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Archive for June, 2009

Daily Forex Analysis – June 30, 2009

Tuesday, June 30th, 2009

USDCAD Analysis.
USDCAD stays in the rising price channel on 4-hour and remains in uptrend from 1.0940. The price action in the trending range between 1.1418 and 1.1636 is treated as consolidation of uptrend. Further rise is possible to 1.1700 zone after consolidation. Initial support is at the lower border of the price channel. Key support is at 1.1418, only drop below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 already, then the following pullback will take price to 1.1250-1.1300 area.

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Daily Forex Analysis – June 29, 2009

Monday, June 29th, 2009

USDCAD Analysis.
USDCAD rebounds from the lower border of the rising price channel. Moving higher to test 1.1636 resistance is possible later today, a break above this level will signal further rally to 1.1700 zone. Near term support is at the lower border of the rising price channel on 4-hour chart, and the key support is at 1.1418, fall below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 level already, then deeper decline could be seen to 1.1250-1.1300 area.

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Five Fatal Flaws of Trading

Saturday, June 27th, 2009

By Jeffrey Kennedy

Close to ninety percent of all traders lose money. The remaining ten percent somehow manage to either break even or even turn a profit – and more importantly, do it consistently. How do they do that?

That’s an age-old question. While there is no magic formula, one of Elliott Wave International’s senior instructors Jeffrey Kennedy has identified five fundamental flaws that, in his opinion, stop most traders from being consistently successful. We don’t claim to have found The Holy Grail of trading here, but sometimes a single idea can change a person’s life. Maybe you’ll find one in Jeffrey’s take on trading? We sincerely hope so.

The following is an excerpt from Jeffrey Kennedy’s Trader’s Classroom Collection. For a limited time, Elliott Wave International is offering Jeffrey Kennedy’s report, How to Use Bar Patterns to Spot Trade Setups, free.

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Daily Forex Analysis – June 26, 2009

Friday, June 26th, 2009

USDJPY Analysis.
USDJPY’s rebound from 94.87 extends to 96.56 level. The following pullback could possibly be resumption of downtrend from 98.88. Deeper decline is possible to test 94.87 previous low support, a break below this level will signal further fall towards 94.00 level. Near term resistance is now at 96.56, only rise above this level will indicate lengthier correction of downtrend is underway, and the next target may be at 97.00-97.50 area.

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Daily Forex Analysis – June 25, 2009

Thursday, June 25th, 2009

GBPUSD Analysis.
GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level. If 1.6187 support gives way, deeper decline is expected to re-test 1.5801 support.

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Daily Forex Analysis – June 24, 2009

Wednesday, June 24th, 2009

AUDUSD Analysis.
After breaking below 0.7827 support, AUDUSD rebounded from 0.7789 level. The pair might be forming a short term cycle bottom on 4-hour chart. Key resistance is locate at 0.8118, a break above this level will indicate that the medium term uptrend from 0.6284 has resumed, then the next target would be at 0.8500-0.8600 area.

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Daily Forex Analysis – June 23, 2009

Tuesday, June 23rd, 2009

GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days. Now the pair might be forming a short term cycle top at 1.6560 level on 4-hour chart. Pullback to test 1.6187 key support is in favor. A break down below this level will confirm the cycle top and signal deeper decline to 1.6000 zone. Key resistance is at 1.6662, above this level will suggest that the medium term uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would be at 1.7000 level.

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Daily Forex Analysis – June 22, 2009

Monday, June 22nd, 2009

USDCAD Analysis.
USDCAD stays in a trading range between 1.1221 and 1.1448. The price action in the trending range is treated as consolidation of uptrend from 1.0784, and further rally is still possible to 1.1550 zone after consolidation. On the other side, the pair could be forming a short term cycle top at 1.1448 level on 4-hour chart. Key support is now located at 1.1221, a break down below this level will confirm the cycle top and indicate that the uptrend from 1.0784 has completed at 1.1448 level already, then the following downtrend will take price back to re-test 1.0784 previous low support.

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Daily Forex Analysis – June 19, 2009

Friday, June 19th, 2009

EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.4001 level on 4-hour chart. Moving lower to test 1.3748 key support is expected later today. A break below this level will indicate that the downtrend from 1.4338 has resumed. Then deeper decline could be seen to follow, and target would be at 1.3500 zone. Near term resistance is at 1.4001, only rise above this level will signal further rally to 1.4050-1.4100 area.

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Daily Forex Analysis – June 18, 2009

Thursday, June 18th, 2009

GBPUSD Analysis.
GBPUSD stays in the trading range between 1.6209 and 1.6618. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then further rally could be seen to 1.7000 zone. However, below 1.6209 support will take price to 1.5950-1.6000 area.

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