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GBP/USD Intraday Technical analysis 2010-12-01​

The spot rate has broken through resistance level at 1.5550 and is approaching the upper limit of its downtrend channel at 1.5600. A breakout of this level will free a significant potential.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5600 with a 1st objective of 1.5650, then 1.5680. A breakthrough of 1.5580 will invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

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GOLD Intraday Technical analysis 2010-12-01​

Gold is approaching the upper limit of its medium-term bullish channel to 1395 suggesting a decline in the short term. However a break in this area will make the uptrend more violent.

According to previous events, the market indicates a bearish opportunity on the levels of 1395 with a 1st objective of 1382, then 1376. A breakthrough of 1397 will change this situation.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

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USD/JPY Intraday Technical analysis 2010-12-01​

The spot rate approached the resistance level through its medium-term downtrend channel to 83.80. A breakthrough of this zone will allow the pair to reach the upper limit of its channel at 84.20.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance level at 83.80 with a 1st objective of 84.20, then 84.50. A breakout in 83.60 would invalidate this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

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USD/JPY Technical Analysis. Support And Resistance Levels For December 01, 2010 2010-12-01​

Today Technical Level :

Resistance. 3 : 84.03.
Resistance. 2 : 83.87.
Resistance. 1 : 83.70.
Support. 1 : 83.50.
Support. 2 : 83.34.
Support. 3 : 83.17.

Today Outlook :

It seems the USD/JPY tries to reach the lower limit of the Pitchfork channel at 83.25. This level will be a critical point (the orange circle), because if the pair closes below this level, it will be a barrier for the bullish movement or at least the pair can enter to the congestion/Sideways situation. In case the USD/JPY can break out the level of 83.25, then the pair will move to the level of 83.00; and if the downside tendency is too strong then the next target for the movement will be 82.75. However, please pay attention to the today’s Resistance. 3 and Support.3; usually if the USD/JPY reaches these levels it reverses between 10 pips to 20 pips. But if this pair after hit one of these levels still goes until 50 pips, it will indicate that the pair has found its way.


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

 

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EUR/USD Technical Analysis. Support And Resistance Levels For December 01, 2010 2010-12-01​

Today Technical Level :

Breakout Buy level : 1.3056.
Strong Resistance : 1.3048.
Original Resistance : 1.3036.
Inner Sell Area : 1.3023.
Target Inner Area : 1.2993.
Inner Buy Area : 1.2962.
Original Support : 1.2950.
Strong Support : 1.2937.
Breakout Sell level : 1.2930.

Today Outlook :

At present the EUR/USD is traded in the range of 1.3025 – 1.2975. In case this pair breaks up and closes above the level of 1.3025, then 1.3050 will be a first target and 1.3075 – a second target before the EUR/USD will move to 1.3100. On the other hand if this pair can break out and close below the level of 1.2975, then the pair probably will reach the mark of 1.2950. In case today the momentum to downsides is strong enough then the pair will reach the level of 1.2925 before it moves to 1.2900.

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

 

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Technical analysis of the USD/CAD for December 01, 2010 2010-12-01​

Support levels: 1.0079, 0.9980, 0.9930
Resistance levels: 1.0292, 1.0380, 1.0513

On a 4-hour graph the USD/CAD has successfully broken through the resistance level of 1.0266. Now the next key resistance level is placed on the 200-Day moving average 1.0292. The next resistance is set on 1.0380. The technical support is placed at 1.0079.
AT present, the viewpoint on the currency pair is bullish. As it was mentioned before, the breakout of 1.0266 will lead to uprising movement with the target to 1.0380. Further, the breakthrough of 1.0380 will mean that the pullback from 1.0680 is over and further increase should be awaited. On the other hand if the USD/CAD continues to fall and breaches 1.0079, then this will lead to decline with the target to 0.9980 where the rebound to up is expectable.
This year the levels near parity were a good support, last month the USD/CAD failed to breach the parity level.
In a midterm the currency pair will probably remain within the bounds of its wide range of 1.0000 and 1.0750-1.0850. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm the end of the consolidation and that the downtrend from 1.3063 is broken through. In this case it is forecasted that the USD/CAD will move to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to the Fibonacci correction level 61.8 at 1.1866.




