Forex Daily review- 13.06.2012

[RLFX]

Tracking the EUR/USD pair

Date: 12.06.2012 Time: 17:15 Rate: 1.2479
Daily chart

Last Review
The price has stopped on the 1.2290 after the last downtrend (blue broken line) and performed a correction in size of 38.2%, minimal Fibonacci correction towards the 1.2670 price level. by the current candle and its size it looks like the correction has ended and breaking the 1.2290 price level will continue the downtrend while its target (by the weekly chart) is around the 1.1900 price level. Breaking the 1.2670 price level will cancel this assumption and in this case its target will be at the 1.2790 price level, a 50% Fibonacci correction to the mentioned downtrend.
Current review for today
At the moment of writing those words, the price is located at the same point in which it started the current trading day, while the shadow of the previous candle is still strongly influencing the price to get back to the Downtrend. It is possible to assume that breaking of the 1.2436 price level will continue the downtrend towards the last low on the 1.2290 price level. Only a breaking of the 1.2670 price level will change this assumption while in this case its target will be 1.2790 price level, which is a 50% correction by Fibonacci retracement from the mentioned downtrend.
You can see the chart below:


4 Hour chart
Date: 12.06.2012 Time: 17:26 Rate: 1.2482
Last Review
The price has reached its target on the 1.2670 price level which is a 38.2% Fibonacci correction of the downtrend locked in the descending price channel (black broken lines) and marked by a red broken line. It is possible to see that in addition the 1.2670 price level is point number 5 on the “Wolfe waves” pattern while the pattern target is the crossing of the price with the line connecting between points 1 and 4 around the 1.2400 price level. Only breaking the 1.2670 price level will cancel this assumption.
Current review for today
Nothing changed much since yesterdays review, the price is located under the Bollinger’s moving average (Bearish market). It is possible to see that the 1.2670 price level is used as point number 5 of the “Wolfe waves” pattern, while its target is the line connecting between points 1 and 4 around the 1.2400 price level. Only breaching the 1.2670 price level will cancel this assumption.
You can see the chart below:


GBP/USD
Date: 12.06.2012 Time: 19:42 Rate: 1.5563
4 Hour chart
Last Review
After the price has stopped at the lower lip of the descending price channel (black broken lines), on the 1.5268 price level, the price has climbed while creating an ascending price structure and corrected 38.2% of the downtrend locked in the tunnel towards the 1.5595 price level. after a failed attempt (for now) to create a new peak above this level, it is possible to assume that breaking of the price above the 1.5400 price level will bring it back to the last low, the 1.5268 price level. Only breaking of the last peak on the 1.6000 price level will probably continue the uptrend towards the closest target on the 1.5717 price level, which is 50% correction of the mentioned downtrend.
Current review for today
The price is ranging between the 1.5400 and the 1.5600 price levels and at the moment it looks closer to breaking the upper ranging level. In case it will happen, the target of the price will be the 1.5717 price level, which is a resistance level and a 50% correction level of the downtrend locked in the descending price channel (red broken line).
You can see the chart below:



AUD/USD
Date: 12.06.2012 Time: 17:51 Rate: 0.9921
4 Hour chart
Last Review
The price has stopped on the 0.9583 price level and after creating ascending price structure, the price performed a correction in size of between a third (38.2%) and two thirds (62.8%)of the last downtrend (red broken line) and stopped around the 1.000 price level twice. Breaking of the 0.9820 will create a descending price structure and it is possible to assume that the price will descend to check the last low on the 0.9583 price level. On the other hand, breaking of the 1.0000 price level will indicate that the price might climb towards the 1.0134 price level which is a 61.8% correction of the mentioned uptrend.
Current review for today
The price did not break the 0.9820 price level yet and it is ranging between this level and the 1.000 price level. as it was said in yesterday’s review, the price has stopped on the 0.9583 price level and after creating ascending price structure, the price performed a correction in size of between a third (38.2%) and two thirds (62.8%)of the last downtrend (red broken line) and stopped around the 1.000 price level twice. Breaking of the 0.9820 will create a descending price structure and it is possible to assume that the price will descend to check the last low on the 0.9583 price level. On the other hand, breaking of the 1.0000 price level will indicate that the price might climb towards the 1.0134 price level which is a 61.8% correction of the mentioned uptrend.
You can see the chart below:



Important announcements for today:
13.30 (GMT+1) USD – Core Retail Sales (Monthly)
13.30 (GMT+1) USD – PPI (Monthly)
13.30 (GMT+1) USD – Retail Sales (Monthly)


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