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Candlestick analysis of the AUD/USD for December 3 2010-12-03​

Earlier on a daily chart the AUD/USD has formed the combination of candlesticks Bullish Engulfing that indicates the uprising motion, confirmed further.
This combination of candlesticks developed near the support level of 0.9537, where the bulls started to increase their influence and a rollback took place after the downside movement. This combination of candlesticks provided a good opportunity to open long positions.
The breakout of the resistance level of 0.9710 confirms this point of view. Now the upwards movement with the target to 0.9965 is expected. The breakthrough of 0.9965 will allow the pair to reach 1.0182. Nonetheless, in case the reversal takes place and the AUD/USD breaks down the support level of 0.9537, then long positions should be closed, as it will lead to the further decline to 0.9300.





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

 

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Candlestick analysis of the EUR/GBP (long-term outlook) 2010-12-03​

At the end of the week the EUR/GBP pair is traded down. As it was mentioned before, the successful breakout of support level near 0.8430-0.8450 targeted the currency pair to 0.8143.
The viewpoint remains bearish, as earlier the EUR/GBP formed the combination of candlesticks Bearish Engulfing on the downtrend.
Moreover, the breakout of the support level of 0.8535 means that this point of view is correct.
Now, the decline to 0.7750-0.7750 should be expected.
The downside movement is supported by the fact that this combination of candlesticks developed near the upper limit of downtrend, where the bulls did not manage to solidify and the bears started increasing their presence, and a rebound took place.
It is recommended to close short positions if the Fibonacci correction level 50.0 is broken through, since this will indicate that the downtrend is breached and the pair is moving to 0.98.




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

 

[BudakFx]

Candlestick analysis of the GBP/USD for December 3 2010-12-03​

On a 4-hour graph the GBP/USD is consolidating after it could not break through the support level of 1.5500.
The viewpoint is still bearish, since earlier the pair formed the combination of candlesticks Bearish Engulfing that indicates the decrease, confirmed further.
This combination of candlesticks developed 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 fixate here and the bears started to increase their influence.
The breakthrough of 1.5841 confirms this viewpoint.
In case the support level of 1.5500 is broken down the decline with the target to 1.5300 is expected.
It is recommended to close short positions if the resistance level of 1.5900 is broken out, as it will lead to increase to 1.6096.





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

 

[BudakFx]

The USD/JPY technical analysis and trading recommendations for December 3, 2010 2010-12-03​

4-hour timeframe



Overview:
The flat is observed on the yen. At present the movement is sideways, which is confirmed by the Bollinger Bands. The current signal is weak and confirmed, as the price is above the Ishimoku Cloud and the Chinkou Span is below the price graph. Also, most probably the current signal is false. Anyway, it is not recommended to trade until Bollinger bands start to diverge. If the Bollinger bands diverge down, then the first target will be the first support level of 83.19. In case this level is passed the next target will be the second support level of 82.28. The Chinkou Span is below the price graph, which means the bearish sentiment. The Bollinger bands show the downside movement, the lines are not diverging and directed sideways, which can be indicated as flat. MACD is descending, thus pointing to the current downside movement within the bounds of sideways channel.

Trading recommendations:
Currently it is recommended to wait until the Bollinger Bands start to diverge. It is not advisable to trade in flat. If the downwards movement starts the first target will be 83.19.

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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Candlestick analysis of the GBP/USD for December 7 2010-12-07​

On a 4-hour graph the GBP/USD is continuing to move to the upper limit of the downtrend after it could not break through the support level of 1.5500.
The viewpoint is still bearish, since the pair has formed the combination of candlesticks Bearish Engulfing, which indicates the downside motion, confirmed further.
This combination of candlesticks emerged after the pair failed to 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 presence.
The breakthrough of 1.5841 confirms this point of view.
If the support level of 1.5500 is broken down then the decline with the target to 1.5300 is expected. However, short positions should be closed in case the resistance level of 1.5900 is broken out, as it will lead to advance to 1.6096.





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

 

[BudakFx]

EUR/USD Intraday Technical analysis 2010-12-07​

The spot rate has made a pullback on its support through 1.3225 and seems to be rebounding from its upward movement. However, as an outflow channel has not been made, the upside potential is limited.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance level at in 1.3390 with a 1st objective of 1.3470, then 1.3520. A breakthrough of 1.3360 will invalidate this scenario.

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

 

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GBP/USD Intraday Technical analysis 2010-12-07​

The spot rate approached to its resistance level through its medium-term downtrend channel 1.5780. A breakout of this zone will allow the pair to reach the upper limit of this channel at 1.5880.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5780 with a 1st objective of 1.5860, then 1.5880. A breakthrough of 1.5750 will change the situation.


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

 

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GOLD Intraday Technical analysis 2010-12-07​

The gold came to test the upper limit of its medium-term bullish channel at 1427 and declined thereafter. It is now approaching to its support level through the 1417 level suggesting a rebound here.

According to previous events, the market indicates a bullish opportunity on the levels of 1417 with a 1st objective of 1427, then 1432. A breakthrough of 1415 would invalidate this scenario.

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

 

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USD/JPY Intraday Technical analysis 2010-12-07​

The spot rate reached its resistance level through its medium-term downtrend channel at 82.70. A breakthrough of this area will free a significant potential and will allow the pair to reach the upper limit of its channel to 83.60.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 82.70 with a 1st objective of 83.40, then 83.60. A breakout of 82.50 will change this situation.

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

 

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Candlestick analysis of the USD/CHF for December 7 2010-12-07​

On a 4-hour chart the USD/CHF rebounded to the resistance level of 0.9850-0.9870.
Earlier the currency pair has formed the combination of candlesticks Falling Three Methods, which indicates the downwards movement.
This combination of candlesticks shows that the USD/CHS was rising during a couple of weeks, but rebounded after it failed to break through the level of 1.0066. This means that the bulls did not manage to solidify here and the bears started increasing their influence. The downside movement is supported by the fact that the pair has successfully broken through the line of the uptrend.
A breakout of the support level of 0.9850 means that this point of view is correct and the decrease to 0.9667 should be expected.
It is recommended to place the stop orders slightly above 1.0066, since the breakthrough of this level will target the pair to 1.0280.







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