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Archive for July, 2009

Daily Forex Analysis – July 31, 2009

Friday, July 31st, 2009

USDCAD Analysis.
After breaking below 1.0784 previous low, USDCAD trades in a narrow range between 1.0749 and 1.0933. The price action in the trading range is more likely consolidation of downtrend form 1.1723, further fall to 1.0500 zone is still possible after consolidation. Near term resistance is at 1.0933 followed by 1.1000, only rise above 1.1000 level will indicate that the downtrend from 1.1723 has completed at 1.0749 level already, then the following uptrend will take price back to 1.1500 zone.

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Daily Forex Analysis – July 30, 2009

Thursday, July 30th, 2009

AUDUSD Analysis.
AUDUSD has formed a short term cycle top at 0.8337 level on 4-hour chart. Range trading between 0.8089 and 0.8337 is expected in a couple of days. However, the fall from 0.8337 could possibly be consolidation of uptrend from 0.7703, as long as 0.8089 support holds, we would expect uptrend to resume and one more rise towards 0.8500 is still possible after consolidation. Only fall below 0.8089 will indicate that the uptrend from 0.7703 has completed at 0.8337 level already, then deeper decline could be seen to 0.7800 zone.

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Daily Forex Analysis – July 29, 2009

Wednesday, July 29th, 2009

USDJPY Analysis.
USDJPY remains in short term uptrend from 91.73, the price action from 94.78 is more likely consolidation of uptrend. Near term support is now at the lower border of the rising price channel on 4-hour chart. As long as the channel support holds, we would expected the uptrend to resume and further rally towards 96.00 is still possible. However, a clear break below the bottom of the price channel will suggest that a short term cycle top has been formed at 95.37 level, then further fall is expected to test 91.73 previous low support.

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Daily Forex Analysis – July 28, 2009

Tuesday, July 28th, 2009

GBPUSD Analysis.
GBPUSD is forming a short term cycle top at 1.6583 level on 4-hour chart. Key support is now at 1.6381, a break below this level will confirm the cycle top, then deeper decline could be seen to test 1.6265 support, below this level will indicate that the uptrend from 1.5984 has completed at 1.6583 already, and further fall could be seen to 1.6100 zone. Near term resistance is at 1.6525 and key resistance is at 1.6583, only rise above 1.6583 level will suggest that the pair is back in uptrend from 1.5984, then further rally is expected to 1.6650 level.

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Daily Forex Analysis – July 27, 2009

Monday, July 27th, 2009

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.7703 and the price action in the trading range between 0.8089 and 0.8221 is more likely consolidation of uptrend. As long as 0.8089 support holds, we would expect uptrend to resume and further rise to test 0.8263 previous high resistance is possible. However, a break below 0.8089 will indicate that the uptrend from 0.7703 has completed at 0.8221 level already, then deeper decline could be seen to 0.8000 zone.

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The Three Phases of a Trader’s Education: Psychology, Money Management, Method

Friday, July 24th, 2009

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Daily Forex Analysis – July 24, 2009

Friday, July 24th, 2009

USDCAD Analysis.
USDCAD remains in downtrend from 1.1723 and the fall extends further to as low as 1.0840 level. Deeper decline is still in favor and next target is to test 1.0784 previous low support. Near term resistance is at 1.0950, and key resistance is now located at 1.1113, as long as this level holds, we would expect downtrend to continue. However, a break above 1.1113 level will suggest that a short term cycle bottom has been formed and the downtrend from1.1723 has completed.

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Thursday, July 23rd, 2009

Our friends over at Elliott Wave International have outdone themselves yet again. EWI has released a brand-new eBook called The Best of Trader’s Classroom, which takes the very best lessons from their popular — and expensive — Trader’s Classroom Collection of eBooks and serves them up in one valuable 45-page report. Best of all, it’s free until August 10. Learn more here.

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Daily Forex Analysis – July 23, 2009

Thursday, July 23rd, 2009

EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.4277 level on 4-hour chart. Key support is now located at 1.4156, a break down below this level will confirm the cycle top and indicate that the uptrend from 1.3832 has completed at 1.4277 level already, then deeper decline could be seen to follow and target would be at 1.4050-1.4100 area. However, above 1.4277 level will suggest that the uptrend from 1.3832 has resumed and further rally is expected to test 1.4338 previous high resistance.

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Daily Forex Analysis – July 22, 2009

Wednesday, July 22nd, 2009

USDJPY Analysis.
USDJPY is testing the key support at 93.25, a break below this level will indicate that a short term cycle top has been formed at 94.78 level on 4-hour chart, and the rebound from 91.73 has completed, then deeper decline could be seen to re-test 91.73 previous low support. Only rise above 94.78 level will suggest the the medium term downtrend from 98.88 has terminated at 91.73 level, then the following uptrend will take price to 96.00-97.00 area or even higher.

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