empty
 
 
03.05.2012 10:37 AM
AUD/USD Elliott wave count and Fibonacci levels for May 3, 2012

There is still enough downside room for more falls in the GBP/USD pair on the daily chart, as the pair is approaching the support level of 1.4948. Currently, it is forming a lower low pattern, so the bearish trend is getting more strength. It is still possible that GBP/USD will reach the low level of 1.4820 in the coming days.

This image is no longer relevant


The sideways moves continue on the H1 chart as the GBP/USD pair is still trapped in a low range between the levels of 1.5097 and 1.5028. The 200 SMA on the H1 chart is bearish and the MACD indicator is entering negative territory, so we could expect more falls to at least the support level of 1.4948 in an intraday outlook.

This image is no longer relevant


Daily chart's resistance levels: 1.5086 / 1.5247

Dailychart's support levels: 1.4948 / 1.4820

H1 chart's resistance levels: 1.5097 / 1.5162

H1 chart's support levels: 1.5028 / 1.4948



Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5028, take profit is at 1.4948, and stop loss is at 1.5108.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback