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[BudakFx]

GBP/USD Technical Analysis. Market Profile Levels For October 04, 2010 2010-10-04​

Market Profile level for Intraday tradng :

1.5846 (09/24)

1.5830 (10/01)

1.5805 (09/28)

1.5800 (09/29)

1.5718 (09/30)



Now, GBP/USD is stuck between the balance level areas 1.5846-1.5800, if the pair breaks through and closes below 1.5783, then it can move down to a balance bevel area of 1.5718. If this happens we must take into account three possible decisions first: to close all positions after the pair hits 1.5718, secondly: to close half of position and move the stop loss level to breakeven point for the rest positions, or thirdly: to close all the position and trade for the countertrend (BUY Position).
On the other hand, if the pair moves up and breaks the mark of 1.5814, it can move further to 1.5922.



Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

EUR/USD technical analysis and trading recommendations for October 4 2010-10-04​

4-hour timeframe



Overview:
The price advances steadily. Buy signal with the target to 1.3064 continues. This signal is strong and confirmed as the price is above the Ishimoku cloud and the Chinkou Span is above the price curve. The target level has been passed already, however the signs that the upward movement is over are not observed. Alongside, the price is above the pivot level of 1.3638, which offers the next target of the movement to 1.3896 – the first resistance level. In case this level is breached the further target will be 1.4034 – the second resistance level. If the price is below the Kijun-Sen (1.3600) it will denote the weakening of the current signal and the point to reduce long positions. The Chinkou Span is above the price chart, which is a confirmation of the current buy signal. The Bollinger Bands show the upward movement, the lines are diverging and directed up, thus indicating the possible continuation of the uptrend. The MACD is descending; nevertheless, the price continues to increase.

Trading recommendations:
Currently, it is recommended to trade long with the target to 1.3896. Stop-loss is set below 1.3600.

In addition to technical image one should take into account the fundamental data and the time of their release.

The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.








Performed by Stanislav Polyanskiy, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

Wheat review for 01/10/2010 2010-10-04​

Wheat futures closed on the downside the second straight quarter. The reason of lowering has become the corn futures sales and weak export demand on cereals.

Corn futures dropped sharply on Friday, and the sales stopped after moving down by 30 cents that comes as a day restriction for this contract.
The traders were dissappointed by the Agriculture Department report of the USA, according to which the cereals reserves have exceeded the market expectations by 20%. Amid this the big funds sales have renewed. Wheat futures followed the corn price dynamics as the both cereal crops are used for fattening. In addition, in the wheat sector there is a lack of fundamental growth factors: export data showed a weak demand, and the rains in Russia have weakened the fears regarding the future harvest.
At this moment the wheat prices down by 22% below the August maximum when the futures soared fast after the announcements that Russia has introduced an export embargo for cereals due to a strong drought.
By the end of the deals on
By the end of the deals on CBOT the December wheat contract reduced by 2.8% to 6.55 dollar/bushel. Earlier during the session the futures reached the deals minimum at 6.46 1/2 dollar/bushel.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

EUR/USD Technical Analysis. Support And Resistance Levels For October 04, 2010 2010-10-04​

Trading level Areas :

Breakout Buy level : 1.3842.
Strong Resistance : 1.3834.
Original Resistance : 1.3821.
Inner Sell Area : 1.3808.
Target Inner Area : 1.3775.
Inner Buy Area : 1.3742.
Original Support : 1.3729.
Strong Support : 1.3716.
Breakout Sell level : 1.3707.

EUR/USD currency pair still moves up, however, it seems that it will retrace taking into account that Gold has not overcome Friday’s high of 1320.80 and Dow Jones has not broken the high of September 30 at 10948.88. The Nasdaq 100 also moved down. So please take care for a little bit retracement to downward, but we must consider that the overall trend of EUR/USD is still directed up.



Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The technical analysis of USD/CAD for 04/10/2010 2010-10-04​

Support levels: 1.0188, 1.0101, 1.0050
Resistance levels: 1.0385, 1.0511,1.0569

On a 4-hour chart, USD/CAD currency pair continues to trade in the range of 1.0180-1.0385. At present, the viewpoint is neutral. The breakthrough of the resistance level of 1.085 will lead to upward movement with the target to 1.0511. Besides, the breach of this mark will denote that the rollback from 1.0680 is over.
However, if the currency pair breaks through the support level of 1.0188 this will denote that the downtrend with 1.080 continues and the decline to 1.0101 should be expected.
In a midterm, USD/CAD moves up after it formed a bottom at 0.9930. The breach of 1.0680 will confirm the uprising movement and that the downtrend with 1.3063 is broken. In this case, it is expected USD/CAD will move up to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to Fibonacci correctional level of 61.8 at 1.1866.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

