NDelic

USD/JPY Elliott Wave For the last few days the USD/JPY pair was trading downward, corrective wave (A) (coloured red) of the bigger 4 wave (coloured purple) was developing. Yesterday during the early Asian session we could observe descending movement from 89.02 toward the 88.26 level and we can consider this move as the end of the 3 sub-wave of the bigger (A) wave (coloured red). Therefore, during the New York session after this major pair found resistance around 88.90 level we could observe continuation of the Asian bearish move that bring price to the 87.93 level. At the moment the USD/JPY pair is trading around 88.07 level and we expect to see the price higher when development of the ( wave (coloured red) starts. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 88.94 (61.8% of wave A). To reduce the risk, we can use support at 87.54 level as stop loss. Support and Resistance (S3) 87.54 (S2) 88.06 (S1) 88.37 (PP) 88.89 (R1) 89.41 (R2) 89.72 (R3) 90.24 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 88.15 with stop loss 87.54 and take profit at 88.94 are recommended.

USD/JPY Elliott Wave Last week the USD/JPY pair was trading in the upward move, corrective (5) wave (coloured red) of the bigger 3 wave (coloured purple) was developing. During the Friday's Asian and European sessions we could observe strong ascending movement from 88.73 toward the 89.45 level. Therefore, during the New York session this major pair continued trading higher reaching a new high at 89.66 level and we can consider this move as the end of the 3 wave (coloured purple). At the moment the USD/JPY pair is trading around 89.37 level and we expect to see the price below 85.61 level soon. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 85.61 (38.2% of wave 3). To reduce the risk, we can use end of the 3 wave at 89.66 level as stop loss. Support and Resistance (S3) 87.98 (S2) 88.33 (S1) 88.74 (PP) 89.09 (R1) 89.50 (R2) 89.85 (R3) 90.26 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 89.30 with stop loss 89.66 take profit at 85.61 are recommended.

EUR/USD Elliott Wave This week the EUR/USD pair was trading in the sideways move, corrective 2 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the European session we could observe slight ascending movement from 1.3037 toward the 1.3116 level. Therefore, during the early New York session after ECB speech this major pair started pushing higher reaching a new weekly high at 1.3271 level. Today the EUR/USD pair is trading around 1.3270 and we expect to see the price above 1.4000 level in the next few weeks. In accordance with our wave rules and taking into account that the wave 1 should retrace 161.8% of the wave 3, we can define the potential targets with measuring wave 1 with take profit at 1.4043 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2987 level as stop loss. Support and Resistance (S3) 1.2885 (S2) 1.2962 (S1) 1.3114 (PP) 1.3191 (R1) 1.3343 (R2) 1.3420 (R3) 1.3572 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2780 with stop loss 1.2987 take profit at 1.4043 are recommended.

EUR/AUD Elliott Wave Last few weeks the EUR/AUD pair was trading downwards, corrective (2) wave (coloured green) of the bigger (3) wave (coloured red) was developing. Yesterday during the Asian session we could observe ascending movement from 1.2475 toward the 1.2527 level. Therefore, during the European and New York sessions the EUR/AUD pair did not manage to hold this level and the price started pushing lower reaching a new session low at 1.2437 level. Today this currency pair is trading around 1.2450 level and we expect to see price higher 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 at 1.3453 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2157 level as stop loss. Support and Resistance (S3) 1.2398 (S2) 1.2428 (S1) 1.2447 (PP) 1.2477 (R1) 1.2507 (R2) 1.2526 (R3) 1.2556 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2480 with stop loss 1.2157 take profit at 1.3453 are recommended.

Silver Elliott Wave Last week Silver was trading downwards, impulsive wave 5 (coloured blue) of the bigger wave (3) (coloured green) was developing. During the Friday's Asian and European session we could observe descending movement from 30.14 towards the 29.21 level and we can consider this movement as the end of the wave (3) (coloured green). Therefore, during the New York session when development of the corrective wave 4 had started, silver retraced back to 30.25 level. Today during the Asian session price reached 30.43 level and we can consider this move as the end of the wave A (coloured blue). We expect the price in a bullish mood again when development of the wave B ends. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 30.83 (100% of wave A). To reduce the risk, we can use invalidation at 29.21 level as stop loss. Support and Resistance (S3) 28.297 (S2) 28.769 (S1) 29.357 (PP) 29.829 (R1) 30.417 (R2) 30.889 (R3) 31.477 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 29.68 with stop loss at 29.21 and take profit at 30.83 are recommended.

