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Archive for July, 2010

Daily Forex Analysis – July 21, 2010

Wednesday, July 21st, 2010

EURUSD Analysis.
EURUSD broke below 1.2871 key support, suggesting that a cycle top has been formed at 1.3028 level on 4-hour chart. Consolidation of uptrend from 1.2150 is expected in a couple of days. Support is at the lower boundary of the rising price channel on 4-hour chart, now at 1.2755, as long as the channel support holds, another rise towards 1.3200 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of uptrend is underway, then deeper decline could be seen to 1.2550 area.

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Discover The Biggest Threat To Your Money Right Now

Tuesday, July 20th, 2010

If inflation is a quiet thief, then deflation is an armed burglar. You wouldn’t invite either into your home, yet chances are that one of the two is stealing your money right now.

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Daily Forex Analysis – July 20, 2010

Tuesday, July 20th, 2010

USDCAD Analysis.
USDCAD trades in a narrow range between 1.0498 and 1.0581. The price action in the range is more likely consolidation of uptrend from 1.0276. One more rise towards 1.0676 key resistance is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.0498, a breakdown below this level will indicate that a cycle top has been formed on 4-hour chart and the rise from 1.0276 is complete, then another fall towards 1.0000 could be seen.

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Daily Forex Analysis – July 19, 2010

Monday, July 19th, 2010

USDCAD Analysis.
USDCAD bounced strongly to as high as 1.0523 last week. Further rise towards 1.0676 previous high is still possible later today, and pullback would more likely be seen before breaking above this level. Key support is now at 1.0500, a breakdown below this level will indicate that a cycle top has been formed on 4-hour chart, then another fall towards 1.0000 could be seen. If 1.0676 key resistance gives way, next target will be at 1.0852 (May 25 high).

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Making Sense of Today’s Choppy Market

Saturday, July 17th, 2010

In less than three months, and not even counting the past few days, the Dow has had six big swings averaging more than 1,000 points each — one of them occurred in a single day.

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Daily Forex Analysis – July 16, 2010

Friday, July 16th, 2010

USDJPY Analysis.
USDJPY broke below 88.00 key support, suggesting that a cycle top has been formed at 89.15 level on 4-hour chart. Now the fall from 89.15 is treated as resumption of downtrend from 92.88 (Jun 4 high). Deeper decline is still possible later today and next target would be at 86.00 area. Key resistance is now at 88.00, only rise above this level could indicate that lengthier consolidation of downtrend is underway, then range trading between 86.96 and 89.15 could be seen.

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Daily Forex Analysis – July 15, 2010

Thursday, July 15th, 2010

GBPUSD Analysis.
GBPUSD’s rise from 1.4948 extends to as high as 1.5296 level. Further rally is still in favor later today and target would be at 1.5400 area. Initial support is at 1.5180, as long as this level holds, uptrend from 1.4948 will continue. Key support is at 1.5100, only fall below this level could indicate that lengthier consolidation of uptrend is underway, then sideways movement between 1.4870 and 1.5300 could be seen.

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Daily Forex Analysis – July 14, 2010

Wednesday, July 14th, 2010

EURUSD Analysis.
EURUSD has formed a cycle bottom at 1.2523 level on 4-hour chart. Further rally would more likely be seen later today and next target would be at 1.2800 area. On the downside, the pair is facing the upper border of a price channel again, if the channel resistance holds, pullback to test 1.2523 key support is possible, below this level will indicate that the rise from 1.2150 is complete, then the following downward movement could bring price back to the lower border of the channel.

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The Bear Market and Depression: How Close to the Bottom?

Tuesday, July 13th, 2010

By Elliott Wave International

While many people spend time yearning for the financial markets to turn back up, a rare few have looked back in time to compare historical markets with the current situation — and then delivered a clear-eyed view of the future informed by knowledge of the past. One who has is Robert Prechter. When he thinks about markets and wave patterns, he goes back to the 1700s, the 1800s, and — most tellingly for our time now — the early 1900s when the Great Depression weighed down the United States in the late 1920s and early 1930s. With this large wash of history in mind, he is able to explain why he thinks we have a long way to go to get to the bottom of this bear market.

Here is an excerpt from the EWI Independent Investor eBook, which answers the question: How close to the bottom are we?

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Daily Forex Analysis – July 13, 2010

Tuesday, July 13th, 2010

GBPUSD Analysis.
GBPUSD broke below the rising price channel on 4-hour chart and reached as low as 1.4948 level, suggesting lengthier consolidation of uptrend from 1.4346 is underway. Rang trading between 1.4873 and 1.5240 is expected in a couple of days. As long as 1.4873 support holds, price action from 1.5240 is treated as consolidation of uptrend and one more rise towards 1.5522 (Apr 15 high) is still possible.

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