Forex Quebec

TODAY's  TECHNICAL  LEVELS:

Resistance. 3 : 83.42.

Resistance. 2 : 83.26.

Resistance. 1 : 83.09.

Support. 1 : 82.89.

Support. 2 : 82.73.

Support. 3 : 82.56.

DESCRIPTION :

Please, pay attention to the levels of support. 3 (82.56) and resistance. 3 (83.42), in general, when a level is touched, USD/JPY will rebound from the previous minimum by10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign of that these currencies have found trends today.

Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group

Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2012

AUD/USD is developing potential corrective wave B of medium term uptrend (coral in the chart) from 1.0856. Within this wave there are subwaves A, B and C (royal blue in the chart). Impulse subwave C is developing from 1.0636. Within the latter we have subwaves A, and B (magenta in the chart), subwave B is developing from 1.0336. However, due to exessive advance within corrective subwave B (magenta), wave C (royal blue) from 1.0636 may be coming to an end. Within B (magenta) there are two subwaves (red in the chart), with subwave B still developing from 1.0557.

The targets above are Fibonacci retracements of 1.0856-1.0336.

Resistances:

- 1.0596 = .50 retracement
- 1.0657 = .618 ret

If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9861-1.0856, 1.0336-1.0557, and expansions off 1.0856-1.0423-1.0636, 1.0636-1.0336-1.0557.

Supports:

- 1.0420 = .618 ret
- 1.0372-68 = confluence area of two contracted objective points (COP)
- 1.0257 = objective point (OP)
- 1.0241 = .618 ret

Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (10-15 pips above the current prices) or into the overbought area (40-55 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012

GBP/JPY is developing corrective wave B of medium term uptrend from 133.42 (royal blue in the chart). Within this wave we have three subwaves (red in the chart), and potential impulse subwave C is developing from 133.32.

Now the targets below are Fibonacci retracements of 126.48-133.42, 129.94-133.32, and expansions off 133.42-129.94-133.32.

Supports:

- 131.63 = .50 retracement
- 131.23-17 = confluence area of .618 ret and contracted objective point (COP)
- 129.95 = .50 ret
- 129.84 = objective point (OP)
- 129.13 = .618 ret

The targets above are Fibonacci expansions off 126.48-133.42-129.94.

Resistances:

- 134.23 = COP

Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (55-60 pips above the current prices) or into the overbought area (90-110 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012

The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.3320 suggesting a rebound. However, a break of these levels will trigger a return to the lower limit of this one - to 1.3250.
Technical indicators provide buy-signals but are approaching the overbuy zone supporting the assumptions of a 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 indicates a bullish opportunity at 1.3320 with the 1st objective of 1.3380, then 1.3400. A break through 1.3300 will invalidate this scenario.

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

The price is testing the upper limit of its medium term bullish channel - 1.6000 and seems to initiate a decline. However a break of these levels will release some potential and initiate a bullish trend more violent.
Technical indicators give sell-signals suggesting a decline in the short term. 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 through its resistance at 1.6000 with the 1st objective of 1.6060, then 1.6080. A break through 1.5980 will alter the plan.

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

Gold is currently testing the upper limit of its medium term bearish channel in 1694 and is likely to decline. However, a breakdown of these levels will reveal significant potential and initiate a bullish trend.

Technical indicators provide signals for BUY-deals; location near the overbuy zone confirms the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1694 with 1st objectives seen at 1705 and 1710 levels. A breakdown in 1691 will cancel this scenario.

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

According to the EUR/USD Linear Regression Channel 1H Chart :

The EUR/USD currency pair has been trending upwards obviously during three days within almost identical Blue and Yellow channels depicted on the chart above.
Yesterday's EUR/USD price movement was quite weak which remained within the narrow-ranged bearish Violet channel depicted on the chart.
Today we had bullish breakout above the upper limit of the violet channel at 1.3333 which is a bullish signal to resume the bullish trend towards 1.3385, 1.3430 and 1.3475.
Price level 1.3330 - 1.3320 corresponds to the backside of the broken Violet channel and the lower limit of both Yellow and Blue channels giving a good BUY entry with SL to be placed below 1.3280.
TP will be located at 1.3385, 1.3430 and 1.3475 where profits should be taken.

Performed by Mohamed Samy, Analytical expert
InstaForex Companies Group © 2007-2012

The GBP/USD currency pair now has an obvious bullish trend within the depicted bullish channel.
GBP/USD had approached the upper limit of the depicted bullish channel but couldn't reach it showing obvious bearish reaction towards 1.6000.
The pair has a significant support level at 1.5858 which corresponds to the lower limit of the bullish channel and two Fibonacci levels illustrated on the chart.
This support level is expected to be defended by bulls allowing the pair to resume its bullish movement towards 1.5940, 1.5995 initially.
Breaking through 1.5800 invalidates the bullish scenario in the short-term view.

Performed by Mohamed Samy, Analytical expert
InstaForex Companies Group © 2007-2012

Market Overview
Yesterday the AUD/USD pair was trading within the downward trend. During the European session the major started to decline to 1.0500 (200 EMA support). Therefore, during the New York session we could observe continuation of the bearish mood; the price reached the new daily low at 1.0450 at the end of session. Today during the Asian session we could observe continuation of downward trend and price above 1.0410.Today the AUD/USD pair is expected to test 200 EMA. Also it is necessary to consider the data concerning the USD Core Durable Goods Orders m/m, Durable Goods Orders m/m and Crude Oil Inventories that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0382 (S2) 1.0427 (S1) 1.0456 (PP) 1.0501 (R1) 1.0546 (R2) 1.0575 (R3) 1.0620

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished (A) wave (colored black) of the bigger B wave (colored blue) in the point 1.0557.Presently we can observe end of (B) wave (colored black).In accordance with our wave rules and taking into account that the wave C is equal to the wave A, we can define the potential targets with the Fibonacci retracement (1.0335-1.0557-1.0400); the First Take Profit at 1.0586 (78.6% of wave A) and Second Take Profit at 1.0633 (100% of wave A). For Stop Loss we can use 1.0336 invalidation level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0455 with Stop Loss at 1.0336, Take Profit at 1.0586 and Take Profit 2 at 1.0633 are recommended.

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

Overview:

USD/CHF:

It is necessary to consider that the price is still located between the points 0.913 and 0.9, i.e. above the strong support level 0.893 (00% of Fibonacci retracement levels on H4 chart). These levels correspond to 38.2% and 23.8% of Fibonacci retracement levels on the H4 chart. The pair has already formed a strong resistance at this level of 0.9133 and it is now approaching it for further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below 0.916 level. Sell-deals are recommended below 0.9133 with the first target seen at 0.9025 level. Thus downtrend is likely to begin continuing the bearish movement towards the 0.90 level. Furthermore, it is also important that the price has probably formed a strong support at 0.894 (0.893: 00% of Fibonacci retracement levels on H4 chart). The saturation is like to take place around 0.8935. Therefore it is possible that the market will start showing the signs of a bullish behaviour. In other words, Buy-deals are recommended above 0.8935 with the first target seen at the 0.903 level and further at the 0.91 level.

Forecast:

At 0.894 a strong level will be formed, providing a clear signal for Buy-deals with the target seen at 0.913 level. Stop Loss is to be placed below 0.88.

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