NZD/USD Elliott Wave This week the NZD/USD pair was trading in an upward movement, corrective ( wave (coloured red) of the bigger E wave (coloured purple) was developing. Yesterday during the Asian and European sessions we could observe strong ascending movement toward the 0.8350 level and we can consider this move as the end of the corrective ( wave. Therefore, during the early New York session when development of the final C wave started this major pair began pushing lower reaching 0.8270 level. At the moment the NZD/USD pair is trading around 0.8230 level and we are expecting to see continuation of the bearish mood in the next few days. In accordance with our wave rules and taking into account that the wave E should retrace 61.8% of the wave C, we can define the potential targets with measuring wave C with take profit at 0.7848 (61.8% of wave C). To reduce the risk, we can use resistance at 0.8355 level as stop loss. Support and Resistance (S3) 0.8170 (S2) 0.8220 (S1) 0.8250 (PP) 0.8300 (R1) 0.8330 (R2) 0.8380 (R3) 0.8410 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8210 with stop loss 0.8355 and take profit at 0.7848 are recommended.

USD/CAD Elliott Wave For the last few days the USD/CAD pair was trading in a downward movement, corrective C wave (coloured blue) of the bigger (2) wave (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9975 toward the 0.9863 level and we can consider this move as the end of the (2) wave (coloured green). Therefore, during the New York session when development of the (3) wave began the USD/CAD pair started pushing higher reaching a 0.9871 level and we can consider this move as the end of the (1) wave (coloured pink). At the moment this commodity pair is trading around 0.9850 and we are expecting to see the price above 0.9900 level today. 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 0.9899 (161.8% of wave 1). To reduce the risk, we can use invalidation at 0.9836 level as stop loss. Support and Resistance (S3) 0.9769 (S2) 0.9810 (S1) 0.9835 (PP) 0.9876 (R1) 0.9917 (R2) 0.9942 (R3) 0.9983 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9855 with stop loss 0.9836 take profit at 0.9899 are recommended.

USD/CAD Elliott Wave Since our last analysis the USD/CAD pair was trading in an upward move like we expected, impulsive 5 wave (coloured blue) of the bigger wave (1) (coloured green) was developing. During the Friday's Asian and European sessions we could observe ascending movement toward the 0.9967 level. Therefore, during the New York session this commodity pair continued trading in a bullish mood and the price reached a new high at 0.9970 level. We can consider this move as the end of the ending diagonal of the 5 impulsive wave (coloured blue) and we are expecting to see the price lower today. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9879 (61.8% of wave 1). To reduce the risk, we can use invalidation at 0.9969 level as stop loss. Support and Resistance (S3) 0.9928 (S2) 0.9940 (S1) 0.9947 (PP) 0.9960 (R1) 0.9972 (R2) 0.9979 (R3) 0.9992 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9940 with stop loss 0.9969 and take profit at 0.9879 are recommended.

USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading upwards as we expected, impulsive wave 3 (coloured pink) of the bigger wave 5 (coloured blue) was developing. Yesterday during the early Asian session we could observe descending movement towards the 0.9907 level, and we can consider this move as the end of the corrective wave 2 (coloured pink). Therefore, during the European and New York session when developing of the wave 3 start this commodity pair started pushing higher reaching a new high at 0.9958 level. At the moment the USD/CAD pair is trading around 0.9945 level, and we expect price to be around 1.0000 level today. 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 0.9988 (161.8% of wave 1). To reduce the risk, we can use support at 0.9932 level as stop loss. Support and Resistance (S3) 0.9889 (S2) 0.9908 (S1) 0.9920 (PP) 0.9939 (R1) 0.9958 (R2) 0.9970 (R3) 0.9989 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9950 with stop loss 0.9932 and take profit at 0.9988 are recommended.