GBP/JPY candlestick analysis for 04/10/2010 2010-10-04​

GBP/JPY currency pair rolls back after it breached the support level of 131.71. Earlier on a 4-hour chart, GBP/JPY has formed the combination of candlesticks Bearish Engulfing, thus signaling the downward movement. This candlestick formed after the currency pair could not break through the mark of 135.00, thus denoting that the bulls did not fixate here and the bears started to increase their influence.
The breakthrough of Fibonacci correctional level of 23.6 means that this viewpoint is correct. Besides, GBP/JPY has formed one more bearish combination of candlesticks Falling Three Methods. The breach of the support level of 131.71 will set a target to 130.0-130.10 for the currency pair. However, if the resistance level of 133.75 is broken through then the short positions should be cut, as it will lead to advance near 135.00.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The candlestick analysis of AUD/USD 2010-10-04​

Last week, the AUD/USD currency pair traded up. Earlier on a daily chart, AUD/USD has formed the bullish combination of candlesticks Bullish Engulfing, thus denoting the upward movement. It is expected the currency pair will test the resistance level of 0.9849 soon.
The uprising movement is confirmed by the fact that this combination of candlesticks has formed on the uptrend after it rebounded from the support level of 0.8066 and Fibonacci correctional level of 38.2, where the bulls started to increase their influence and the bears did not fixate.
This combination of candlesticks indicates that the pair was declining after failed attempt to break through the resistance level of 0.9394. However, it reversed after it came closer to 0.8066.
The fact that AUD/USD has successfully breached the mark of 0.8855 means that this viewpoint is correct.
On the other hand, the long positions should be cut if the support level of 0.9000 is broken through, as it will denote that the upward trend is breached.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

AUD/USD candlestick analysis for 05/10/2010 2010-10-05​

On a 4-hour chart, AUD/USD currency pair rolls back from new 26-month high. Nevertheless, the viewpoint on the currency pair remains bearish as AUD/USD continues to trade in uptrend. Earlier on a 4-hour chart, AUD/USD has formed the combination of candlesticks Morning Star thus signaling the uprising movement.
This combination of candlesticks has formed near 0.8770 where the bulls started to increase their influence and the rollback after downward movement happened. The uptrend is confirmed by the fact that Morning Star is near the lower limit of uprising movement (daily chart). This combination of candlesticks provided a good opportunity to open long positions.
The stop orders should be set slightly below 0.9450 as the breakthrough of this mark will denote that the uptrend is breached.



Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

GBP/JPY candlestick analysis for 05/10/2010 2010-10-05​

GBP/JPY rolls back after it breached the support level of 131.71. However, the viewpoint is bearish as GBP/JPY is traded in downtrend.
Earlier on a 4-hour chart, GBP/JPY has formed the combination of candlesticks Bearish Engulfing, thus signaling about downtrend. This candlestick formed after the pair did not break through the mark of 135.00 and the bears started to increase their influence. The breach of Fibonacci correctional level of 23.6 confirms this viewpoint. Moreover, GBP/JPY has formed one more bearish combination of candlesticks Falling Three Methods. The breakthrough of the support level of 131.71 will set a target to 130.00-130.00 for the currency pair. However, if the resistance level of 133.75 is breached, then short positions should be closed, because it will lead to the increase to 135.00




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

USD/CHF technical analysis and trading recommendations for October 5, 2010 2010-10-05​

4-hour timeframe



Overview:

Sell signal with the target to 0.9781 is continuing. The Bollinger Bands started to diverge, thus denoting the renewal of the downtrend. In this case, the current target of the downside movement is the first support level of 0.9674. In whole, the signal is strong and confirmed, as the price is below the Ishimoku cloud and the Chinkou Span is below the price chart. The downside movement is more preferable now. In case the price rebounds from this level, the side way trend or correction may happen. If the price breaks through this support level, we will have next target for movement - 0.9610. In case the price is above the Kijun-Sen (0.9770), sell signal will weaken and it is recommended to cut short positions. The Chinkou Span is below the price curve, thus confirming the bearish sentiment. The Bollinger Bands show the downward movement, the lines are diverging and directed downside. The MACD is ascending thus indicating the downtrend.

Trading recommendations:
Currently, it is recommended to trade short with the target to 0.9674. Stop-loss is set above 0.9770.

In addition to technical image one should take into account the fundamental data and the time of their release.

The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.




Performed by Stanislav Polyanskiy, Analytical expert
InstaForex Companies Group © 2007-2010