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Archive for April, 2010
AUDUSD breaks above the upper border of the falling price channel, suggesting that a cycle bottom has been formed at 0.9134 level on 4-hour chart, and the fall form 0.9381 has completed. Now the bounce from 0.9134 could possibly be resumption of uptrend from 0.8577 (Feb 5 low), however, a break above 0.9381 previous high is needed to confirm the resumption of uptrend. Support levels are 0.9255 and 0.9220, below these levels could bring price back to downtrend 0.9381, then another fall to 0.9100 area could be seen.
By Editorial Staff
In 2002, Elliott Wave International’s president Robert Prechter published his New York Times and Wall Street Journal business best-seller Conquer the Crash, a prescient book that explained why a financial crisis was inevitable and predicted almost exactly how it would unfold.
GBPUSD broke below 1.5191 key support, suggesting that a cycle top has been formed at 1.5497 level on 4-hour chart, and the bounce from 1.4798 has completed at 1.5522 already. Deeper decline is expected later today and target would be at the lower border of the price channel. Resistance is now at 1.5240, as long as this level holds, downtrend from 1.5497 could be expected to continue.
USDCAD bounces sharply to the upper boundary of the falling price channel on 4-hour chart. Further rally to test 1.0215 key resistance is still possible later today, a break above this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has completed at 0.9930 already, then the following uptrend could take price back to1.0500 area.
By Susan C. Walker
How do you choose one lesson from a basic tutorial that is chock-full of excellent information about Elliott wave analysis? You could browse through all 50 sections distributed over 10 lessons. Or you could do what some people do when they open a dictionary: let the book fall open and point your finger at a word. Sometimes you learn more from a random search than a deliberate one.
AUDUSD stays in a trading range between 0.9157 and 0.9381 and the price action in the range is treated as consolidation of uptrend from 0.8577 (Feb 5 low). As long as 0.9157 key support holds, another rise towards 0.9500 is still possible, and a break above 0.93.81 could signal resumption of uptrend. However, a clear break below 0.9157 support could indicate that the uptrend from 0.8577 has completed at 0.9381 already, then the following downtrend could take price back to 0.8500 area.
AUDUSD consolidates in a range between 0.9157 and 0.9381. Lengthier sideways movement in the range is still possible in a couple of days. As long as 0.9157 support holds, we’d expect uptrend to resume, and another rise towards 0.9500 is possible after consolidation. However, a breakdown below 0.9157 support could indicate that the uptrend from 0.8577 (Feb 5 low) has completed at 0.9381 already, then the fallow downtrend could take price back to 0.8500 area.
By Elliott Wave International
In the November 2009 issue of Elliott Wave International’s monthly Elliott Wave Financial Forecast, co-editors Steven Hochberg and Peter Kendall published a careful study of Goldman Sachs history — and made a sobering forecast for its future.
In this special three-part series, we will release the entire Special Report to you free of charge. Part III is below. You can find the entire series here: EWI forecasts Goldman Sachs company troubles.
EURUSD breaks below 1.3267 previous low, suggesting that the long term downtrend from 1.5144 (Nov 25, 2009 low) has resumed. Deeper decline is still possible after a minor consolidation, and next target would be at 1.3100 area. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue.
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