GBP/USD Intraday Technical Analysis and Trading Recommendations for October 17, 2012 Trend News

The GBP/USD pair reacted strongly towards 1.6300 – 1.6350 zone confirming the bearish retracement scenario expected in the previous weeks.

The bearish Head and Shoulders reversal pattern on the 4H chart, which was confirmed on Friday, enabled 1.6060 level as a full target for the pattern which got hit on Monday with further decline towards 1.6000.

GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970 which has been providing considerable support for the pair so far.

The lower limit of the depicted 4H channel provided considerable support pushing the GBP/USD pair to the upper limit of the bearish 4H channel around 1.6125 which has been broken during today's consolidations.

The lower limit of the broken DAILY channel is being approached to be retested around the current price levels with a valid SELL entry with SL located above 1.6215.

Price Action and daily candlestick closure towards price zone 1.6160 - 1.6180 should be watched for confirmation of the validation of the suggested SELL entry.

Support: 1.6125, 1.6070, 1.6020 and 1.5970

Resistance: , 1.6175, 1.6260, and 1.6315.

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USD/CAD Wave Analysis for October 17, 2012 Trend News

USD/CAD Elliott Wave

For the last few days the USD/CAD pair was trading in an upward move, corrective wave (y) (coloured green) of the bigger wave (2) (coloured orange) is developing. Yesterday, during the European and New York sessions we could observe strong ascending movement from 0.98001 towards the 0.9877 level and we can consider this move as the end of the (2) wave (coloured orange). Therefore, during the second half of the NY and today's Asian session the USD/CAD pair started pushing lower when developing of the impulsive wave (3) starts. We are expecting to see this major currency reaching 0.9730 level in the next few days. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1, with Take Profit at 0.9730 (100% of wave 1) and Take Profit 2 at 0.9637 (161.8% of wave 1). To reduce the risk, we can use invalidation at 0.9884 level as Stop Loss. Also it is necessary to monitor U.S. Building Permits, Housing Starts, and Crude Oil Inventories data that can change the rate of the pair.

Support and Resistance

(S3) 0.9771 (S2) 0.9801 (S1) 0.9819 (PP) 0.9848 (R1) 0.9878 (R2) 0.9896 (R3) 0.9925

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9850 with Stop Loss 0.9884, Take Profit 1 at 0.9730 and Take Profit 2 at 0.9637 are recommended.

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GOLD Wave Analysis for October 17, 2012 Trend News

GOLD Elliott Wave

Since our last analysis gold was trading in an upward move, corrective 4 wave (coloured blue) of the bigger wave (C) (coloured green) is developing. Yesterday during the Asian and European sessions we could observe ascending movement from 1734.06 towards the level of 1.743.45. Therefore, during the New York session gold continued trading in a bullish mood and price reached a new daily high at 1747.39 level. Today this commodity finishes development of the 4 wave at 1752.72 level. Now we are expecting to see price under 1728.50 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 4, we can define the potential targets with measuring wave 4 with Take Profit at 1728.57 (100% of wave 4). To reduce the risk, we can use invalidation at 1757.05 level as Stop Loss. Also it is necessary to monitor U.S. Building Permits, Housing Starts, and Crude Oil Inventories data that can change the rate of the pair.

Support and Resistance

(S3) 1727.1 (S2) 1731.6 (S1) 1740.6 (PP) 1745.1 (R1) 1754.1 (R2) 1758.6 (R3) 1767.6

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1744.60 with Stop Loss 1757.05 and Take Profit at 1728.57 are recommended.

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NZD/USD: Technical Analysis for October 17, 2012 Trend News

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8100. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8100. This fact can be considered as a good signal for BUY deals above this strong support (0.8100) with the first targets at 0.8190 and 0.8230 (it will serve as a strong resistance level and is considered to be appropriate for Take Profit orders). It is necessary to mention that this level will coincide with the weekly resistance 1 (0.8222). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8222, the market will show a further decline to the level of 0.8183 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8129.

Weekly Pivot Points:



R3: 0.8478

R2: 0.8407

R1: 0.8293

PP: 0.8222

S1: 0.8108

S2: 0.8037

S3: 0.7923



If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

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