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EUR/USD Technical Analysis. Support and Resistance Levels For December 16, 2010 2010-12-16​

Today Technical Level:

Breakout Buy level : 1.3294.
Strong Resistance : 1.3286.
Original Resistance : 1.3273.
Inner Sell Area : 1.3260.
Target Inner Area : 1.3229.
Inner Buy Area : 1.3198.
Original Support : 1.3185.
Strong Support : 1.3172.
Breakout Sell level : 1.3164.

Today Outlook:

After the Riot at Italy yesterday, this pair has already moved down to the 1.3225 level yesterday. However, it seems the mark of 1.3200 served as a strong Support. For today if this pair can close above the 1.3225 level, then the pair will probably move to 1.3250 as a first target and to 1.3275 (Fibonacci Resistance 23.6%) as a second target. However, if this pair breaks out and closes below the level of 1.3200, it will allow the pair to move down to 1.3175 as a first target and to the level of 1.3150 as a second target.


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

 

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Candlestick analysis of the AUD/USD for December 16 2010-12-16​

Having risen above the parity level, the AUD/USD is rolling back. Nevertheless, the breakout of the resistance level of 0.9965 means that the currency pair is targeted to the year’s high of 1.0182.
Earlier on a daily chart the AUD/USD has developed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further. This combination of candlesticks formed near support level of 0.9537, where the bulls started increasing their influence and a pullback took place. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 confirms this point of view. However, in case the reversal takes place and the AUD/USD breaks out the support level of 0.9710, then long positions should be closed, as it will lead to the decline to 0.9537.





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

 

[BudakFx]

USD/CAD Technical analysis for December 16, 2010. 2010-12-16




Support levels: 1.000, 0.9980, 0.9930
Resistance levels: 1.0167, 1.0290, 1.0380

On a 4-hour graph the USD/CAD slipped to the mark of 1.0000, and then made a rebound. Recently, the interest to buy deals near 1.0000 is observed, which more or less, is the bottom of wide trade range. However, it seems that the pair stuck within the narrow ranges, the upper limit of which is descending and the parity level serves as the steady support.
On the other hand, on a 4-hour graph a MACD divergence has formed, which indicates probable advance in the nearest future. As it was mentioned before, in case the US/CAD breaks through the 1.290 level this will lead to upside movement with the target to 1.0380. A breakout of 1.0380 will denote the end of the pullback from 1.0680 and that further advance should be expected. Moreover, the breakthrough of 1.0380 will point to the formation of “Triple Bottom”.
Nevertheless, the breakout of support level near 0.9980-1.0000 will target the pair to 0.9930.
In a midterm the currency pair will probably remain within the bounds of its wide range between 1.0000 and 1.0750-1.0850. In case the reversal takes place, then the breakthrough of 1.0680 will confirm the end of the consolidation as well as that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move upside 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 16, 2010 2010-12-16​

On a 4-hour graph the GBP/USD shows the strong decline after it failed to test the resistance level of 1.5900. In case the support level of 1.5500 is broken through then the decline with a target to 1.5300 is expected.
The viewpoint is still bearish, since the pair has formed the combination of candlesticks Bearish Engulfing, confirmed further.
This combination of candlesticks appeared 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. Further the bears started t increasing their presence.
The breakthrough of 1.5841 means that this point of view is correct.





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

 

[BudakFx]

EUR/USD Technical Analysis. Support And Resistance Levels For December 17, 2010 2010-12-17​

TODAY TECHNICAL LEVEL :

Breakout Buy level : 1.3294.
Strong Resistance : 1.3286.
Original Resistance : 1.3273.
Inner Sell Area : 1.3260.
Target Inner Area : 1.3229.
Inner Buy Area : 1.3198.
Original Support : 1.3185.
Strong Support : 1.3172.
Breakout Sell level : 1.3164.
TODAY OUTLOOK :

The mark 1.3200 served as a strong support level for this pair for several days. If the pair breaks out and closes above1.3250, then the mark of 1.3275 will be a first target for this pair and the 1.3300 will be a second target. However, if this pair manages to breakout and close below the mark 1.3200, the pair will probably go up to 1.3175 as a first target and to 1.3150 as a second target.


TODAY SUGGESTION :

BUY at 1.3298; Take profit at 1.3308 or 1.3318

SELL at 1.3191; Take Profit at 1.3181 or 1.3171



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

 

[BudakFx]

USD/JPY Technical Analysis. Support And Resistance Levels For December 17, 2010 2010-12-17​

TODAY TECHNICAL LEVEL :

Resistance. 3 : 84.61.
Resistance. 2 : 84.44.
Resistance. 1 : 84.28.
Support. 1 : 84.07.
Support. 2 : 83.90.
Support. 3 : 83.73.


