EUR/USD Buy Above 1.3005 (fractal) For October 31, 2012 (Daily Strategy) Trend News

The euro yesterday exceeded the weekly pivot 1.2967 and managed to return back to Fractal 1.3005, up 1.3020. Now it is showing a small correction, it is likely that the euro could fall to 1.2920, but the most likely that if the pair traded above 1.2967, the bullish movement extends to 1.3120. There are many resistances above 1.3150, and it will be very difficult to reach the 1.35 level key operators.

According to the chart, we can see that the euro is above the main uptrend and below the secondary downtrend line. The break of 1.3120 will be the start for the pair to reach the levels of 1.33 and 1.35. On the other hand, if the main trend line is broken and if the pair closes below the 200 day moving average periods, a fall to 1.25 will be started. Now we're stuck in a consolidation of the euro. So we must be very careful.

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GBP/USD Sell Below Fractal 1.6135. For October 31, 2012 (Daily Strategy) Trend News

The GBP/USD pair has been trading below the secondary downtrend line, as you could see on the chart. From the technical point of view, it appears that the bullish strength in this pair is running out, and it is likely that for the next few days this pair will be trading near the 200 day moving average period (blue) around 1.5850. So we recommend selling the pair below the trend line, around 1.6125 with objectives to the psychological level of 1.60. If the downtrend continues, keep order until 1.5850.

Moreover, a breakdown of downtrend line will enable the start of an upward movement to1.63. Thus, we recommend buying above the bearish channel.

It is recommended to operate with low leverage on these markets. Place always stop loss.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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NZD/USD Analysis for October 31, 2012 Trend News

Daily



The New Zealand dollar still cannot consolidate above the correctional level 76.4% - 0.8230 of Fibonacci against the dollar and it is near the greenback for a fifth consecutive day. The formation of two bearish patterns has not influenced the market yet. The pair can neither turn in favor of the U.S. dollar nor continue the growth in favor of the New Zealand dollar. If the rebound from the correctional level 76.4% of Fibonacci is observed, then it may enable the drop towards the level of correction 61.8% - 0.8083. The consolidation of the rate above the correctional level of 76.4% can make possible the continuation of growth towards the correctional level of Fibonacci 100.0% - 0.8471. The next formation of a bearish candlestick pattern gives a chance to wait for a rebound. However, having two harami patterns we do not have it.

4h



The rebound from the correctional level 38.2% - 0.8187 of Fibonacci enabled the pair to turn in favor of the New Zealand dollar on the H4 and to start the next uptrend towards the level of correction 23.6% - 0.8251. On the daily chart this correctional level of 76.4% of Fibonacci may hinder the growth considerably as it has not been broken trough for a fifth consecutive day. Thus, the pair may turn in favor of the U.S. dollar on the H4, even if it has not reached the correctional level 23.6% of Fibonacci. Two bearish harami patterns were built; it may influence the price swing towards U.S. dollar and drop towards 38.2% of Fibonacci. If the pair consolidates above the correctional level 23.6% of Fibonacci on both charts, then the continuous growth of the rate towards the level of 0.0% - 0.8355 of Fibonacci.

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USD/SGD Wave Analysis for October 31, 2012 Trend News

USD/SGD Elliott Wave

Last week the USD/SGD pair was trading in a downward move, impulsive wave (5) (coloured green) of the bigger wave (3) (coloured orange) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 1.2222 towards the 1.2195 level. Therefore, during the New York session the USD/SGD pair continued trading in a bearish mood and the price reached a new daily low at 1.2185 level. Today this exotic pair is trading around 1.2205 level and we are expecting to see the price around 1.2160 level soon. 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 1 at 1.2160 (100% of wave 1) and take profit 2 at 1.2114 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2234 level as stop loss.



Support and Resistance

(S3) 1.2162 (S2) 1.2177 (S1) 1.2187 (PP) 1.2203 (R1) 1.2218 (R2) 1.2228 (R3) 1.2244



Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2195 with stop loss 1.2234, take profit 1 at 1.2160, and take profit 2 at 1.2114 are recommended.

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USD/CAD Wave Analysis for October 31, 2012 Trend News

USD/CAD Elliott Wave

For the last few week the USD/CAD pair was trading in an upward move, corrective wave (c) (coloured orange) of the bigger 4 wave (coloured purple) was developing. Yesterday during the Asian session we could observe ascending movement towards the 1.0018 level and we can consider this move as the end of the impulsive (5) wave (coloured green) of the bigger wave (c) (coloured orange). Therefore, during the European and New York sessions this major pair started pushing lower when development of the final impulsive 5 wave (coloured purple) starts. At the moment the USD/CAD pair is trading around 0.9990 level and we are expecting to see price around 0.9560 level in the next few weeks. In accordance with our wave rules and taking into account that the wave 5 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit 1 at 0.9736 (100% of wave 1) and take profit 2 at 0.9560 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0019 level as stop loss.

Support and Resistance

(S3) 0.9963 (S2) 0.9976 (S1) 0.9985 (PP) 0.9999 (R1) 1.0012 (R2) 1.0021 (R3) 1.0035



Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9880 with stop loss 1.0019, take profit 1 at 0.9736, and take profit 2 at 0.9560 are recommended.

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