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GBP/JPY Elliott wave count and Fibonacci levels, August 9, 2010 2010-08-09​

Wave count on larger timeframes shows that this currency pair is standing in a correction to daily wave 130.80-137.75 (colored royal blue). The targets of the longer term wave are Fibonacci retracement points of 134.18-137.75 and 130.80-137.75:
- 135.54 = .618 retracement
- 135.10 = .382 ret
- 134.28 = .50 ret
- and so on, see the image
On smaller timeframes the targets below are Fibonacci expansions off 137.75-135.83-137.47 (ABC sequence colored red), 137.47-135.77-137.07 (ABC sequence within the larger red wave C):
- 135.55 = objective point (OP), reached already
- 135.34 = OP
- 134.36-29 = confluence area of expanded objective points (XOP)
- etc.



Overbought/Oversold
The Detrended Oscillator is around its zero level. Assuming that the larger trend is up and that significant Fibnoacci supports (135.54, 135.55) have been reached by the price, we may be looking for opportunities to enter long against the area of the previous support - 135.55 - but only in case of bottoming signals.

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

 

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AUD/USD Elliott wave count and Fibonacci levels, August 9, 2010 2010-08-09​

Wave count on larger timeframes shows that this currency pair is now developing corrective wave 4 of the daily uptrend (colored royal blue). The targets of the wave are Fibonacci retracements of wave 3 (0.8905-0.9221) and expansions off smaller A-B waves (yellow) - 0.9221-0.9140-0.9195:
- 0.9145 = contracted objective point (COP)
- 0.9114 = objective point (OP)
- 0.9100 = .382 retracement
- 0.9064-63 = confluence area of expanded objective point (XOP) and .50 ret
In case 0.9221 is broken to the upside the nearest strategic target is:
- 0.9340 = OP



Overbought/Oversold
The Detrended Oscillator is around its zero level going to the overbought. Assuming that the major trend is up, it's better to look for bottoming signals when the price reaches one of the Fibonacci supports listed above (0.9145, 0.9114, 0.9100) and enter long.

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

 

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GBP/JPY Elliott wave count and Fibonacci levels, August 10, 2010 2010-08-10​

According to wave count this currency pair is developing corrective wave B to 130.80-137.75. On smaller timeframes there's a set of three waves (colored magenta) that give Fibonacci projections - 137.75-135.46-136.97.
Price targets below the current level:
- 135.55 = contracted objective point (COP), reached already
- 135.10 = .382 retracement
- 134.68 = objective point (OP)
- 134.28 = .50 retracement
- 133.45 = .618 retracement
- 133.26 = expanded objective point (XOP)



Overbought/Oversold
The Detrended Oscillator is in the oversold area. Assuming that the major trend is up, it's good to wait for a reversal around one of the listed Fibonacci supports to enter long.

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

 

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AUD/USD Elliott wave count and Fibonacci levels, August 10, 2010 2010-08-10​

According to wave count this currency pair is now moving within daily wave 4 (colored royal blue on the chart). The targets of this corrective movement are represented by Fibonacci retracements of 0.8905-0.9221 and expansions off 0.9221-0.9140-0.9205 and 0.9205-0.9154-0.9170:
- 0.9100 = .382 retracement
- 0.9087 = expanded objective point (XOP)
- 0.9074 = XOP
- 0.9063 = .50 retracement
- 0.9036 = super expanded objective point (SXOP)
- 0.9026 = .618 retracement
In case the price reverses and continues the long term trend the nearest strategic target is:
- 0.9830 = objective point (OP)



Overbought/Oversold
The Detrended Oscillator is in the oversold area. Assuming that the major trend is up, it's good to wait for a reversal against one of the listed Fibonacci supports to enter long.

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

 

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Wave analysis of EUR/USD for August 10, 2010 2010-08-10​

It seems that the pair’s price is forming a correctional structure, in which wave b leaves the limits of the top of the previous wave of the major trend. The existing situation allows us consideration of the variant of full correctional structure formation with the first supposed target around the 31st mark or even the 30th pattern. It should be mentioned that if the current correction takes more prolonged form, it can be identified as the 4th wave of entire upward trend on the euro. For now, we see the reaching of the first correctional levels estimated from the dimension of the 3rd wave (or C).


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

 

[IFX Svetlana]

Euro Drops As Chinese Data Raises Red Flags

The euro pulled back sharply on Tuesday as signs that China's robust economy is cooling off caused a return to risk aversion.

