After breaking above 0.7133 resistance, AUDUSD pulled back from 0.7237 and reached 0.6495 level. One more rise above 0.7237 previous high to reach next short term cycle top is still in favor. Initial support is now located at 0.6495, only fall below this level will signal resumption of down trend, and then deeper decline could be seen to 0.6000 zone.
Archive for October, 2008
GBPUSD pulls back from 1.7630 and formed a short term cycle top on 4-hour chart. Further fall could be seen to test 1.6786 previous low support, a break of this level will signal resumption of down trend, and deeper decline is expected to 1.6000 zone. Initial resistance is located at 1.7630 only rise above this level will signal further rally towards 1.7950-1.8000 area.
USDJPY formed a short term cycle bottom at 97.91 on 4-hour chart. Further rise towards 104.00 to reach next cycle top is still possible in a couple of days. Initial support is located at 100.50, only break down below this level will signal deeper decline to retest 97.91 previous low support.
USDJPY might be forming a short term cycle bottom at 97.91 level on 4-hour chart. Key resistance is at 101.48, a break above this level will confirm the cycle bottom and signal further rally to test 103.29 resistance. However, break down below 97.91 level will take price back to down trend, and short term target would be at 97.00 zone.
EURUSD might be forming a short term cycle top at 1.3785 on 4-hour chart. Fall towards 1.3000 could be seen in next several days, and a break down below 1.3443 previous low support will confirm the resumption of down trend.
EURUSD formed a short term cycle bottom at 1.3443 level. Further rise to test 1.3906 is still possible later today. However, the next cycle top is nearing, pullback below 1.3443 could be seen in a couple of days.
After breaking below 1.7445 (Sep 11 low), GBPUSD rebounds from 1.7318 level, and might be forming a short term cycle bottom on 4-hour chart. Sideways consolidation in a range between 1.7318 and 1.7836 would be seen in a couple of days. As long as 1.7836 resistance holds, we’d expect down trend to resume, and deeper decline is still possible after consolidation.
GBPUSD breaks below 1.7445 (Sep 11 low) and reaches as low as 1.7334 level. Deeper decline could be seen to 1.7000 zone in a couple of days. Near term resistance is at the down trend line on 4-hour chart now at 1.7680, and key resistance is located at 1.7836, as long as the trend line resistance holds, we’d expect downtrend to continue, however, a break above 1.7680 will signal consolidation to down trend.
Being contained by the resistance of 1.1416 (Sep 11 high), USDCHF pulls back from 1.1412 level. Sideways consolidation in a range between 1.1144 and 1.1412 could be seen in a couple of days, and one more fall below 1.1217 to reach the next short term cycle bottom on 4-hour chart would more likely be seen before breaking above 1.1416 level. Initial support is at 1.1217 followed by 1.1144, only break down below 1.1144 will indicate the the rise from 1.0693 has completed, and then deeper decline could be seen to 1.0800 zone.
AUDUSD breaks below 0.7802 previous low support and reaches as low as 0.7698 level. Further fall could be seen to 0.7000 zone after consolidation. Initial resistance is located at 0.7950, as long as this level holds, down trend will continue.
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