July 3rd, 2009
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July 3rd, 2009
AUDUSD Analysis.
AUDUSD breaks below 0.8024 key support and drops sharply to as low as 0.7902 level, suggesting that that a short term cycle top has been formed at 0.8155 level on 4-hour chart. Further fall is still possible to test 0.7789 previous low support, a break below this level will indicate that the medium term uptrend from 0.6284 has completed at 0.8263 level already. Near term resistance is at 0.7980, as long as this level holds, the short term downtrend from 0.8155 will continue.
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July 2nd, 2009
USDCAD Analysis.
After breaking above 1.1636 resistance, USDCAD drops sharply from 1.1654 and breaks below the lower border of the rising price channel. Further fall to test 1.1418 key support is possible later today, a break down below this level will indicate that the uptrend from 1.0940 has completed, then next target would be at 1.1300-1.1350 area. Key resistance is now located at 1.1654, only rise above this level will signal resumption of uptrend.
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July 1st, 2009
AUDUSD Analysis.
AUDUSD stays above the rising trend line on 4-hour chart and remains in short term uptrend from 0.7789. As long as the trend line support holds, we’d expect uptrend to continue and further rally is possible to 1.8200 zone in a couple of days. However, a clear break below the trend line support will indicate that the rise from 0.7789 has completed and the follow pullback will take price to 0.7850-0.7900 area.
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June 30th, 2009
USDCAD Analysis.
USDCAD stays in the rising price channel on 4-hour and remains in uptrend from 1.0940. The price action in the trending range between 1.1418 and 1.1636 is treated as consolidation of uptrend. Further rise is possible to 1.1700 zone after consolidation. Initial support is at the lower border of the price channel. Key support is at 1.1418, only drop below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 already, then the following pullback will take price to 1.1250-1.1300 area.
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June 29th, 2009
USDCAD Analysis.
USDCAD rebounds from the lower border of the rising price channel. Moving higher to test 1.1636 resistance is possible later today, a break above this level will signal further rally to 1.1700 zone. Near term support is at the lower border of the rising price channel on 4-hour chart, and the key support is at 1.1418, fall below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 level already, then deeper decline could be seen to 1.1250-1.1300 area.
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June 27th, 2009
By Jeffrey Kennedy
Close to ninety percent of all traders lose money. The remaining ten percent somehow manage to either break even or even turn a profit – and more importantly, do it consistently. How do they do that?
That’s an age-old question. While there is no magic formula, one of Elliott Wave International’s senior instructors Jeffrey Kennedy has identified five fundamental flaws that, in his opinion, stop most traders from being consistently successful. We don’t claim to have found The Holy Grail of trading here, but sometimes a single idea can change a person’s life. Maybe you’ll find one in Jeffrey’s take on trading? We sincerely hope so.
The following is an excerpt from Jeffrey Kennedy’s Trader’s Classroom Collection. For a limited time, Elliott Wave International is offering Jeffrey Kennedy’s report, How to Use Bar Patterns to Spot Trade Setups, free.
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June 26th, 2009
USDJPY Analysis.
USDJPY’s rebound from 94.87 extends to 96.56 level. The following pullback could possibly be resumption of downtrend from 98.88. Deeper decline is possible to test 94.87 previous low support, a break below this level will signal further fall towards 94.00 level. Near term resistance is now at 96.56, only rise above this level will indicate lengthier correction of downtrend is underway, and the next target may be at 97.00-97.50 area.
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June 25th, 2009
GBPUSD Analysis.
GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.
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June 24th, 2009
AUDUSD Analysis.
After breaking below 0.7827 support, AUDUSD rebounded from 0.7789 level. The pair might be forming a short term cycle bottom on 4-hour chart. Key resistance is locate at 0.8118, a break above this level will indicate that the medium term uptrend from 0.6284 has resumed, then the next target would be at 0.8500-0.8600 area.
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