USD/CAD Elliott Wave Last week the USD/CAD pair was trading upwards, impulsive wave (1) (coloured green) of the bigger wave © (coloured red) was developing. During the Monday's Asian session we could observe ascending movement towards the 0.9944 level. Therefore, during the European and New York session the USD/CAD pair did not manage to hold this level and price dropped to the new low at 0.9909 level. We can consider this movement as the end of the wave 4 (coloured blue). At the moment we are at the start of the impulsive wave 5 and we expect to see price higher today when market opens. 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 at 0.9997 (100% of wave 1). To reduce the risk, we can use invalidation at 0.9880 level as stop loss. Support and Resistance (S3) 0.9869 (S2) 0.9888 (S1) 0.9907 (PP) 0.9926 (R1) 0.9945 (R2) 0.9964 (R3) 0.9983 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9915 with stop loss 0.9880 and take profit at 0.9997 are recommended.

AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downside, so we need to change our wave count, impulsive wave (5) (coloured pink) of the bigger wave 1 (coloured blue) was developing. During the Monday's Asian session we could observe ascending movement from 1.0384 towards the 1.0415 level and we can consider this move as the end of the wave (4) of the bigger wave (5) (coloured pink). Therefore, during the European and New York session the AUD/USD pair started pushing lower reaching a new low at 1.0356 level. We can consider this movement as the end of the impulsive wave (5) of the bigger wave (5). Tomorrow we are expecting to see price higher when development of the corrective wave 2 starts. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0480 (61.8% of wave 1). To reduce the risk, we can use invalidation at 1.0357 level as stop loss. Support and Resistance (S3) 1.0279 (S2) 1.0336 (S1) 1.0371 (PP) 1.0428 (R1) 1.0463 (R2) 1.0520 (R3) 1.0555 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0370 with stop loss 1.0357 and take profit at 1.0480 are recommended.

NZD/USD Elliott Wave Since early December the NZD/USD pair has been trading in a downtrend, and corrective wave (A) (coloured red) of the bigger wave E (coloured purple) has been developing. During the Friday's European session we could observe descending movement towards the 0.8222 level. Therefore, during the New York session this major pair did not manage to hold this level and started moving sideways between 0.8215 and 0.8250 level. At the moment, the NZD/USD pair is trading around 0.8225 level, and we expect continuation of the bearish movement for the next few weeks. In accordance with our wave rules and taking into account that the wave E should retrace 61.8% of the wave C, we can define the potential targets with measuring wave C with take profit at 0.7848 (61.8% of wave C). To reduce the risk, we can use resistance at 0.8352 level as stop loss. Support and Resistance (S3) 0.8066 (S2) 0.8145 (S1) 0.8189 (PP) 0.8268 (R1) 0.8312 (R2) 0.8391 (R3) 0.8435 Trading Forecast According to the Elliott Wave rules, today the trend is expected to begin the downward movement. That is why short positions at level 0.8220 with stop loss 0.8352 and take profit at 0.7848 are recommended. AUD/USD Wave Analysis for December 24, 2012 AUD/USD Elliott Wave Last week the AUD/USD pair was trading in downtrend, impulsive wave 1 (coloured blue) of the bigger wave (1) (coloured green) was developing. During the Friday's Asian and European session we could observe descending movement from 1.0453 towards the 1.0410 level. Therefore, during the New York session this major currency continued trading in a bearish mood, and price reached a new low at level of 1.0386. We can consider this move as the end of the wave (5) (coloured pink) of the bigger wave 1 (coloured blue). At the moment the AUD/USD pair is trading around 1.0405 level and we expect to see higher price today. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0491(61.8% of wave 1). To reduce the risk, we can use invalidation at 1.0386 level as stop loss. Support and Resistance (S3) 1.0279 (S2) 1.0336 (S1) 1.0371 (PP) 1.0428 (R1) 1.0463 (R2) 1.0520 (R3) 1.0555 Trading Forecast According to the Elliott Wave rules, today the trend is expected to begin the upward movement. That is why long positions at 1.0415 with stop loss 1.0386 and take profit at 1.0491 are recommended.

