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Archive for March, 2009

Daily Forex Analysis – March 31, 2009

Tuesday, March 31st, 2009

EURUSD Analysis.
EURUSD remains in short term downtrend, and the fall from 1.3738 has extended to as low as 1.3112 level. Deeper decline to 1.3050 zone to reach the next short term cycle bottom is still possible later today and the next cycle bottom is nearing. Key resistance is now located at 1.3300, a break above this level will indicate that a short term cycle bottom has been formed, and further rebound could be seen to 1.3450 zone.

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Daily Forex Analysis – March 30, 2009

Monday, March 30th, 2009

USDJPY Analysis.
USDJPY might be forming a short term cycle top at 98.86 level on 4-hour chart. Key support is now at 96.99, a break below this level will indicate that the cycle top has been formed and the rise from 93.53 has completed, and then pullback to 95.00 is expected to follow. Key resistance is located at 99.67, above this level will suggest that the medium term uptrend from 87.12 (Jan 21 low) has resumed, and then further rally could be seen to 104.00 zone.

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Daily Forex Analysis – March 27, 2009

Friday, March 27th, 2009

GBPUSD Analysis.
GBPUSD has formed a short term cycle top at 1.4779 level on 4-hour chart. Further fall to test 1.4394 support is possible later today, a break below this level will signal deeper decline to 1.4350 level. However, the next cycle bottom is nearing, rebound would more likely be seen before breaking below 1.4350 level. Initial resistance is at the falling trend line on 4-hour chart, a clear break above the trend line resistance will indicate that a cycle bottom has been form, and the medium term uptrend from 1.3654 has resumed.

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Key To Trading Success: Ignore Nature’s Laws?

Thursday, March 26th, 2009

The following is excerpted from Robert Prechter’s Independent Investor eBook. The 75-page eBook is a compilation of some of the New York Times bestselling author’s writings that challenge conventional financial market assumptions. Visit Elliott Wave International to download the eBook, free.

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Daily Forex Analysis – March 26, 2009

Thursday, March 26th, 2009

USDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 1.2191 and 1.2445 for several days. Near term resistance is at the upper border of the price channel, above the channel resistance will signal further rally to test 1.2445 key resistance, further rise above this level will signal lengthier consolidation of the medium term downtrend from 1.3063. As the next short term cycle top on 4-hour chart is nearing, resumption of the downtrend would more likely be seen before breaking above 1.2445 level.

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Daily Forex Analysis – March 25, 2009

Wednesday, March 25th, 2009

EURUSD Analysis.
EURUSD has formed a short term cycle top at 1.3738 on 4-hour chart. Consolidation in a range between 1.3250 and 1.3738 is expected in next several days. Key support is at 1.3250, a break below this level will indicate that the rise from 1.2456 (Mar 4 low) has completed at 1.3738 already, and then deeper decline could be seen to 1.2700-1.2800 area. However, as long as 1.3250 key support holds, we’d expect uptrend to resume, and one more rise towards 1.4300 is still possible.

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Daily Forex Analysis – March 24, 2009

Tuesday, March 24th, 2009

USDCHF Analysis.
USDCHF remains in short term downtrend from 1.1963. The rebound from 1.1159 is treated as consolidation of the downtrend. Deeper decline could be seen to 1.1000 after consolidation. Initial resistance is at 1.1350, and key resistance is located at 1.1470, as long as this level holds, we’d expect downtrend to continue.

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Daily Forex Analysis – March 23, 2009

Monday, March 23rd, 2009

USDCAD Analysis.
USDCAD remains in short term downtrend from 1.3063. The rebound from 1.2191 is more likely consolidation of the downtrend. Initial resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, we’d expected downtrend to continue and the next target would be at 1.2000 zone.

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Daily Forex Analysis – March 20, 2009

Friday, March 20th, 2009

USDJPY Analysis.
USDJPY  remains in short term downtrend from 98.96. Further fall to 92.00 zone to reach the next short term cycle bottom is possible, and the next cycle bottom is nearing. Key resistance is now located at 95.70, above this level will indicate that a short term cycle bottom has be formed at 93.53 level already and the fall from 99.67 has completed.

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Daily Forex Analysis – March 19, 2009

Thursday, March 19th, 2009

USDCHF Analysis.
USDCHF pulls back quickly to as low as 1.1376 and breaks through 1.1430 key support, suggesting that the medium term uptrend from 1.0366 (Dec 29, 2008 low) has completed at 1.1963 level already. Further decline could be seen to 1.1200 zone in a couple of days. Near term resistance is now at 1.1520, as long as this level holds, we’d expect the downtrend from 1.1963 to continue.

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