Fundamental Analisis By InstaForex

[BudakFx]

AUD/USD Elliott wave count and Fibonacci levels, July 8, 2010 2010-07-08



Under wave count this currency pair is developing a daily upwave, which is formally a correction to 0.8861-0.8314, therefore we get Fibonacci retracements of this wave. More targets above are Fibonacci expansion points off 0.8314-0.8556-0.8446 and 0.8446-0.8659-0.8619.
Nearest resistances:
- 0.8732 = .764 retracement, reached already
- 0.8751 = contracted objective point (COP)
- 0.8832-38 = confluence area of objective point (OP) and expanded objective point (XOP)
In case the price starts declining the nearest supports will be provided by Fibonacci retracement points of the upwave starting from 0.8446.



Overbought/Oversold
Althought the Detrended Oscillator is moving towards its zero level, still there is no good point to enter the market from the long side. Only extremely oversold reading which is some 50 pips below the current price can be considered a level to enter in case a bottoming signal appears.

Performed by Denis Strelkov, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

Wave analysis of GBP/USD currency pair for July 08, 2010 2010-07-08






Despite that tonight GBP_USD pair made a new trial to overbear the resistance level at 1,5230, it is early to talk about the growth renewal of the pound's price. At the same time, , the current situation makes bringing some corrections in the internal wave picture of the supposed C wave. That is why you can assume that the local maximum of July 02 is the 3-d wave top and after the current correction phase end you can wait for another trial of breaking through the resistance mentioned above at 1.5230, within the forming 5-th wave in the supposed C.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

Wave analysis of EUR/USD for July 8, 2010 2010-07-08



Yesterday’s slight EUR/USD price growth confirms the market aiming to the correctional level of 50.0% around the level of the 28th figure. At the same time, expectedly the wave 3 in 5 is obtaining a quite complicated form. The closeness of the assumed target sustains that the inner wave structure of this 5th wave is becoming slightly deformed with lengthening in 1st. Also, stochastic position attracts attention, which signals about coming ending of current stage of the euro price growth.


Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

AUD/USD Elliott wave count and Fibonacci levels, July 9, 2010 2010-07-09




Wave count shows this currency pair is now correcting intermediate uptrend within wave B (colored orange red on the chart), however the prevailing trend is up - wave C (colored red) is developing. First we can get the targets of the corrective wave, which are Fibonacci retracement points of 0.8446-0.8787 and expansions off 0.8787-0.8688-0.8776.
Price targets below the current level:
- 0.8677 = objective point (OP)
- 0.8657 = .382 retracement
- 0.8617-16 = confluence area of expanded objective point (XOP) and .50 ret
- 0.8576 = .618 ret
In case the price continues moving upward the targets will be Fib expansions off 0.8314-0.8556-0.8446 and 0.8446-0.8787-0.8688.
Price targets above the current level:
- 0.8838 = XOP
- 0.8899 = contracted objective point (COP)



Overbought/Oversold
The Dentrended is now oscillating around its zero level giving no clues as to when to enter a position with the uptrend. The nearest oversold area is 30-40 pips below, which roughly corresponds to the COP 0.8715. In case bottoming signals appear around this level or lower, at the OP 0.8677, it is possible to enter long.

Performed by Denis Strelkov, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

GBP/JPY Elliott wave count and Fibonacci levels, July 9, 2010 2010-07-09





According to wave count GBP/JPY is now developing a weekly wave up (colored plum on the chart). Within this wave we have an intermediate trend which is being corrected now. The targets of the corrective wave are Fibonacci retracement points of 131.17-134.57.
Nearest supports are:
- 133.27 = .382 retracement, reached already
- 132.87 = .50 ret
- 132.47 = .618 ret
In case the price keeps rising the potential targets will be Fib retracement points of 136.00-131.17 and expansion points off 131.17-134.57-133.22, 133.22-134.37-133.43, there also are expansions off 130.40-136.00-131.17.
Price targets above the current level:
- 134.58-68 = confluence area of contracted objective point (COP) and objective point (OP)
- 134.86 = .764 ret
- 135.29-32 = confluence area of expanded objective point (XOP) and COP



Overbought/Oversold
The Detrended Oscillator is in the positive area which means it's not the best time to initiate a long position with the prevailing uptrend. The nearest oversold level is some 40-50 pips below which is 133.90-134.00 area. Long positions against these levels are favored in case bottoming signals appear.

