EURUSD is testing the previous high resistance at 0.4769. A short term cycle top and consolidation will more likely be seen before breaking above this level. Further rally towards 1.4966 (Nov, 23 high) is still possible after consolidation.
Archive for December, 2007
AUDUSD is moving to the next short term cycle top, and the next cycle top is nearing. Key support is at 0.8710, a break below this level will confirm the cycle top, and further fall towards 0.8551 previous low can be seen.
As expected, USDJPY broke above 113.60 previous high and reached as high as 114.19. Further rally towards 115.00 area is expected. Key support is at 112.73, as long as this support holds, up trend will continue.
Previous low support at 1.0004 is broken below, USDCAD is now in down trend. Further pullback towards 0.9800 area is still possible later today. Key resistance is at 1.0248, only break of this level may signal the resumption of the up trend.
USDJPY formed a sideways consolidation in a range between 112.73 and 113.60. Further rally towards 117.00 is still possible after consolidation, and a break above 113.60 will signal the resumption of the up trend.
EURUSD’s down trend remains and the fall from 1.4966 extended to as low as 1.4331. Further decline towards 1.4000 area is expected. Near term resistance is at the down trend line from 1.4966 to 1.4750, now at 1.4670, as long as the trend line resistance holds, we’d expect down trend to continue. For long term analysis, the pair formed a long term cycle top at 1.4966 on weekly chart. Down trend is expected to follow, long term target would be at 1.2950, followed by 1.2150.
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As expected, GBPUSD reached the long term support at 2.0100, a break of this level will signal the resumption of the down trend, and further fall towards the long term key support at 1.9652 (Aug 17 low) is expected to follow.
USDJPY is in up trend. The rise from 107.21 extended to as high as 113.60. Further rally towards 114.00 area to reach the next short term cycle top is still possible in a couple of days. Key support is at 110.49, a break of this level will signal the reversal to the up trend, and fall towards 107.21 previous low can be seen.
USDCAD broke above 1.0213 previous high resistance and reached as high as 1.0233. Further rise towards 1.0400 area to reach the next short term cycle top is still possible. Near term support is at the up trend line from 0.9834 to 1.0004, as long as the pair stays above this support, further rally is in favor.
USDCAD is in up trend. Further rise towards 1.0400 to reach the next short term cycle top is still possible after consolidation. Near term support is at 1.0004, as long as the pair stays above this support, further rally is in favor.
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