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Archive for May, 2008

Daily Forex Analysis – May 16, 2008

Friday, May 16th, 2008

20080516_audusd_1.gifAUDUSD Analysis.
Being supported by 0.9275, AUDUSD rebounded from 0.9291. The pair might be forming a symmetrical triangle pattern in a range trading between 0.9275 and 0.9541 (Apr 23 high). Further rise towards 0.9800 area is expected after the symmetrical triangle pattern is broken above. Key support is now located at 0.9275, only break of this level will signal resumption of the down trend.

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Daily Forex Analysis – May 15, 2008

Thursday, May 15th, 2008

20080515_eurusd_1.gifEURUSD Analysis.
EURUSD failed to test 1.5594 resistance and pulled back from 1.5569. As long as 1.5284 support holds, we’d expect up trend to resume and further rise to 1.5650 area to reach the next short term cycle top is possible. Initial support is at 1.5365 and followed by 1.5284, only break of 1.5284 level will signal resumption of the down trend.

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Daily Forex Analysis – May 14, 2008

Wednesday, May 14th, 2008

20080514_usdjpy_1.gifUSDJPY Analysis.
USDJPY formed a short term cycle bottom at 102.58 level on 4-hour chart. Further rise to test 105.70 resistance is expected and break above this level to reach the next short term cycle top is still possible. Near term support is at 103.35 and key support is at 102.58, only break below the key support will indicate lengthier correction is underway and delay the resumption of the uptrend.

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Daily Forex Analysis – May 13, 2008

Monday, May 12th, 2008

20080513_usdchf_1.gifUSDCHF Analysis.
USDCHF formed a short term cycle top at 1.0623 on 4-hour chart. The rise from 0.9995 (Apr 22 low) might be completed and the fall from 1.0623 could possibly be resumption of the down trend. Deeper decline to test 1.0298 is expected in a couple of days, a break of this level will signal reversal to the long term up trend.

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Daily Forex Analysis – May 12, 2008

Monday, May 12th, 2008

20080512_gbpusd_1.gifGBPUSD Analysis.
GBPUSD is in down trend. Further fall to test 1.9337 (Jan 22 low) long term key support is possible in a couple of days. Initial resistance is at 1.9621, as long as this resistance holds, down trend will continue.

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Daily Forex Analysis – May 9, 2008

Friday, May 9th, 2008

20080509_usdjpy_1.gifUSDJPY Analysis.
USDJPY pulls back to as low as 103.40. Further fall to 103.00 area to reach the next short term cycle bottom on 4-hour chart is expect and the next cycle bottom is nearing. As long as 102.67 support holds, we’d expect up trend to resume and rise above 105.70 previous high resistance is still in favor.

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Daily Forex Analysis – May 8, 2008

Thursday, May 8th, 2008

20080508_eurusd_1.gifEURUSD Analysis.
EURUSD breaks below long term key support at 1.5342 (Mar 24 low) and is now in long term down trend, the long term target would be at 1.5000 area. For short term analysis, the pair formed a short term cycle top at 1.5594 level on 4-hour chart. Deeper decline to 1.5100 area to reach the next cycle bottom is expected. Key resistance is now located at 1.5594, only break of this level will signal reversal to the down trend.

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Daily Forex Analysis – May 7, 2008

Wednesday, May 7th, 2008

20080507_usdjpy_1.gifUSDJPY Analysis.
Being contained by the support of the up trend line from 95.77 (Mar 17 low) to 100.30 (Apr 14 low), USDJPY rebounds from 104.02 and is forming a short term cycle bottom on 4-hour chart. Further rise to 108.00 area is expected after consolidation, and a break above 105.70 previous high will confirm such case. Initial support is at the mentioned up trend line, and key support is at 102.67, only break of this level will signal reversal to the up trend.

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Daily Forex Analysis – May 6, 2008

Tuesday, May 6th, 2008

20080506_usdcad_1.gifUSDCAD Analysis.
USDCAD traded in a range between 0.9987 (Apr 17 low) and 1.0326 (Apr 1 high). Fall below 0.9987 is still in favor. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.

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Daily Forex Analysis – May 2, 2008

Friday, May 2nd, 2008

20080502_audusd_1.gifAUDUSD Analysis.
AUDUSD is testing 0.9290 support, a break of this level will signal the resumption of the down trend and deeper decline to 0.9000 area is expected to follow. Key resistance is at 0.9541, only rise above this level will indicate that the up trend from 0.8953 (Mar 20 low) is underway, and further rally towards 0.9600 could be seen.

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