USD/CHF Elliott Wave For the last few days the USD/CHF pair was trading in a downward channel, impulsive (5) wave (coloured red) of the bigger 1 wave (coloured purle) was developing. Yesterday during the Asian and European sessions we could observe strong descending movement from 0.9185 toward the 0.2136 level. Therefore, during the New York session this major pair continued trading in a bearish mood and the price reached a new low at 0.9113 level. At the moment the USD/CHF is trading at the end of the 1 impulsive wave (coloured purple) and we are expecting to see the end of this wave around 0.9100. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9358 (61.8% of wave 1). To reduce the risk, we can use support at 0.9050 level as stop loss. Support and Resistance (S3) 0.9083 (S2) 0.9107 (S1) 0.9122 (PP) 0.9146 (R1) 0.9170 (R2) 0.9185 (R3) 0.9209 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9120 with stop loss 0.9050 and take profit at 0.9358 are recommended.

EUR/USD Elliott Wave Since our last analysis the EUR/USD pair was trading in a downward movement, corrective 4 wave (coloured pink) of the bigger 5 wave (coloured blue) was developing. During the Asian and European sessions we could observe descending movement toward the 1.3140 level and we can consider this move as the end of the 4 wave. Therefore, during the New York session when development of the final 5 wave (coloured pink) started the EUR/USD pair pushed higher and reached 1.3190 level. At the moment this major pair is trading around 1.3180 level and we are expecting to see the price higher for the end of the 5 wave. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.3243 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.3141 level as stop. Support and Resistance (S3) 1.3121 (S2) 1.3138 (S1) 1.3148 (PP) 1.3166 (R1) 1.3183 (R2) 1.3193 (R3) 1.3211 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.3180 with stop loss 1.3141 and take profit at 1.3243 are recommended.

AUD/USD Elliott Wave From the start of the October the AUD/USD pair was trading in an upward move, corrective wave (Y) (coloured red) of the bigger D wave (coloured purple) was developing. During the Friday's European session we could observe ascending movement from 1.0517 toward the 1.0576 level and we can consider this move as the end of the D wave. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and the price started pushing lower reaching a new session low at 1.0555 level. At the moment this currency pair is trading around 1.0538 level and we are expecting to see the price below 0.9900 in the next few weeks. In accordance with our wave rules and taking into account that the wave E should retrace 61.8% of the wave C, we can define the potential targets with measuring wave C with take profit at 0.9798 (61.8% of wave C). To reduce the risk we can use resistance at 1.0800 level as stop loss. Support and Resistance (S3) 1.0457 (S2) 1.0483 (S1) 1.0524 (PP) 1.0550 (R1) 1.0591 (R2) 1.0617(R3) 1.0658 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0500 with stop loss 1.0800 and take profit at 0.9798 are recommended.

EUR/USD Elliott Wave Since our last analysis the EUR/USD pair was trading in an upward move, impulsive 1 wave (coloured blue) of the bigger (5) wave (coloured green) was developing. Yesterday, during the European session after this major pair found support at 1.3040 level we could observe ascending movement toward the 1.3099 level. Therefore, during the early New York session the EUR/USD pair did not manage to hold this level and the price started pushing lower reaching a new session low at 1.3058 level. Today this major pushed to the 1.3120 level where we think 1 impulsive wave end and we are expecting to see the price trading around 1.3000 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 50% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2998 (50% of wave 1). To reduce the risk, we can use resistance at 1.3126 level as stop loss. Support and Resistance (S3) 1.2984 (S2) 1.3012 (S1) 1.3044 (PP) 1.3072 (R1) 1.3104 (R2) 1.3132 (R3) 1.3164 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.3070 with stop loss 1.3126 and take profit at 1.2998 are recommended.

USD/CHF Elliott Wave Since our last analysis the USD/CHF pair was trading in a downward move, impulsive (3) wave (coloured green) of the bigger (5) wave (coloured red) was developing. Yesterday during the European session we could observe descending movement towards the 0.9242 level and we can consider this move as the end of the 3 impulsive wave (coloured blue) of the bigger (3) wave (coloured green). Therefore, during the New York session the USD/CHF pair did not manage to hold this level and the price started pushing higher reaching 0.9272 level. We can consider this move as the end of the 4 wave (colorured blue). At the moment this major pair is developing final 5 wave of the bigger (3) wave and we expect to see the price higher today when development of the (4) wave starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9283 (38.2% of wave 3). To reduce the risk, we can use support at 0.9200 level as stop loss. Support and Resistance (S3) 0.9145 (S2) 0.9194 (S1) 0.9228 (PP) 0.9277 (R1) 0.9311 (R2) 0.9360 (R3) 0.9394 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9230 with stop loss 0.9200 and take profit at 0.9283 are recommended.

