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Archive for August, 2008

Daily Forex Analysis – August 29, 2008

Friday, August 29th, 2008

EURUSD Analysis.
EURUSD formed a cycle bottom at 1.4571 on 4-hour chart. Sideways consolidation between 1.4571 and 1.4908 could be seen in a couple of days. As long as price stays below 1.4908, we’d expect down trend to resume, and one more fall towards 1.4500 is still possible after consolidation. However, above 1.4908 will indicate that the down trend from 1.6038 (July 15 high) has completed.

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Daily Forex Analysis – August 28, 2008

Thursday, August 28th, 2008

USDCHF Analysis.
USDCHF might be forming a short term cycle top at 1.1084 on 4-hour chart. Pullback to test 1.0842 could be seen in a couple of days. Breaking through 1.0842 level will indicate that the up trend from 1.0010 (July 15 low) has completed, and then deeper decline is expected to 1.0650 level.

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Daily Forex Analysis – August 27, 2008

Wednesday, August 27th, 2008

GBPUSD Analysis.
GBPUSD’s down trend remains and the fall from 1.8794 extended to 1.8330 level. As long as 1.8590 resistance holds, we’d expect down trend to continue, and deeper decline is still possible to 1.8200 in a couple of days. However, rise above 1.8590 level will indicate that a short term cycle bottom has been formed at 1.8330, and then further rebound to retest 1.8794 could be seen.

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Daily Forex Analysis – August 26, 2008

Tuesday, August 26th, 2008

EURUSD Analysis.
EURUSD is in range trading between 1.4629 and 1.4977. The fall from 1.4908 could possibly be resumption of down trend. Deeper decline is expected to 1.4500 in a couple of days, and a break below 1.4629 will confirm such case. Initial resistance is at 1.4908, only rise above this level will signal lengthier correction to down trend.

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Daily Forex Analysis – August 25, 2008

Monday, August 25th, 2008

AUDUSD Analysis.
AUDUSD formed a short term cycle top on 4-hour chart, and the fall from 0.8812 could possibly be resumption of down trend. Further decline to test 0.8512 (Jan 22 low) support is expect later today. Initial resistance is now at 0.8812, only rise above this level will signal lengthier consolidation.

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Daily Forex Analysis – August 22, 2008

Friday, August 22nd, 2008

AUDUSD Analysis.
AUDUSD breaks above 0.8795 resistance and reaches 0.8812 level. Further rise to test 0.8952 resistance is now in favor. However, the rebound from 0.8591 is treated as consolidation to down trend. As long as 0.8952 resistance holds, we’d expect down trend to resume, and deeper decline  towards 0.8400 level is possible after consolidation.

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Daily Forex Analysis – August 21, 2008

Thursday, August 21st, 2008

AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 0.8591 and 0.8795. As long as 0.8795 resistance holds, we’d expect down trend to resume, and further fall towards 0.8400 level could be seen after consolidation. However, a break above 0.8795 level will bring price back to retest 0.8952 resistance.

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Daily Forex Analysis – August 20, 2008

Wednesday, August 20th, 2008

GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.8512 on 4-hour chart. Further rebound towards 1.8900 level is now in favor, and a break of 1.8722 resistance will confirm such case. As long as 1.8900 level holds, we’d expect down trend to resume, and fall below 1.8512 level will signal deeper decline to 1.8200 level.

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Daily Forex Analysis – August 19, 2008

Tuesday, August 19th, 2008

GBPUSD Analysis.
GBPUSD might be forming  a short term cycle bottom at 1.8512 on 4-hour chart. Key resistance is now located at 1.8722, a break of this level will confirm the cycle bottom, and then further rise could be seen to test 1.8900 resistance. However, the rebound from 1.8512 is treated as correction to down trend. As long as 1.8900 level holds, we’d expect down trend to resume, and deeper decline is still possible after correction.

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Daily Forex Analysis – August 18, 2008

Monday, August 18th, 2008

USDCAD Analysis.
USDCAD might be forming a short term cycle bottom at 1.0562 on 4-hour chart. Key resistance is now located at 1.0693, a break above this level will confirm the cycle bottom. As long as 1.0562 level holds, we’d expect sideways consolidation in a couple of days and further rise towards 1.1000 is possible after consolidation.

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