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Archive for June, 2010
USDCHF’s downward movement extends to as low as 1.0801 level. Resistance remains at the upper boundary of the falling price channel on 4-hour chart. As long as the channel resistance holds, deeper decline is still possible and next target would be at 1.0600-1.0750 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed, then minor consolidation of downtrend could be seen.
USDCHF continues its bearish movement and the fall from 1.1730 extends to as low as 1.0896 level. Deeper decline is still possible in a couple of days, and next target would be at 1.0800 area. Resistance is at the upper border of the falling price channel on 4-hour chart, now at 1.1010, as long as the channel resistance holds, downtrend could be expected to continue. Only a clear break above the channel resistance could take price back to 1.1100 zone.
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USDCAD has reached the upper border of the falling price channel on 4-hour chart, a clear above the channel resistance will indicate that the downtrend from 1.0852 has completed at 1.0138 already, then the upwards movement could bring price back towards 1.0852 previous high. On the other side, as long as the channel resistance holds, the bounce from 1.0138 is treated as correction of downtrend and another fall towards 1.0138 is still possible.
By Elliott Wave International
Moving averages are one of the most widely followed indicator in technical analysis.
Simply put, when the price of an index or stock stays above a particular price moving average line on a chart, that price level serves as support — a level where buyers reside.
If the price falls below a moving average line and "can’t" break through from the underside, this price level is a line of resistance — a price level where sellers hover.
That’s an easy explanation of moving averages for you.
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EURUSD broke below 1.2241 support, suggesting that a cycle top has been formed at 1.2466 level on 4-hour chart. However, the fall from 1.2466 extends to 1.2209 only, the subsequent bounce indicate that another cycle bottom is being formed. Range trading between 1.2209 and 1.2466 would more likely be seen in a couple of days. Support is now at 1.2209, below this level will confirm that the uptrend from 1.1876 has completed at 1.2466 already, then the following downward movement could bring price to 1.2050-1.2100 area. Key resistance is at 1.2466, above this level will signal resumption of uptrend from 1.1876, then next target would be at 1.2700 or even 1.2800.
GBPUSD broke below the lower boundary of the rising price channel on 4-hour chart, suggesting that a cycle top is being formed at 1.4935. Key support is now at 1.4684, a break below this level will confirm the cycle top and indicate that the rise from 1.4346 is complete, then the following downward movement could price price to 1.4450 area. Only rise above 1.4935 could trigger another rise to 1.5000 area.
EURUSD may be forming a cycle top at 1.2466 level on 4-hour chart. Deeper decline to test 1.2241 key support could be seen later today, a breakdown below this level will confirm the cycle top and indicate that the rise from 1.1876 has completed, then the following downward movement could bring price to 1.2050-1.2100 area. However, as long as 1.2241 key support holds, one more rise towards 1.2550 area is still possible.
GBPUSD stays in a rising price channel and remains in uptrend from 1.4346. The fall from 1.4885 is more likely consolidation of uptrend. As long as the channel support (now at 1.4700) holds, uptrend will continue. However, a clear break below the channel support will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.4346 has completed, then deeper decline could be seen to 1.4400-1.4450 area.
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