GBP/USD Elliott Wave For the last few days the GBP/USD pair was trading in an upward movement, corrective B wave (coloured blue) of the bigger (2) wave (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe strong ascending movement from 1.06070 toward the 1.6121 level and we can consider this move as the end of the B wave (coloured blue). Therefore, during the New York session this major pair did not manage to hold this level and the price started pushing lower reaching a new sessions low at 1.6097 level. At the moment the GBP/USD pair is trading around 1.6123 level and we are expecting to see the price lower for the next few days. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.5942 (61.8% of wave 1). To reduce the risk, we can use resistance at 1.6130 level as stop loss. Support and Resistance (S3) 1.6026 (S2) 1.6047 (S1) 1.6080 (PP) 1.6101 (R1) 1.6134 (R2) 1.6155 (R3) 1.6188 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.6100 with stop loss 1.6130 and take profit at 1.5942 are recommended.

GBP/JPY Elliott Wave Since our last analysis the GBP/JPY pair was trading in an upward move, impulsive 5 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday, during the Asian session we could observe descending movement toward the 131.66 level. Therefore, during the European and New York sessions the GBP/JPY pair did not manage to hold this level and the price retraced back till 132.50 level. At the moment this exotic currency is trading around 132.42 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 136.48 (100% of wave 1). To reduce the risk, we can use invalidation at 131.56 level as stop loss. Support and Resistance (S3) 131.36 (S2) 131.67 (S1) 131.86 (PP) 132.17 (R1) 132.48 (R2) 132.67 (R3) 132.98 Trading Forecast Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why Long positions at level 132.60 with stop loss 131.56 and take profit at 136.46 are recommended.

GBP/JPY Elliott Wave Since our last analysis the GBP/JPY pair was trading in an upward move, like we expected, impulsive 5 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Friday's European session we could observe descending movement toward the 131.67 level and we can consider this move as the end of the corrective 4 wave (coloured blue). Therefore, during the New York session this exotic currency did not manage to hold this level and the price started pushing higher reaching a new daily high at 132.58 level. We can consider this move as the end of the 1 wave (coloured pink) of the bigger 5 wave (coloured blue). At the moment the GBP/JPY pair is at the end of the 2 wave and we are expecting to see the price higher today when development of the 3 impulsive wave starts. 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 133.87 (161.8% of wave 1). To reduce the risk, we can use invalidation at 131.56 level as stop loss. Support and Resistance (S3) 130.83 (S2) 131.25 (S1) 131.75 (PP) 132.17 (R1) 132.67 (R2) 133.09 (R3) 133.59 Trading Forecast Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 132.10 with stop loss 131.56 and take profit at 133.87 are recommended.

GBP/USD Wave Analysis for December 07, 2012 GBP/USD Elliott Wave For the last few days the GBP/USD pair was trading in a downward movement, corrective A wave (coloured blue) of the bigger (2) wave (coloured green) was developing. Yesterday during the Asian session we could observe ascending movement toward the 1.6127 level and we can consider this move as the end of the (2) wave (coloured pink). Therefore, during the European and New York sessions this major pair did not manage to hold this level and the price started pushing lower reaching a new 3 days low at 1.6035 level. We can consider this move as the end of the impulsive (3) wave (coloured pink). At the moment the GBP/USD pair is trading around 1.6045 level and we are expecting to see the price higher when development of the B wave starts. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A , with take profit at 1.6090 (61.8% of wave A). To reduce the risk, we can use support at 1.6000 level as stop loss. Support and Resistance (S3) 1.5928 (S2) 1.5983 (S1) 1.6017 (PP) 1.6072 (R1) 1.6106 (R2) 1.6161 (R3) 1.6195 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.6030 with stop loss 1.6000 and take profit at 1.6090 are recommended. GBP/JPY Wave Analysis for December 07, 2012 GBP/JPY Elliott Wave Since out last analysis the GBP/JPY pair was trading in a downward move, corrective wave (2) (coloured pink) of the bigger 5 wave (coloured blue) was developing. Yesterday during the Asian session we could observe ascending movement toward the 132.89 level and we can consider this move as the end of the impulsive (1) wave (coloured pink). Therefore, during the European and New York sessions, when development of the 2 wave started, this exotic currency dropped below 132.10 level. At the moment the GBP/JPY pair is trading around 132.10 level and we are expecting to see the price higher today when development of the impulsive (3) wave started. 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 133.98 (161.8% of wave 1). To reduce the risk, we can use invalidation at 131.75 level as stop loss. Support and Resistance (S3) 131.04 (S2) 131.54 (S1) 131.89 (PP) 132.39 (R1) 132.74 (R2) 133.24 (R3) 133.59 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 132.10 with stop loss 131.75 and take profit at 133.98 are recommended.