Stocks were lower around the global today ahead of the latest interest rate announcement from the Federal Reserve.

Appetite for risk had been helping the euro rally until this week, when anxiety about the pace of the global economic recovery took hold.

The euro slipped to 1.3073 versus the dollar, down from last week's 3-month peak of 1.3333.

Versus the yen, the euro dropped to a 10-day low of Y112.27.

The single currency also tailed off versus the sterling, dropping to 0.8310 from a 10-day high of 0.8362.

The Conference Board leading economic index for the U.K. rose 0.5% in June from May, following the 0.2% increase in the previous month, the Conference Board said on Tuesday.

This marks the 15th straight month in which the leading index has risen.

Elsewhere, data showed China's July imports grew at the slowest pace since November, missing economists' forecasts.

And property prices in 70 major Chinese cities climbed 10.3 percent from a year earlier in July, the slowest pace for six months

This afternoon, the US monetary policy makers are widely expected to keep the nation's key interest rate near zero percent and signal concerns about deflation and downside risks to economic growth.


News are provided by InstaForex.

 

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Wave analysis of USD/CHF for August 11, 2010 2010-08-11​

As with other currencies, the reversal in favor of the US dollar, which has started recently, has been interrupted by the US news. Therefore, in the result of yesterday’s quite dynamic decline of the price, there are reasons to allow that the assumed wave B can take the form of horizontal triangle structure. We can speak about it as the change of the price, which has been observed since the beginning of the month, is starting to develop series of abc waves. In case it is true, we need to wait for the end of the formation of waves d and e of such supposed triangle.


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

 

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Wave analysis of GBP/USD for August 11, 2010 2010-08-11​

Yesterday, the GBP bulls were trying to stop the developing correction during the US news. At the same time, 38.2% correctional level, which is not reached, make us think that the downward movement can be refreshed to the targets around 1.5650 – 1.5640. At the same time, wave c in the supposed wave 4 in 3 (or C) takes more complicated and prolonged form. But if the pound takes over the initiative, the yesterday’s low can be considered as the end of wave 4 in this wave 3 (or C).

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

 

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GBP/JPY Elliott wave count and Fibonacci levels, August 11, 2010 2010-08-11​

Wave count on smaller timeframes still shows we are in corrective daily wave B (wave A 130.80-137.75 - colored royal blue). The strategis targets of the correction are Fibonacci retracements of 130.80-137.75. On smaller timeframes there's a set of 3 waves ABC (colored magenta). The targets of wave C are Fibonacci expansions off 137.75-135.46-136.97 and 136.97-135.02-135.72:
- 134.51 = contracted objective point (COP)
- 134.28 = .50 retracement
- 133.77 = objective point (OP)
- 133.45 = .618 retracement
- 133.26 = expanded objective point (XOP)
In case the price turns to the upside the nearest resistances will be Fibonacci retracement points of 136.97-134.49:
- 135.44 = .382 ret
- 135.73 = .50 ret
- 136.02 = .618 ret



Overbought/Oversold
The Detrended Oscillator is at the zero level. The two latest peaks show a bullish divergence. Assuming the major uptrend and the COP, that has just been reached, be ready to enter long if the market reverses to the upside.

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

 

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GBP/JPY Elliott wave count and Fibonacci levels, August 12, 2010 2010-08-12​

According to wave count this currency is moving within corrective daily wave B. Until 130.80 is broken, this wave will remain corrective. The targets of this wave are Fibonacci retracements of 130.80-137.75, and expansions off 137.75-135.46-136.97, 136.97-135.02-135.72:
- 133.45-26 = confluence area of .618 retracement and expanded objective point (XOP)
- 135.56 = XOP
- 132.44 = .764 retracement
- 130.97 = super expanded objective point (SXOP)
- 130.61 = SXOP
On smaller timeframes the price has developed 3 waves (colored orange red) and is now forming corrective wave 4. Its targets are Fibonacci retracements of 135.72-132.78 and 136.97-132.78, and expansions off 132.78-133.92-133.00:
- 133.90 = .382 ret, reached already
- 134.14-25 = confluence area of objective point (OP) and .50 ret
- 134.38 = .382 ret
- 134.60 = .618 ret
- and so on, see the image



Overbought/Oversold
The Detrended Oscillator is clearly overbought and has breached the previous up-peak. That may be a good indication that midterm ABC wave cycle has ended. Assuming that the major trend is still up, it's better to look for longs against one of the listed Fibonacci supports.

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