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Archive for December, 2009

Daily Forex Analysis – December 17, 2009

Thursday, December 17th, 2009

USDCHF Analysis.
After touching the upper border of the rising price channel on 4-hour chart, USDCHF pulled back from 1.0428. However, the fall is treated as consolidation of uptrend from 0.9959. As long as the channel support holds, one more rise towards 1.0500 is still possible after consolidation. Key support is located at 1.0345, below this level will indicate that a short term cycle top has been formed at 1.0428 level, and the rise from 0.9959 has completed.

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Daily Forex Analysis – December 16, 2009

Wednesday, December 16th, 2009

USDCHF Analysis.
USDCHF’s uptrend extends further to as high as 1.0428. Now the pair is facing the upper border of the rising price channel on 4-hour chart, a minor consolidation is expected in a couple of days and pullback to the bottom of the channel would more likely be seen. As long as the channel support holds, we’d expect uptrend to resume and one more rally towards1.0500 area is still possible after consolidation.

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Daily Forex Analysis – December 15, 2009

Tuesday, December 15th, 2009

USDCHF Analysis.
USDCHF stays above the rising trend line on 4-hour chart and remains in uptrend from 0.9959. As long as the trend line support holds, one more rise to 1.0400-1.0450 is expected after a minor consolidation. On the other side, a clear break below the trend line support could suggest that a short term cycle top is being formed, and then pullback could be seen to 1.0210 or even 1.0160.

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Daily Forex Analysis – December 14, 2009

Monday, December 14th, 2009

GBPUSD Analysis.
After breaking below 1.6271 support, GBPUSD formed a trading range between 1.6167 and 1.6371. The price action in the trading range is more likely consolidation of downtrend from 1.6721. As long as 1.6371 resistance holds, we’d expect downtrend to resume and one more fall towards 1.6000 area is still possible. However, above 1.6371 will indicate that a short term cycle bottom has been formed at 1.6167 level on 4-hour chart, and the fall from 1.6721 has completed, then further rally could be seen to 1.6500 area.

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Popular Culture and the Stock Market

Saturday, December 12th, 2009

By Robert Prechter, CMT

The following article is adapted from a special report on "Popular Culture and the Stock Market" published by Robert Prechter, founder and CEO of the technical analysis and research firm Elliott Wave International. Although originally published in 1985, "Popular Culture and the Stock Market" is so timeless and relevant that USA Today covered its insights in a recent Nov. 2009 article. For the rest of this revealing 50-page report, download it for free here.

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Daily Forex Analysis – December 11, 2009

Friday, December 11th, 2009

USDCHF Analysis.
Being contained by 1.0338 key resistance, USDCHF trades in a narrow range above 1.0218, as long as this level holds, one more rise to test 1.0338 resistance is still possible later today, however, lengthier consolidation would more likely be seen before breaking above this level. Key support is now located at 1.0218, below this level will suggest that a short term cycle top is being formed on 4-hour chart, then range trading between 1.0136 and 1.0338 is expected to follow.

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Daily Forex Analysis – December 10, 2009

Thursday, December 10th, 2009

EURUSD Analysis.
EURUSD remains in downtrend from 1.5144, and the price action from 1.4668 is more likely consolidation of downtrend. Initial resistance is at 1.4781, as long as this level holds, downtrend will continue and deeper decline towards 1.4626 key support is possible later today, a breakdown below this level will indicate that the longer term uptrend from 1.3748 (June 16 low) has completed at 1.5144 already. However, next short term cycle bottom is nearing, consolidation would more likely be seen before breaking below 1.4626 level.
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Get Your Free Report: How to Use Bar Patterns to Spot Trade Setups

Wednesday, December 9th, 2009

Our friends at Elliott Wave International, the world’s largest market forecasting firm, have just updated their free report, How to Use Bar Patterns to Spot Trade Setups. With thousands of downloads, “Bar Patterns” has always been a huge hit with traders. But now it’s been packed with even more ways you can use common bar patterns to spot high-probability trading opportunities: 30 charts across 15 pages!

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Daily Forex Analysis – December 9, 2009

Wednesday, December 9th, 2009

AUDUSD Analysis.
AUDUSD’s fall from 0.9321 extends to as low as 0.9014. Deeper decline is still in favor and next target is to test 0.8916 previous low support, and rebound would more likely be seen before breaking below this level, however, below this level will suggest that the uptrend from 0.7703 (July 13 low) has completed at 0.9404 level already. Resistance is now at 0.9120, as long as this level holds, downtrend will continue.

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Daily Forex Analysis – December 8, 2009

Tuesday, December 8th, 2009

USDCHF Analysis.
USDCHF broke above 1.0222 resistance. The subsequent pullback from 1.0244 is more likely minor consolidation of uptrend. Another rise towards 1.0338 key resistance is still possible after consolidation. Support level is now at 1.0135 followed by 1.0075, as long as 1.0135 support holds, we’d expect uptrend to continue, however, below this level will suggest that a short term cycle top is being formed at 1.0244 on 4-hour chart, then range trading between 1.0075 and 1.0244 is expected to follow.

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