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

 

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Candlestick analysis of the GBP/USD for December 01 2010-12-01​

On a 4-hour graph the GBP/USD pair is rolling back after it could not break through the support level of 1.5500.
The viewpoint is still bearish, as earlier the pair formed the combination of candlesticks Bearish Engulfing that indicates the decline, confirmed further.
This combination of candlesticks appeared after the currency pair could not break out the resistance level near 1.6085-1.6096, which means that the bulls did not manage to solidify here and the bears started to increase their influence.
The breakout of 1.5841 confirms this point of view.
In case the support level of 1.5500 is broken down we expect the decline with the target to 1.5300. However, it is worth pointing out that if the resistance level of 1.5900 is breached then short positions should be closed, as it will lead to upturn to 1.6096.




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

 

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Candlestick analysis of the EUR/GBP (long-term outlook) 2010-12-01​

The EUR/GBP is continuing to trade down. The successful breakout of support level near 0.8430-0.8450 targeted the currency pair to 0.8143.
The viewpoint is bearish, as earlier the EUR/GBP has formed the combination of candlesticks Bearish Engulfing on the downtrend.
Besides, the breakthrough of the support level of 0.8535 confirms this point of view. Now the decline to 0.7750-0.7700 should be expected.
The downside movement is supported by the fact that this combination of candlesticks formed near upper limit of downtrend, where the bulls did not manage to fixate and the bears started to increase their influence and a rebound took place.
It is recommended to close short positions in case the Fibonacci correction level 50.0 is broken out, since it will denote that the downtrend is broken through and the pair targeted to 0.98.



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

 

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GBP/USD technical analysis and trading recommendations for December 01, 2010 2010-12-01​

4-hour timeframe



Overview:
The sell signal with a target to 1.5531 is still observed. The current signal is strong and confirmed, as the price managed to fixate below the Ishimoku cloud and the Chinkou Span is below the price graph. In this case the first target for downside movement is the first support level of 1.5416. If this level is passed the next target will be the second support level of 1.5240. Kijun-Sen (1.5635) is the critical level below which the downwards motion maintains, it is recommended to cut short positions above this level. Also it is worth pointing out that the target level of 1.5531 has been passed already and MACD indicated the correction movement, which can be the beginning of new uptrend. The Chinkou Span is below the price graph, thus confirming the current sell signal. Bollinger Bands show the continuation of downside motion, the lines are converging and directed down, thus pointing to correction movement against the downtrend. MACD is ascending, which means the beginning of correction tendency.

Trading recommendations:
Currently it is recommended to trade down with a target to 1.5416 and further to 1.5240. Stop Loss is placed above 1.5635. We enter the market only after the correction ends, which will be indicated by the turndown of MACD.

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

 

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The US stock market review for November 30, 2010 2010-12-01​

By the end of trading on Tuesday the US stock indices fell against the background of remaining worries over the Euro-zone debt crisis. The Dow Jones Industrial Average dropped by 46.47 points, or by 0.42%, to 11006.02 points. The Nasdaq Composite lowered by 26.99 points, or by 1.07%, to 2498.23 points. The Standard & Poor’s 500 decreased by 7.21 points, or by 0.61%, to 1180.55 points.
Bank of America shares shed by 3.2%. The quotes of Procter & Gamble edged lower 1.7%, and Hewlett-Packard lost 1.6%.
The drop was limited by the rise of Caterpillar shares by 1.1% due to better- than-expected reading of Chicago PMI. Wal-Mart Stores shares grew by 0.5%, and Walt Disney stocks advanced by 0.3% after the Conference Board CPI topped the forecasts. Google stocks fell by 4.5% after it was announced that the company intends to purchase Groupon for $6 billion. Meanwhile, the European Commission started investigation directed against Google. The company is suspected of abusing its dominant positions on Internet-search market. The technology sector shares showed the strongest decline. Investors were encouraged by the better-than-expected data in manufacturing and consumer confidence; however, these reports were overshadowed by remaining investors’ concerns over Euro-zone. Since investors are still worried by the fact that sovereign debt crisis in Europe could widen to Portugal, Spain and Italy, the yield spread between Spanish and German bonds has exceeded three percentage points, this is the largest gap since the euro has been launched. Amid the deterioration of market sentiment in regard to the Euro-zone, the European authorities plan a new round of bank “stress-test” that will be more rigorous rather than discredited tests conducted earlier this year. Global risk appetite was also negatively influenced by the talks that China would raise its interest rates and disappointing Japanese employment data. This situation promoted the increase in investors’ demand for safe haven assets such as the US dollar and treasury bonds.




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