Friday's Major Fx Pairs
Nicola Delic | Oct 19, 2012 06:38AM ET
The EUR/USD pair was trading in a bearish move yesterday when developing of the wave 3 (coloured blue)
finished. If we look at the 2 hour chart we can see that this major pair is currently trading around 38.2% and we
are expecting to see price higher today when development of the 5 wave starts.We know that wave 5 usually
retraces 100% of the wave 1 + wave 3 so we can project a possible end of the 5 wave by meassuring 1 and 3
wave and potential target should be at 1.3344 level. In our opinion, the best place to enter the long trade is
around 1.3042 and we can put stop loss at level 1.2991 to protect our capital.
Support And Resistance
(S3) 1.3010 (S2) 1.3038 (S1) 1.3055 (PP) 1.3083 (R1) 1.3111 (R2) 1.3128 (R3) 1.3156
Yesterday the USD/CHF pair was trading in an upward move as have we expected. At the moment this major
pair is at the end of the corrective 4 wave (coloured blue) and we are expecting to see price lower when
developing of the 5 wave (coloured blue) of the bigger wave (3) (coloured green) starts. Assuming that our
wave rules are correct, we project potential targets by measuring wave 1 with take profit at 0.9140. We can
enter a short trade around 0.9277 and to protect our account we can place stop loss at 0.9300 invalidation
point.
Support And Resistance
(S3) 0.9198 (S2) 0.9214 (S1) 0.9223 (PP) 0.9239 (R1) 0.9255 (R2) 0.9264 (R3) 0.9280
Yesterday the EUR/AUD pair was trading in a bearish move like we expected. If we take a look at 2 hour chart
we can see that wave (1) (coloured green) of the bigger wave (C) (coloured orange) finished at level 1.2589 and
we are expecting to see the upward move today. We know that wave 2 usually retraces 61.8% of the wave 1 so
we can project a possible end of the 2 wave with Fibonacci Retracement (1.2730-1.2589 ) at level, 1.2677. In our
opinion, the best place to enter the long trade would be around the level 1.2610 and we can put stop loss at
level 1.2589.
Support And Resistance
(S3) 1.2557 (S2) 1.2580 (S1) 1.2593 (PP) 1.2616 (R1) 1.2639 (R2) 1.2652 (R3) 1.2675
Since Yesterday USD/SGD counts as an exotic currency, it continued trading in an upward move like we
expected. On the chart we can see that price is currently trading around 38.2% fibo level where we think this
wave should be over and we are expecting to see price around 1.2120 level when developing of the 5 and final
wave (coloured green) starts.We know that wave 5 usually retraces 61.8% of the wave 3 so we can project a
possible end of the 5 wave by measuring the 1 wave. In our opinion, the best place to enter the long trade is
around 1.2210 with Take Profit at 1.2120 and we can put stop loss at level 1.2220
Get The News You Want
Support And Resistance
(S3) 1.2148 (S2) 1.2161 (S1) 1.2169 (PP) 1.2183 (R1) 1.2196 (R2) 1.2204 (R3) 1.2218
Best Regards,
Nicola Delic & Vukota Jovanovic
SGC Analyst Team
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