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Archive for July, 2009

Daily Forex Analysis – July 21, 2009

Tuesday, July 21st, 2009

GBPUSD Analysis.
GBPUSD break above 1.6480 resistance. Further rally is now in favor and next target is to test 1.6743 previous high resistance, a break above this level will suggest that the uptrend from 1.3654 has resumed, then further rally could be seen to 1.7000 zone. Near term support is at 1.6400, and key support is at 1.6265, a break down below 1.6265 level will indicate that the rise from 1.5984 has completed, and then further fall is expected to 1.6050-1.6100 area.

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Daily Forex Analysis – July 20, 2009

Monday, July 20th, 2009

AUDUSD Analysis.
AUDUSD in moving to next short term cycle top on 4-hour chart. As long as 0.7960 support holds, we’d expect uptrend from 0.7703 to continue and target is to test 0.8155 previous high resistance, above this level will indicate that the medium term uptrend from 0.6248 has resumed. However, a break below 0.7960 level will suggests that a cycle top has been formed and the short term uptrend from 0.7703 has completed, then deeper decline could be seen to 0.7800-0.7850 area.

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Spot a Pattern You Recognize: One Simple Tip for Becoming a Better Trader

Friday, July 17th, 2009

By Gary Grimes

The following article is adapted from market analysis by Elliott Wave International Chief Commodity Analyst Jeffrey Kennedy. Now through July 22, Jeffrey Kennedy’s daily, intermediate, and long-term forecasts for up to 18 markets are free via EWI’s FreeWeek. Learn more here.

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Daily Forex Analysis – July 17, 2009

Friday, July 17th, 2009

USDJPY Analysis.
USDJPY pulls back from 94.45, suggesting that a short term cycle top is being formed  on 4-hour chart. Deeper decline is possible to test 91.73 next week, a break below this level will take price to 90.00 zone. Near term resistance is now at 94.45, only rise above this level will indicate that the pair remains in correction of the downtrend from 98.88, then further rally could be seen to 95.00-95.50 area.

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Dive into EWI’s FreeWeek Now!

Thursday, July 16th, 2009

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Daily Forex Analysis – July 16, 2009

Thursday, July 16th, 2009

EURUSD Analysis.
EURUSD breaks above 1.4072 resistance and reaches as high as 1.4134 level. Further rally is still possible to test 1.4197 resistance. However, 1.4197 level will more likely be held and downtrend could be expected to resume before breaking above this level. Key support is now at 1.4000, a break down below this level will indicate that a short term cycle top has been formed on 4-hour chart, then the following downtrend will take price to test 1.3832 previous low support.

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Daily Forex Analysis – July 15, 2009

Wednesday, July 15th, 2009

AUDUSD Analysis.
AUDUSD breaks above this resistance of the falling trend line from 0.8155 to 0.8038, suggesting that a short term cycle bottom has been formed at 0.7703 level on 4-hour chart, and the downtrend from 0.8155 has completed already. Further rally is possible to test 0.8155 resistance in next several days, a break above this level will indicate that the fall from 0.8263 has completed and the rebound from 0.7703 could be resumption of uptrend from 0.6248. Only fall below 0.7703 level will signal deeper decline to 0.7600-0.7650 area.

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Daily Forex Analysis – July 14, 2009

Tuesday, July 14th, 2009

AUDUSD Analysis.
AUDUSD remains in downtrend from 0.8155 and the price action from 0.7722 is more likely consolidation of downtrend. Initial resistance is at 0.7861 and followed by 0.7900, as long as these levels hold, downtrend will continue. Key resistance is located at the falling trend line on 4-hour chart from 0.8155 to 0.8038, now at 0.7935, a clear break above the trend line resistance will indicate that the downtrend from 0.8155 has completed at 0.7703 level already, then the following rebound will take price to 0.8100 zone.

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Daily Forex Analysis – July 13, 2009

Monday, July 13th, 2009

USDJPY Analysis.
After touching 91.80 previous low, USDJPY rebounds from 91.77 level. Further rise is possible to re-test 93.59 resistance, a break above this level will suggest that a short term cycle bottom has been formed at 91.77 level on 4-hour chart. However, the price action from 91.80 is more likely consolidation of downtrend from 98.88 and one more fall towards 90.00 is still possible after consolidation.

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Saturday, July 11th, 2009

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