Performed by Denis Strelkov, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

GBP/JPY Elliott wave count and Fibonacci levels, July 12, 2010 2010-07-12




According to wave count this currency pair is developing a weekly wave up. Within this wave we have an intermediate uptrend which is now being corrected. Wave B is colored magenta on the chart. The immediate supports are Fibonacce retracement points of 131.17-134.63 and expansions off 134.63-133.15-133.98
Price targets below the current level:
- 133.07 = contracted objective point (COP)
- 132.90 = .50 retracement
- 132.50-49 = confluence area of objective point (OP) and .618 retracement
- 131.99 = .764 ret
In case the price keeps advancing and breaks 134.63, the nearest targets of the upside movement will be Fibonacci retracements of 134.63-133.15, 136.00-131.17 and expansions off 131.17-134.63-133.15 и 130.40-136.00-131.17.
Price targets above the current level:
- 134.06 = .618 ret
- 134.63 = COP
- 135.29 = COP
- 136.61-77 = confluence area of OP's



Overbought/Oversold
The Detrended Oscillator shows that the market is nearing the extremely overbought area which is some 10-15 pips away, however this is the calculations for the current bar. As soon as the longterm trend is up, it's better to look for entries against significant Fibonacci supports - 133.07 (COP), 132.90 (.50 retracement).

Performed by Denis Strelkov, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

AUD/USD Elliott wave count and Fibonacci levels, July 12, 2010 2010-07-12




According to wave count this currency pair is now developing corrective wave 4 of the intermediate uptrend. The targets of the downside corrective movement are Fibonacci retracement points of 0.8446-0.8787, 0.8314-0.8787 and expansions off 0.8787-0.8688-0.8782.
The nearest Fibonacci supports are:
- 0.8683 = objective point (OP)
- 0.8657 = .382 retracement
- 0.8622-17-06 = confluence area of expanded objective point (XOP), .50 retracement and .382 ret.
In case the price keeps advancing and breaks 0.8787 the nearest resistances will be Fibonacci expansions off 0.8314-0.8556-0.8446 and 0.8446-0.8787-0.8688.
Price targets above the current level:
- 0.8838 = XOP
- 0.8899 = contracted objective point (COP)



Overbought/Oversold
The Detrended Oscillator is crearly in the oversold area now. It's reasonable to enter long against the nearest Fibonacci support area, which is 0.8683-0.8657, in case a bottoming signal appears.

Performed by Denis Strelkov, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

Wave analysis of EUR/USD for July 12, 2010 2010-07-12







On Friday, the EUR_USD price made a trial to turn out against the Euro. However, basing on that 50% correctional level remains not worked out then the current lowering can be described as price lowering within the wave 4 within (in the 5-th), in the supposed wave . And if it so after ending of the current rates drawdown of the European currency you can wait for completion of the levels in the 28 figure area and ending of all A wave forming.

Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2010

 

[IFX Darika]

Pound Mixed Against Majors

During early European deals on Monday, the British pound showed mixed trading against other currencies. While the pound fell to new multi-day lows against the dollar and the yen, it recovered from a new multi-month low against the franc and an 11-day low against the euro.
The U.K. revised first quarter GDP report released at 4:30 am ET weakened the pound against all majors. But the pound recouped its losses against the euro and the franc shortly.
The U.K. economy expanded 0.3% sequentially in the first quarter, the Office for National Statistics showed. The first quarter growth figure was unchanged from the estimate published in May, but smaller than the 0.4% growth seen in the fourth quarter of 2009.
The pound declined to an 11-day low of 1.4951 against the US dollar at 4:35 am ET Monday. Since then, the pound-dollar pair has been moving sideways and is currently worth 1.4970. If the pound weakens further, it may likely target the 1.488 level. At last week's close, the pair was quoted at 1.5071.
The pound that strengthened against the yen in early Asian deals on Monday pared its gains in the latter part of the session and extended its slide in early European trading. The pound-yen pair that closed last week's trading at 133.58 fell to a 5-day low of 132.62 by about 5:00 am ET. On the downside, 131.3 is seen as the next support level for the UK currency. The pair is currently worth 132.80.
The British pound that fell to a new multi-month low of 1.5839 against the Swiss franc at 2:40 am ET Monday recovered thereafter. As of now, the pound-franc pair is worth 1.5980, up from last week's close of 1.5909. If the pound advances further, it may target the 1.606 level.
The pound rose against the euro after touching an 11-day low of 0.8421 at 4:35 am ET Monday. The euro-pound pair is presently trading near last week's close of 0.8394. The next upside target level for the pound is seen at 0.8335.
Looking ahead, finance ministers from the 16 euro area countries are scheduled to begin a meeting today, where stress tests being conducted on the region's lenders are likely to be high on the agenda.
Also, traders will be looking to second quarter company earnings report this week for clues about the strength of the U.S. economy.

News are provided by InstaForex.

 

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