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Archive for December, 2008

Daily Forex Analysis – December 31, 2008

Wednesday, December 31st, 2008

GBPUSD Analysis.
After breaking below  1.4466 (Dec 4 low) support, GBPUSD forms a sideways consolidation on 4-hour chart. Initial resistance is now located at 1.4600, as long as this level holds, we’d expect down trend to resume, and further fall is still possible to 1.4000 zone in next several days. Key resistance is at 1.4766, only rise above this level will indicate that the short term down trend from 1.5722 has terminated.

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Daily Forex Analysis – December 30, 2008

Tuesday, December 30th, 2008

GBPUSD Analysis.
GBPUSD breaks below 1.4466 (Dec 4 low) support and the fall from 1.5722 extends further to as low as 1.4378 level, suggesting that the long term down trend from 2.0158 (July 15 high) has resumed. Deeper decline is expected to 1.4000 zone in next several days. Near term resistance is located at 1.4766, as long as this level holds, down trend will continue.

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Daily Forex Analysis – December 29, 2008

Monday, December 29th, 2008

EURUSD Analysis.
EURUSD breaks above 1.4124 key resistance, suggesting that a short term cycle bottom has been formed at 1.3825 level. Further rally could be seen to 1.4500 zone in next several days. However, the fall from 1.4719 is treated as consolidation to long term up trend, pullback would more likely be seen before breaking above this level.

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Daily Forex Analysis – December 23, 2008

Tuesday, December 23rd, 2008

AUDUSD Analysis.
AUDUSD is forming a short term cycle bottom at 0.6763 level on 4-hour chart. Key resistance is now located at 0.6893, a break above this level will confirm the cycle bottom and then further rebound could be seen to 0.7000 zone. However, the price action from 0.6763 is treated as consolidation to down trend, as long as 0.7140 resistance holds, we’d expect down trend to resume and deeper decline could be seen to 0.6500 level after consolidation. Initial support is at the up trend line from 0.6292 to 0.6486, breaking below the trend line support is needed to confirm the resumption of down trend.

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Daily Forex Analysis – December 22, 2008

Monday, December 22nd, 2008

USDCHF Analysis.
USDCHF’s rebound from 1.0410 extended further to as high as 1.1130, suggesting that the short term down trend from 1.2249 has completed. Further rise to 1.1300 to reach the next short term cycle top on 4-hour chart is still possible later today, and the next cycle top is nearing. Key support is now located at 1.0900, a break down below this level will confirm the cycle top, and the following pullback will bring price back to1.0700 zone.

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Daily Forex Analysis – December 19, 2008

Friday, December 19th, 2008

AUDUSD Analysis.
AUDUSD pulls back sharply from 0.7140 level. Further fall could be seen to test the support of the up trend line from 0.6292 to 0.6486. As long as the trend line support holds, we’d expect up trend to resume, and one more rise above 0.7140 is still possible after consolidation. However, below the trend line support will indicate that a short term cycle top has been formed at 0.7140 level on 4-hour chart, and then deeper decline could be seen to 0.6500 zone.

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Daily Forex Analysis – December 18, 2008

Thursday, December 18th, 2008

USDCAD Analysis.
USDCAD is forming a sideways consolidation in a range between 1.1464 (Nov 5 low) and 1.3015 (Oct 28 low). Deeper decline is still possible to retest 1.3015 support in next several days. As long as the resistance on down trend line holds, we’d expected the short term down trend from 1.3005 to continue.

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Daily Forex Analysis – December 17, 2008

Wednesday, December 17th, 2008

USDCAD Analysis.
USDCAD breaks below 1.2158 support and reaches as low as 1.1986 level. Deeper decline is still possible to 1.1700 zone in next several days. Initial resistance is now located at the down trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect down trend to continue.

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Daily Forex Analysis – December 16, 2008

Tuesday, December 16th, 2008

USDCAD Analysis.
USDCAD is forming a short term cycle bottom at 1.2158 level on 4-hour chart. Key resistance is now located at 1.2513, a break above this level will confirm the cycle bottom and the following up trend will bring price towards 1.2900 zone. Initial support is at 1.2158, only fall below 1.2158 will signal deeper decline towards 1.1800.

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Daily Forex Analysis – December 15, 2008

Monday, December 15th, 2008

EURUSD Analysis.
EURUSD breaks above 1.3290 (Oct 30 high) key resistance, suggesting that the long term down trend from 1.6038 (July 15 high) has completed. The pair is now in long term up trend. Further rise is still possible to 1.3700 zone in next several days. Initial support is now at 1.3250, as long as the level holds, we’d expect up trend to continue.

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