Instaforex: Candle Analysis

[azam575]

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[abu85]

AUD/CAD Candlestick Analysis for August 22, 2011

AUD/CAD is probably closing the technical rebound having been unable to break through the support level of 0.9937.
Earlier on the intraday chart of the AUD/CAD pair a candlesticks’ combination “Evening Star” had formed, which was showing a bearish signal.
This combination of candlesticks was formed when the pair had failed to puncture the support level around 1.0550, i.e. the bulls did not fixate. Further on the bears started to dominate.
Breaking through the Fibonacci 23.6 rate means that this viewpoint is correct. Fixing below the support level of 1.0123 caused a decline targeted to 0.9937, where another level of correction 61.8 is placed. Thus break of 1.0123 showed the formation of a double top.
It should be noted that stop orders are recommended to be placed slightly above 1.0378 as passing this resistance rate will open the way to 1.0550.

 

[abu85]

Candlestick Analysis of GBP/CHF for August 24, 2011

The GBP/CHF pair is demonstrating a sideways motion having tested the Fibo correction level of 38.2. Earlier on a 4-hour chart GBP/CHF formed a candlestick Long Shadows, which is signaling an upturn, and was confirmed thereafter.
This candlestick shows that the currency pair was showing a lowering movement for a few months after a failure to break through the resistance rate at 1.5686. Though near 1.1467 it will retrace which means that the bears have not fixated. Further on the bulls have started to strengthen.
Breaking through the resistance level at 1.2350 and of the Fibo correction level 23.6 confirms the viewpoint. This triggered a rise with the target to the resistance level near 1.3028, where the Fibo correction level 38.2 is positioned. Their breaking through has targeted the pair to 1.3700. the stop orders are recommended to be placed slightly below the support level at 1.2210 as its puncture will cause a downfall to 1.1467.

 

[abu85]

USD/JPY Candlestick Analysis for August 2011

The USD/JPY pair is rebounding after a successful testing of the Fibo correction level 23.6. Earlier on a 4-hour chart USD/JPY had formed Long Shadows, which gives a growth signal, and this was confirmed later.
This candlestick demonstrates that the currency pair was declining for a few weeks but having approached the mark of 75.94 it retraced which means that the bears were not able to fixate at that level and the bulls started to prevail.
Testing Fibo correction level 23.6 confirms the viewpoint. This is likely to trigger an upturn targeted to resistance at 79.42 where the Fibo correction level 61.8 is positioned.
The divergence of MACD also confirms the increasing trend.
It should be mentioned that is 75.94 is broken, long trades must be closed as this will target the pair to 75.00.

 

[abu85]

USD/JPY Candlestick Analysis for August 30, 2011

The USD/JPY pair is demonstrating consolidation after a continuous downfall. Earlier in a 4-hour chart USD/JPY formed Long Shadows candlestick which gives a growth signal, and this was confirmed later.
This candlestick demonstrates that the currency pair was declining for a few weeks but rebounded near the 75.94 level which means that the bears were not able to fixate at that level and the bulls started to prevail.
Test of the Fibonacci correction level 23.6 confirms the viewpoint. This is likely to trigger an upturn targeted to resistance at 79.42 where the Fibonacci correction level 61.8 is positioned.
The MACD divergence also confirms the increasing trend.
It should be mentioned that if 75.94 is broken, long trades must be closed as this will target the pair to 75.00.

 

[AzMiLLioNaiRe]

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[abu85]

USD/NOK candlestick analysis for August 31, 2011

The USD/NOK currency pair is consolidating near the lower limit of the trading range 5.3200-5.6271. However, the viewpoint at the pair is still bearish as the downtrend remains.
Earlier in a daily graph the USD/NOK has formed a Bearish Engulfing candlestick combination indicating downside movement.
This candlestick combination was formed amid a rebound of the pair from the 5.3505 level that could not have been broken by the pair before. Nevertheless, the upside movement was paused near 5.4461. Further the bears started to increase their influence.
Break of the support level 5.2146 will denote that this point of view is correct. In this case we should expect downside movement to a multi-month low 5.1173.
However, it should be mentioned that in case the resistance level 5.6271 is broken short positions should be closed as it will lead to growth to 5.7217. 

 

[abu85]

EUR/CHF candlestick analysis for September 1, 2011

In a 4-hour graph the EUR/CHF currency pair is rolling back after it could not test the resistance level 1.2000. Nevertheless, the viewpoint at the pair remains bullish as the uptrend remains.
Earlier in a 4-hour graph the pair formed a Long Shadows candlestick giving a bullish signal.
This candlestick shows that the pair was demonstrating downside movement during several months after an unsuccessful attempt to break the resistance level 1.3238. However it reversed near 1.0070, which means that the bears did not manage to solidify here and further the bulls started to dominate.
Break of the 1.0800 level and the Fibonacci correction level 23.6 proves this point of view. This resulted in an upside movement to the resistance level 1.1400 where the Fibonacci level 38.2 is also lo

 

[abu85]

EUR/GBP candlestick analysis for September 2, 2011

In a 4-hour graph the EUR/GBP pair is rolling back slightly after an unsuccessful attempt to break the upper limit of the trading range 0.8891-0.8642. Nevertheless in case the pair closes above 0.8891 short positions should be closed as it will target the pair to 0.9000.
Earlier in a 4-hour graph the EUR/GBP formed a Dark Cloud Cover candlestick combination indicating downside movement confirmed further.
This candlestick combination was demonstrating strong upside movement after a fail to break 0.8720. However, it reversed near 0.9083. It means that the bears activated near 0.9100 and did not allow the bulls to fixate.
Fixation below the Fibonacci correction level 23.6 denotes that this point of view is correct. This caused a decline to the support level 0.8860 where the Fibonacci correction level 61.8 is located as well. Its break caused downside movement to 0.8720. Fixation below 0.8720 enabled the pair to reach 0.8600.
As mentioned before, in case the pair closes above the resistance level 0.8891 short positions should be closed as this break will target the pair to 0.9000.

 

[abu85]

USD/JPY Candlestick Analysis for September 8, 2011

The USD/JPY pair has demonstrated a sharp upside move to the resistance level 77.69 to roll back further.
Earlier in a 4-hour chart USD/JPY formed Long Shadows candlestick which gives a growth signal, which was confirmed later.
This candlestick demonstrates that the currency pair was declining for a few weeks but rebounded near the 75.94 level which means that the bears were not able to fixate at that level and the bulls started to prevail.
Test of the Fibonacci correction level 23.6 confirms the viewpoint. This is likely to trigger an upturn targeted to resistance at 79.42 where the Fibonacci correction level 61.8 is positioned.
The MACD divergence also confirms the increasing trend.
It should be mentioned that if 75.94 is broken, long trades must be closed as this will target the pair to 75.00.