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Archive for August, 2010

Daily Forex Analysis – August 19, 2010

Thursday, August 19th, 2010

AUDUSD Analysis.
AUDUSD formed a cycle bottom at 0.8858 level on 4-hour chart. Now the rise from 0.8858 could possibly be resumption of uptrend from 0.8066 (May 25 low) and the fall from 0.9079 is treated as correction of uptrend. Another rise towards 0.9221 would more likely be seen after correction, however, a break above 0.9079 is needed to confirm such case. On the other side, below 0.8858 will indicate that the pair remains in downtrend from 0.9221, then next target would be at 0.8700-0.8800 area.

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Slicing the Neckline: A Classic Technical Pattern Agrees with the Elliott Wave Count

Wednesday, August 18th, 2010

By Elliott Wave International

In the August issue of his Elliott Wave Theorist, market forecaster Robert Prechter alerted readers that the U.S. stock market was slicing the neckline of a classic head-and-shoulders pattern in technical analysis, and that this may send the market into critical condition.

Prechter said that when the Elliott wave count and a head-and-shoulders pattern are saying the same thing about the stock market, it’s best to pay attention.

Read some of the latest nuggets directly from Robert Prechter’s desk — FREE. Click here to download a free report packed with recent quotes directly from Prechter’s Elliott Wave Theorist.

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Daily Forex Analysis – August 18, 2010

Wednesday, August 18th, 2010

GBPUSD Analysis.
GBPUSD stays in a trading range between 1.5535 and 1.5712. Another rise towards 1.5712 key resistance would more likely be seen later today, a break above this level will confirm that a cycle bottom has been formed at 1.5535 level on 4-hour chart, then another rise towards 1.5997 previous high could be seen. On the downside, below 1.5535 could resume the downward move from 1.5997, then next target would be at 1.5400 area.

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Deflation: First Step, Understand It

Tuesday, August 17th, 2010

By Elliott Wave International

"Fed’s Bullard Raises Specter of Japanese-Style Deflation," read a July 29 Washington Post headline.

When the St. Louis Fed Chief speaks, people listen. Now that deflation — something that EWI’s president Robert Prechter has been warning about for several years — is making mainstream news headlines, is it too late to prepare?

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Daily Forex Analysis – August 17, 2010

Tuesday, August 17th, 2010

GBPUSD Analysis.
Being supported by the rising trend line from 1.4346 (Jun 8 low) to 1.5124, GBPUSD rebounded from 1.5535 level. Now the pair is forming a cycle bottom at 1.5535 level on 4-hour chart, key resistance is at 1.5712, a break above this level will confirm the cycle bottom, then another rise towards 1.5997 could be seen. Support is now at 1.5535, only break below this level could indicate that the downtrend 1.5997 has resumed, then deeper decline could be seen to 1.5400 area.

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Daily Forex Analysis – August 16, 2010

Monday, August 16th, 2010

USDCHF Analysis.
USDCHF stays in a trading range between 1.0461 and 1.0624. Support is at 1.0461, as long as this level holds, another rise to re-test 1.0675 key resistance is still possible, a break above this level will indicate that the fall from 1.1730 (Jun 1 high) had completed at 1.0331 already. On the other side, a breakdown below 1.0461 could trigger another fall towards 1.0331 previous low.

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7 Ways to Become an Unsuccessful Trader

Friday, August 13th, 2010

By Elliott Wave International

To be a successful trader demands knowledge.

If you’d prefer to become an unsuccessful trader, you can start by making the following common trading mistakes, detailed by a professional who spent 25 years in portfolio management, trading and forecasting in the financial capital of the world, New York City.

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Daily Forex Analysis – August 13, 2010

Friday, August 13th, 2010

USDCHF Analysis.
After touching the upper border of the price channel on 4-hour chart, USDCHF pulled back from 1.0624, taking price back to test 1.0461 key support, a breakdown below this level could trigger another fall towards 1.0331 previous low. However, the price action in the trading range between 1.0461 and 1.0624 could possibly be consolidation of uptrend from 1.0331, as long as 1.0461 key support holds, one more rise to test 1.0675 key resistance is still possible.

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Complimentary 32-page Trading eBook – Learn a powerful ‘Ready, Aim, Fire’ approach to trading

Thursday, August 12th, 2010

Free Trading eBook from Elliott Wave International: Get practical and actionable trading lessons from an experienced trader and trading instructor (details below). Learn more.

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Daily Forex Analysis – August 12, 2010

Thursday, August 12th, 2010

USDCHF Analysis.
USDCHF breaks above the upper border of the price channel. Further rally to test 1.0675 key resistance could be seen later today, a break above this level will indicate that the downtrend from 1.1730 (Jun 1 high) has completed at 1.0331 already, then the following upward movement could bring price back to 1.1200 or even higher. Support is at 1.0461, only break below this level could trigger another fall towards 1.0331 previous low.

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