Gold Elliott Wave For the last few days gold was trading in a downward move, corrective wave (2) of the bigger (1) wave (cloured red) was developing. Yesterday during the Asian session we could observe strong descending movement from 1,706.67 toward the 1,684.66 level and we can consider this move as the end of the (2) wave (coloured green). Therefore, during the European and New York sessions gold started pushing higher and the price retraced back to 1,609.50 level. Today this commodity is trading around 1,691.54 and we are expecting to see the price around 1,790.00 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 1,789.71 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1,672.77 level as stop loss. Support and Resistance (S3) 1,662.7 (S2) 1,674.4 (S1) 1,685.0 (PP) 1,696.7 (R1) 1,707.3 (R2) 1,719.0 (R3) 1,729.6 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,696.50 with stop loss 1,672.77 and take profit at 1,789.71 are recommended.

USD/CAD Elliott Wave Since our last analysis the USD/CAD pair was trading in a downward movement, corrective B wave (coloured blue) of the bigger ( wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 0.9953 toward the 0.9933 level. Therefore, during the New York session the USD/CAD pair continued trading in a bearish mood and the price reached a new daily low at 0.9915 level. At the moment this major pair is trading around 0.9923 level and we are expecting to see the price higher when development of the final C wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9999 (61.8% of wave A). To reduce the risk, we can use support at 0.9850 level as stop loss. Support and Resistance (S3) 0.9872 (S2) 0.9893 (S1) 0.9911 (PP) 0.9932 (R1) 0.9950 (R2) 0.9971 (R3) 0.9989 Trading Forecast Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 0.9930 with stop loss 0.9850 and take profit at 0.9999 are recommended.

USD/CAD Elliott Wave Yesterday the USD/CAD pair was trading in an upward move, corrective ( wave (coloured green) of the bigger (2) wave (coloured red) was developing. During the Monday's European session we could observe descending movement toward the 0.9914 level. Therefore, during the New York session this major pair did not manage to hold this levels and the price started pushing higher reaching a level of 0.9951. At the moment the USD/CAD pair is trading around 0.9940 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9999 (61.8% of wave 1). To reduce the risk, we can use support at 0.9915 level as stop loss. Support and Resistance (S3) 0.9890 (S2) 0.9902 (S1) 0.9927 (PP) 0.9939 (R1) 0.9964 (R2) 0.9976 (R3) 1.0001 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9950 with stop loss 0.9915 and take profit at 0.9999 are recommended.

USD/CAD Elliott Wave Last week the USD/CAD pair was trading in a downward move, corrective wave (A) (coloured green) of the bigger (2) wave (coloured red) was developing. During the Friday's Asian and European sessions we could observe the price trading in a sideways movement between 0.9932 and 0.9920 level. Therefore, during the early New York session the USD/CAD pair did not manage to hold this levels and the price pushed higher reaching a new two-day high at 0.9951 level. At the moment this major pair is trading around 0.9923 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9999(61.8% of wave 1). To reduce the risk, we can use support at 0.9915 level as stop loss. Support and Resistance (S3) 0.9896 (S2) 0.9908 (S1) 0.9926 (PP) 0.9938 (R1) 0.9956 (R2) 0.9968 (R3) 0.9986 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9930 with stop loss 0.9915 and take profit at 0.9999 are recommended.