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Archive for February, 2009

Daily Forex Analysis – February 27, 2009

Friday, February 27th, 2009

USDCAD Analysis.
USDCAD moves sideways in a range between 1.2356 and 1.2672. Rise to test 1.2672 resistance is now in favor. A break above this level will indicate that the short term uptrend from 1.2024 (Jan 28 low) is underway, and the next target would be at 1.2800-900 area. Key support is at 1.2356, below this level will suggest that the uptrend from 1.2024 has completed and the following downtrend will take price back to 1.1900 area.

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Daily Forex Analysis – February 26, 2009

Thursday, February 26th, 2009

USDJPY Analysis.
USDJPY’s short term uptrend from 92.50 extends to as high as 97.86 level. Near term support is now at 96.35, as long as this level holds, we’d expect uptrend to continue and next target would be at 99.00 zone. However, below 96.35 level will indicate that the rise from 92.50 has completed and consolidation of the medium term uptrend from 87.12 could be seen to follow.

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Daily Forex Analysis – February 25, 2009

Wednesday, February 25th, 2009

GBPUSD Analysis.
GBPUSD might be forming a short term cycle top at 1.4661 level on 4-hour chart. Key support is at 1.4250, a break below this level is needed to confirm the cycle top. If 1.4250 level gives way, deeper decline could be seen to 1.3800 zone. However, above 1.4661 level will indicate that the short term uptrend from 1.4093 is underway and further rally is expected to retest 1.4985 previous high resistance.

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Daily Forex Analysis – February 24, 2009

Tuesday, February 24th, 2009

AUDUSD Analysis.
AUDUSD breaks above 0.6529 resistance and reaches 0.6546 only. The pair might be forming a short term cycle top at 0.6546 level on 4-hour chart. Key support is located at 0.6331, a break below this level will confirm the cycle top and signal deeper decline to 0.6100 zone. Near term resistance is now located at 0.6546, only rise above this level will indicate that the fall from 0.6849 has completed and then further rebound is expected to retest 0.6849 previous high resistance.

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Daily Forex Analysis – February 23, 2009

Monday, February 23rd, 2009

USDCAD Analysis.
USDCAD breaks below 1.2466 support, suggesting that a short term cycle top has been formed at 1.2672 on 4-hour chart. Moving sideways would more likely be seen in a couple of days. Near term resistance is locate at 1.2672, above this level will indicate that the short term uptrend from 1.2024 is underway, and further rally could be seen to 1.2900 zone. Near term support is at 1.2420 followed by 1.2279, below 1.2279 level will suggest that the rise from 1.2024 has completed, and then deeper decline is expected to 1.1900 zone.

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Daily Forex Analysis – February 20, 2009

Friday, February 20th, 2009

GBPUSD Analysis.
Being supported by 1.4051, GBPUSD rebounds from 1.4093 level, suggesting that the range trading between 1.4051 and 1.4606 is underway. However, the price action from 1.4134 is more likely consolidation of the short term downtrend from 1.4985. As long as 1.4606 resistance holds, deeper decline is still possible to 1.3750 zone, and a break down below 1.4051 key support will confirm the resumption of the short term downtrend.

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Daily Forex Analysis – February 19, 2009

Thursday, February 19th, 2009

AUDUSD Analysis.
AUDUSD is in short term downtrend. The rebound from 0.6331 is treated as consolidation of the downtrend from 0.6641. Deeper decline is still possible to test 0.6248 previous low support, and a break below 0.6331 level will confirm the resumption of the short term downtrend. Near term resistance is located at 0.6430 and key resistance is at 0.6529, above the key resistance will indicate that the fall from 0.6849 has completed and further rise could be seen to retest 0.6849 previous high.

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Daily Forex Analysis – February 18, 2009

Wednesday, February 18th, 2009

AUDUSD Analysis.
AUDUSD breaks below 0.6428 previous low support and reaches as low as 0.6331. Further fall is still possible to test 0.6248 in a couple of days, below this level will signal deeper decline towards 0.6100 zone. Initial resistance is now at 0.6430, only rise above this level will indicate that the short term downtrend from 0.6641 has completed.

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Daily Forex Analysis – February 17, 2009

Tuesday, February 17th, 2009

GBPUSD Analysis.
GBPUSD trades in a range between 1.4134 and 1.4606. The fall from 1.4606 could possibly be resumption of the downtrend from 1.4985. Further fall is expected to test 1.3503 previous low support, and a break below 1.4051 would confirm the resumption of the downtrend. Near term resistance is located at 1.4606, above this level will indicate lengthier consolidation of the downtrend is under ways.

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Daily Forex Analysis – February 16, 2009

Monday, February 16th, 2009

AUDUSD Analysis.
AUDUSD might be forming a short term cycle bottom at 0.6428 on 4-hour chart. Key resistance is at 0.6641, a break above this level will confirm the cycle bottom, and further rally could be seen to 0.7000 zone. Near term support is at 0.6428, below this level will signal deeper decline to 0.6300 level.

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