Wave Analysis for April 15, 2011

AUD/USD Elliott wave count and Fibonacci levels - April 15, 2011

AUD/USD is developing potential wave 5 of medium term uptrend - colored royal blue in the chart. To confirm wave 5 break above 1.0580 is needed. On smaller timeframes this wave consists of A-B-C subwaves (colored magenta in the chart) with subwave C still developing. The targets of the upmove are Fibonacci expansions off 0.9709-1.0313-1.0204 (waves 1-2), 1.0204-1.0580-1.0389 (waves 3-4), 1.0389-1.0538-1.0457 (subwaves A-B).

Resistances:

- 1.0577 = contracted objective point (COP)
- 1.0606 = objective point (OP)
- 1.0621 = COP
- 1.0698 = expanded objective point (XOP)

If the price keeps declining the immediate supports will be Fibonacci retracements of 1.0457-1.0558, 1.0389-1.0558, 1.0204-1.0580.

Supports:

- 1.0508 = .50 retracement
- 1.0496-93 = confluence area of .618 and .382 retracements
- 1.0474 = .50 ret
- 1.0454 = .618 ret

Overbought/Oversold

Assuming that the medium term trend is up (wave of a larger degree is now up), it's preferable to look for longs when the Detrended Oscillator goes below the zero level (current prices) or gets into the oversold area (20-30 pips below the current prices - this roughly corresponds to 1.0508 Fib support).



Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2011

GBP/JPY Elliott wave count and Fibonacci levels - April 15, 2011

GBP/JPY is developing corrective wave 4 of medium term uptrend - colored royal blue in the chart. Wave 4 has 2 subwaves within it (A-B), and subwave B is still developing - colored magenta in the chart. The targets of the upmove are Fibonacci retracements of 139.93-135.19, and expansions (if the price goes higher than 139.93) off 122.49-133.04-130.18 (waves 1-2), 130.18-139.93-135.19 (waves 3-4).

Resistances:

- 137.00 = .382 retracement
- 137.56 = .50 ret
- 138.12 = .618 ret
- 140.73 = objective point (OP)
- 141.22 = contracted objective point (COP)

If the price keeps declining the immediates supports will be Fibonacci retracements of 130.18-139.93, 122.49-139.93, and expansions off 139.93-135.19-136.96.

Supports:

- 135.06 = .50 retracement
- 134.03-133.90 = confluence area of COP and .618 retracement
- 133.27 = .382 ret
- 132.22 = OP

Overbought/Oversold

Assuming that the wave of a larger degree (corrective subwave B) is moving up it's preferable to open long positions when the Detrended Oscillator gets below the zero level (current prices) or into the oversold area (10-30 pips).



Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2011

EUR/USD wave analysis for April 15, 2011

In general, as expected, during yesterday’s trading the EUR/USD currency pair declined to the correction level 38.2%; afterwards it made an attempt to resume growth by reaching the 45 figure level by the end of the day. Therefore, the price has most likely completed the formation of the 4th wave (in the 5th). If so, then such resumed growth of the price has indicated the beginning of the 5th wave (in the 5th), at the same time targets for this 5th may be located in a quite wide range from the levels located slightly above the 45 figure level and up to the 1.4700 level.



Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011

USD/JPY wave analysis for April 15, 2011

Yesterday the USD/JPY currency pair continued to decline and tested the correction level 50.0% during the European session. At the same time, all downside movement initiated April 6 obtained the characteristics of a five-wave structure. Therefore, we might assume that inner wave structure of the 4th wave will become more complex and prolonged. Simultaneously, we should not eliminate the option supposing the resumption of downside movement of the pair in the direction of the levels located below the 77 figure level.



Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2011


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