Being contained by 1.3435 support, EURUSD formed a sideways consolidation in a narrow range. The sideways movement is more likely consolidation of downtrend from 1.3817, a breakdown below 1.3435 will indicate that the longer term downtrend from 1.5144 (Nov 25, 2009 high) has resumed, then another fall towards 1.3200 could be seen. Resistance is at 1.3650, only rise above this level could take price back to range trading between 1.3435 and 1.3817.
Archive for March, 2010
Being contained by 1.3435 previous low support, EURUSD bounces from 1.3463 level. Sideways movement above 1.3435 is expected before breaking below this level. Resistance is now at 1.3650, only rise above this level could indicate that lengthier consolidation in a range between 1.3435 and 1.3817 is underway.
EURUSD broke below the lower border of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3817 level on 4-hour chart and the bounce from 1.3435 has completed. Deeper decline to test 1.3435 support could be expected later today, a breakdown below this level will signal resumption of long term downtrend from 1.5144 (Nov 25, 2009 high), then another fall towards 1.3200 could be seen.
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USDCHF broke above 1.0639 resistance, suggesting that a cycle bottom has been formed at 1.0506 level on 4-hour chart. Sideways movement above 1.0506 is expected in a couple of days. Key resistance is now at the falling price channel on 4-hour chart. As long as the channel resistance holds, one more fall towards 1.0450 is possible. However, a clear break above the channel resistance will indicate that the fall from 1.0898 has completed, then the following uptrend could take price back to re-test 1.0898 resistance.
USDJPY stays in a trading range between 89.53 and 91.08. Another fall to test 89.63 would more likely be seen later today. As long as this level holds, the price action in the trading range is treated as consolidation of uptrend from 88.14 and one more rise to 91.50-92.00 area could be expected after consolidation. However, below 89.63 will suggest that the bounce from 88.14 has completed at 91.08 already, then the following downward movement could bring price to 87.00 area.
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AUDUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 0.8801. Further rally is still possible in a couple of days and next target would be at 0.9250-0.9300 area. Support is at the lower border of the price channel, as long as the channel support holds, uptrend may be expected to continue. Key support is at 0.9095, only fall below this level will indicate that the rise from 0.8801 has completed.
By Editorial Staff
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EURUSD’s bounce extended to 1.3795 only. The following pullback suggests that a cycle top is being formed on 4-hour chart. Now the fall from 1.0154 could possibly be resumption of downtrend from 15144 (Nov 25, 2009 high), another fall to 1.3200-1.3300 area may be expected and a breakdown below 1.3530 could confirm such case. However, above 1.3795 will indicate that the pair remains in upward movement from 1.3435, then further rally could be seen to 1.3850 or even 1.3935.
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