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Archive for May, 2009

Bob Prechter: Gold is Still Money

Friday, May 29th, 2009

The following article is excerpted from a brand-new eBook on gold and silver published by Robert Prechter, founder and CEO of the technical analysis and research firm Elliott Wave International. For the rest of this fascinating 40-page eBook, download it for free here.

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Daily Forex Analysis – May 29, 2009

Friday, May 29th, 2009

USDJPY Analysis.
USDJPY breaks above 96.69 resistance and reaches as high as 97.23 level. Consolidation in a range between 95.50 and 97.23 is expected in a couple of days, and further rally to 98.00 is possible after consolidation. Key support is now located at 95.50, below this level will indicate that a short term cycle top has been formed at 97.23 level on 4-hour chart, and the fall from 97.23 is treated as resumption of downtrend, then deeper decline could be seen to re-test 93.85 support.

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Prechter’s New Gold & Silver eBook Now Online

Thursday, May 28th, 2009

Do not invest in gold or silver until you read this free 40-page eBook. Not all gold and silver investments are created equal. You’ll learn which are the best and exactly when they’re the best with this brand-new eBook that will change the way you think about precious metals. Learn more about the free 40-page Gold and Silver eBook here.

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Daily Forex Analysis – May 28, 2009

Thursday, May 28th, 2009

EURUSD Analysis.
EURUSD’s pullback from 1.4050 extends further to as low as 1.3823 level. Deeper decline to test the support of the lower border of the price channel on 4-hour chart is expected in a couple of days. Rebound would more likely be seen after touching the lower border of the channel. However, a clear break below the channel support will take price to 1.3500 zone.

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Daily Forex Analysis – May 27, 2009

Wednesday, May 27th, 2009

USDCHF Analysis.
USDCHF breaks above the resistance of the falling trend line from 1.1263 to 1.1056, suggesting that a short term cycle bottom has been formed at 1.0812 level on 4-hour chart. Range trading between 1.0800 and 1.1050 is expected in a couple of days. However, the price action from 1.0812 is more likely consolidation of the downtrend from 1.1740 (Apr 20 high), further fall towards 1.0600 could be seen after consolidation.

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Daily Forex Analysis – May 26, 2009

Tuesday, May 26th, 2009

USDCHF Analysis.
USDCHF remains in downtrend from 1.1263 and the rebound from 1.0812 is more likely consolidation of the downtrend. As long as the pair stays below the falling trend line from 1.1263 to 1.1056, we’d expect the downtrend to continue. However, above the trend line resistance will indicate that a short term cycle bottom is being formed at 1.0812 level on 4-hour chart, then the following rebound could take price to 1.1000 zone.

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Daily Forex Analysis – May 25, 2009

Monday, May 25th, 2009

USDJPY Analysis.
Being contained by the long term key support at 93.53 (Mar 19 low), USDJPY rebounds from 93.85 level. However, the rise from 93.85 is treated as consolidation of the short term downtrend from 96.69. Range trading between 93.85 and 95.25 is expected later today. Deeper decline below 93.53 key support is in favor after consolidation and the next target would be at 92.00 level. Near term resistance is now located at 95.25, a break above this level will indicate that the fall from 96.69 has completed, and then further rally is possible to 96.00 level.

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Daily Forex Analysis – May 22, 2009

Friday, May 22nd, 2009

EURUSD Analysis.
EURUSD’s short term uptrend from 1.3423 remains. Further rise towards the upper border of the price channel on 4-hour chart is expected. Pullback would more likely be seen after touching the upper border resistance. Near term support is at 1.3830, and key support is at 1.3800, below this level will signal deeper decline to test the support of the lower border of the price channel.

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Daily Forex Analysis – May 21, 2009

Thursday, May 21st, 2009

AUDUSD Analysis.
AUDUSD broke above 0.7709 resistance and remains in short term uptrend from 0.7450. The price action in the trend range between 0.7685 and 0.7808 is treated as consolidation of the uptrend. Further rally is still possible to 0.7900 after consolidation. Initial support is at 0.7685, as long as this level holds, uptrend will continue. However, below 0.7685 level will indicate that the rise from 0.7450 has completed at 0.7808 already, then deeper decline could be seen to 0.7500-0.7550 area.

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Daily Forex Analysis – May 20, 2009

Wednesday, May 20th, 2009

USDCHF Analysis.
USDCHF drops down from 1.1263 and the fall has extended to as low as 1.1069 level. Further fall is still possible to test 1.0977 previous low support, a break below this level will signal deeper decline to 1.0800-1.0900 area. However, the price action from 1.0977 is more likely consolidation of the downtrend from 1.1740, as long as 1.0977 support holds, we’d expect uptrend to resume and one more rise towards 1.1300 is still possible.

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