InstaForex : Wave analysis

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BudakFx

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GBP/JPY Elliott wave count and Fibonacci levels, June 30, 2010 2010-06-30









The pound/yen is now standing is a corrective wave to intermediate impulse 135.23-132.80. This is the wave that elicits Fibonacci retracement points. We get more resistances off waves 132.80-133.70-132.85, that produce Fibonacci expansion points.
Price targets above the current level:
- 133.73-75 = confluence area of .382 retracement and objective point (OP)
- 134.01 = .50 retracement
- 134.30-31 = confluence area of .618 retracement and expanded objective point (XOP)
In case the price declines below 132.80, which will confirm wave C, our targets will be Fibonacci expansion points off 136.00-133.02-135.21, 135.21-132.80-134.01. Wave 130.40-136.00 produces Fibonacci retracements.
Price targets below the current level:
- 132.54-51 = confluence area of .618 and contracted objective point (COP)
- 132.23 = OP
- 131.72 = .764 retracement
- 131.58 = OP



Overbought/Oversold
The Detrended Oscillator is slightly below the zero level. As soon as the prevailing trend is down, one chould wait for a tradable retracement to short the market some 30-50 pips higher than the current price. The nearest Fibnode that corresponds to this level is 133.73, which is .382 retracement of wave 135.23-132.80.

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

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GBP/JPY Elliott wave count and Fibonacci levels, July 5, 2010 2010-07-05






GBP/JPY is now standing in correction to longterm and intermediate downtrend. The targets of the corrective wave B (colored magenta on the chart) are Fibonacci retracement points of 135.23-131.23 and expansions off 131.23-133.84-132.72.
The nearest resistances are:
- 133.70 = .618 retracement, reached already
- 134.29-33 = confluence area of .764 retracement and contracted objective point (COP)
- 135.33 = objective point (OP)
In case the price keep declining, the nearest supports will be Fibonacci retracement points of 131.23-133.84 and expansion points off 133.84-132.72-133.59.
Nearest supports are:
- 132.90 = COP
- 132.54-47 = confluence area of OP and .50 retracement
- 132.23 = .618 retracement
- 131.85-78 = confluence area of .764 ret and expanded objective point (XOP)



Overbought/Oversold
The Detrended is now oscillating around the zero level. As soon as the shorter term uptrend is up one can try longs against 132.90, which is where the market will be oversold. Short entries with the prevailing longterm downtrend are favored in the vicinity of 133.84 and 134.29-33, which is where the market will be overbought.

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

BudakFx

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AUD/USD Elliott wave count and Fibonacci levels, July 5, 2010 2010-07-05







This currency pair is now moving within corrective wave 4 of the intermediate downtrend. The longterm trend is also down. The targets of the corrective wave 4 are Fibonacci retracement points of waves 0.8568-0.8319, 0.8778-0.8319 and expansions off 0.8319-0.8512-0.8376.
Price targets above the current level:
- 0.8495 = contracted objective point (COP)
- 0.8509 = .764 retracement
- 0.8549 = .50 retracement
In case the price keeps declining, the targets will be Fibonacci retracement points of 0.8066-0.8861, 0.8319-0.8512, and expansions off 0.8778-0.8319-0.8512.
Price targets below the current level:
- 0.8393 = .618 retracement, reached already
- 0.8366 = .764 retracement
- 0.8254 = .764 retracement
- 0.8228 = contracted objective point (COP)



Overbought/Oversold
The Detrended Oscillator is now under the zero level. Considering the prevailing downtrend, short positions are favored if topping signals occur against the nearest Fibonacci resistance 0.8495, when the market is overbought.

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

BudakFx

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GBP/JPY Elliott wave count and Fibonacci levels, July 6, 2010 2010-07-06







According to wave count GBP/JPY is still developing wave C of the intermediate downtrend (colored royal blue on the chart). The targets of this downside movement are Fibonacci expansions off 136.00-133.01-135.23, 135.23-131.23-133.84, 133.84-132.72-133.59 and retracement points of 131.23-133.84.
Price targets below the current level:
- 131.78 = expanded objective point (XOP), reversed within 1 pip
- 131.55 = .764 retracement
- 131.37 = contracted objective point (COP)
- 130.66 = super expanded objective point (SXOP)
In case the price keeps advancing the nearest targets will be Fibonacci retracement points of 133.59-131.79, 135.23-131.23, and expansions off 131.23-133.84-131.79.
Price targets above the current level:
- 133.40 = COP
- 134.29 = .764 retracement
- 134.40 = objective point (OP)



Overbought/Oversold
The Detrended Oscillator is extremely overbought, which means that in case of topping signals it is possible the price will keep trending to the downside. 133.17 (.764 retracement) is the level to watch for.

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

BudakFx

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AUD/USD Elliott wave count and Fibonacci levels, July 6, 2010 2010-07-06





According to wave count this currency pair is now developing wave 5 of the intermediate downtrend (colored magenta on the chart). Wave 5 and the whole downtrend from 0.8861 will end in case 0.8512 is exceeded, since this level is the base of wave 5.
The nearest resistances are Fibonacci retracement points of 0.8512-0.8314 and 0.8861-0.8314:
- 0.8465 = .764 retracement
- 0.8523 = .382 retracement
- 0.8588 = .50 retracement
In case the price keeps declining the targets remain the same:
- 0.8254 = .764 ret
- 0.8228 = contracted objective point (COP)


Overbought/Oversold
The Detrended Oscillator is highly overbought. This either means a good opportunity to short the market against the nearest Fibonacci level, or this strong wave is a sign of reversal. To initiate a short position it's better to wait for a topping signal.

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

BudakFx

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Wave analysis of USD/JPY for July 6, 2010 2010-07-06





Yesterday’s slow deals on currency markets did not allow the USD/JPY price neither develop correctional rollback upwards nor continue the decline in the direction of earlier reached lows around the mark of 87.00. Thus, the existing situation allows any prospect of the price movement from current levels. At the same time, the wave 5 in 3 still looks uncompleted and the indicators pass into zero position.


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

BudakFx

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Wave analysis of GBP/USD for July 6, 2010 2010-07-06






The breach of significant level around the 52nd figure allowed the GBP/USD price even during slow trading decline by one figure. So now, the pound demonstrates the accumulated potential for the beginning of a deep pullback in favor of the US dollar. Will such rollback transform into falling trend against the British currency again? It is hard to say now. At the same time, the dynamic formation of the wave 5 in 5 (in C) can let the price make the more complicated wave 5.


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