132.65.
Stop Loss at 132.41.
Alternative:
SELL Stop (Pending Order) at 131.99.
Take Profit at 131.85.
Stop Loss at 132.09.

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[IFX Gertrude]

EUR/JPY technical analysis for August 27, 2013

Today, the EUR/JPY seems moving in the range between 131.25 and 132.00. It has been already confirmed by:
1. The market price appears above the EMA 100 (green) and bellow the EMA 34 (blue).
2. The EMA 50 (red) position is bellow the EMA 34 (blue) and above EMA 100 (green).

RECOMENDATION:
SELL Stop (Pending Order) at 131.24.
Take Profit at 131.10.
Stop Loss at 131.34.

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[IFX Gertrude]

EUR/JPY technical analysis for August 28, 2013

Yesterday, after the EUR/JPY pair had breached bellow 131.25, the uptrend changed to downtrend. This condition has been already confirmed by all the three moving averages form the "Death Cross" pattern. It means, the downside momentum is stronger then the upside movement. However, if EUR/JPY breaches above 130.50 today, then the downside movement will be hold, at least, till the end of the day.

RECOMMENDATION:
SELL Stop (Pending Order) at 129.74
Take Profit at 129.60.
Stop Loss at 129.84.

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[IFX Gertrude]

EUR/JPY technical analysis for August 29, 2013

Since the tension in Syria Crude Oil has been moving higher. However, in the west side the market participants are waiting for the "tapering" issue to be solved. This make a "Risk Aversion" in the market especially in the stock market. All the market participants take the money from the emergeing markets such as India, Thailand, Indonesia, etc. to get back the safe haven US Dollar. This condition makes USD stronger than any currency. EUR has got the impact from this issue.

RECOMMENDATION:
SELL Stop (Pending Order) at 129.74.
Take Profit at 129.60.
Stop Loss at 129.84.

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[IFX Gertrude]

EUR/JPY technical analysis for August 30, 2013

Since yesterday the level of 130.00 has acted as strong support for the EUR/JPY pair. Even the market is still affected with bearish pressure, which has been already indicated by all the three moving averages, the pair is still making a "Death Cross pattern". After this level a strong barrier at the 130.00 level can hold the movement and make this pair entering to the ranging condition between the 130.00 level to the 130.50 level.

RECOMMENDATION:
SELL Stop (Pending Order) at 129.74.
Take Profit at 129.60
Stop Loss at 129.84.
Alternative:
BUY Stop (Pending Order) at 130.51.
Take Profit at 130.65.
Stop Loss at 130.41.

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[IFX Gertrude]

EUR/JPY technical analysis for September 03, 2013

EUR/JPY reversed from the downside movement and this condition has been already confirmed by all the three moving averages in the 60 minutes charts. It is making a "Golden Cross" pattern. However, this pair seems to find a barrier at the 131.25, which acts as strong resistance for this pair.This is indicated by the appearence of the "Double Top" pattern in this chart near the 131.25 level. As long as this currency pair do not breach below 130.75, the price will continue the upside movement.

RECOMMENDATION:
BUY Stop (Pending Order) at 131.51.
Take Profit at 131.65.
Stop Loss at 131.41.

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[IFX Gertrude]

EUR/JPY technical analysis for September 04, 2013

Today, the EUR/JPY price is moving in the ranging condition but between the 103.75 to the 131.50 level but in a Bullish sentiment, We can look at all the three moving averages still making a "Golden Cross" pattern, but please pay attention to the 130.50 level, if this level can be breach by this pair, the bullish sentiment will be hold, at least, for today.

RECOMMENDATION:
BUY Stop (Pending Order) at 131.51.
Take Profit at 131.65.
Stop Loss at 131.41.
Alternative:
SELL Stop (Pending Order) at 130.49.
Take Profit at 130.35.
Stop Loss at 130.59.

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