TODAY OUTLOOK :

It appears that the mark 84.50 has served as a strong resistance level for several days; today this pair is about to re-test the Support level 83.81 (Fibonacci Support 1.27%). In case the pair manages to break this level and close below it, it will target the USD/JPY to 83.62 (Fibonacci Support 1.618%). However if this pair manages to close above the mark 84.00 it will be targeted to 84.25. However, please pay attention to today’s Resistance. 3 and today Support. 3, usually after reaching this level the USD/JPY reverses between 10 pips to 20 pips, but if the pair after reaches one of these levels and still goes more than 50 pips in the chosen direction, then this will denote that the USD/JPY has found its tendency for today.



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

 

[BudakFx]

The EUR/USD technical analysis and trading recommendations for December 17, 2010 2010-12-17​

4-hour timeframe



Overview:
The correction against the sell signal started. The sell signal has the target level of 1.2966. This signal is weak and not confirmed, as the Chinkou Span is still above the price chart and the price managed to fix inside the Ichimoku Cloud. Until the current signal strengthens, it is not recommended to trade down. In case the price fixates below the Ichimoku cloud the first target for downside movement will be the first support level of 1.3118. In case the first resistance level is passed the next target will be the second support level of 1.3012. The downtrend is presented until the price remains below the Kijun-Sen (1.3335). In case the price strengthens above this line, then short positions should be closed. The Chinkou Span is above the price curve thus denoting the bullish sentiment (for the moment). The Bollinger Bands show the change in movement’s direction, the lines are not diverging and directed sideways. The MACD is ascending, thus pointing to the current correction.

Trading recommendations:
Currently it is recommended to trade down with the target to 1.3118. Stop Loss is placed above 1.3335. We enter the market only after the price fixates below the Ichimoku cloud and the MACD reverses down.

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

The chart annotation:
Ichimoku 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/JPY for December 17 2010-12-17​

On a 4-hour chart the GBP/JPY is rolling back after it breached the resistance level of 132.17. Nonetheless, the viewpoint on the currency pair is bullish, since the breakout of this level will target the currency pair to 134.188.
Earlier on a 4-hour graph, the GBP/JPY has developed the combination of candlesticks Rising Three Methods, which indicates the upside motion. This combination of candlesticks formed after the currency pair failed to break through the support level near 129.33, where the Fibonacci level 61.8 is placed, which means that the bears did not manage to solidify here and the bulls started increasing their presence further.
A breakout of the resistance level of 130.80 confirms this point of view.
It is worth pointing out that in case the support level of 129.33 is broken down, then long positions should be closed, as it will lead to decline to 128.00.





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

 

[BudakFx]

Technical analysis of the USD/CAD for December 17 2010-12-17​

Support levels: 1.0000, 0.9980, 0.9930
resistance levels: 1.0167, 1.0290, 1.0380

On a 4-hour graph the USD/CAD is traded in the midst of the established range. Recently, the interest to buy deals near 1.0000 is observed, which more or less, is the bottom of a wide trade range. However, it seems that the pair stuck within the narrow ranges, the upper limit of which is decreasing and the parity level serves as a steady support.
On the other hand, on a-hour graph a MACD divergence has formed, which points to the probable uprising movement in the nearest future. If the USD/CAD breaks through the level of 1.0290, then this will lead to upside movement with the target to 1.0380. Further, the breakout of 1.0380 will denote the end of pullback from 1.0680 and that further increase should be expected. Moreover, a breakout of 1.0380 will point to formation of “Triple Bottom”.
Nevertheless, the breakout of support level of 0.9980-1.0000 will target the pair to 0.9930.
In a midterm the currency pair will probably remain within the bounds of its wide range between 1.0000 and 1.0750-1.0850. In case the reversal takes place, then the breakthrough of 1.0680 will confirm the end of the consolidation as well as that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move upside 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

 

[BudakFx]

Candlestick analysis of the AUD/USD for December 17 2010-12-17​

The AUD/USD is showing upside movement after a rollback. As mentioned before, the breakout of the resistance level of 0.9965 means that the currency pair is targeted to the year’s high of 1.0182.
Earlier on a daily chart the AUD/USD has developed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further. This combination of candlesticks formed near support level of 0.9537, where the bulls started increasing their influence and a pullback took place. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 confirms this point of view. However, in case the reversal takes place and the AUD/USD breaks out the support level of 0.9710, then long positions should be closed, as it will lead to the decline to 0.9537.





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