EURUSD’s bearish movement from 1.3785 extended to as low as 1.3064 level. Downtrend is expected to continue in a coup0le of days and next target would be at 1.2900 area. Resistance is at 1.3250, only break above this level could indicate that consolidation of downtrend is underway, then bounce toward the downtrend line from 1.4281 to 1.3785 could be seen.
Archive for November, 2010
USDCHF remains in uptrend from 0.9548 and the rise extended to as high as 1.0053 level. Key support is at 0.9848, as long as this level holds, uptrend is expected to continue and another rise to 1.0200 area is still possible. However, a breakdown below 0.9848 will indicate that the upward move from 1.9548 has completed at 1.0053 already, then the following downward move could bring price back to 0.9600-0.9700 zone.
EURUSD remains in downtrend from 1.3785. Resistance is at 1.3420, as long as this level holds, downtrend is expected to continue and next target would be at 1.3100 area. Only break above 1.3420 will indicate that consolidation of downtrend is underway, then bounce to the downtrend line from 1.4281 to 1.3785 could be seen.
By Elliott Wave International
This November, the whole world tuned in as the greater part of the U.S.A.’s 50 states turned red — and no, I don’t mean the political shift to a republican majority during the November 2 mid-term elections. I mean "in the red" — as in, financially fercockt, overdrawn, up to their eyeballs in debt.
USDJPY’s fall from 83.84 can reach 82.78 only, the subsequent bounce has brought price to a trading range between 82.78 and 83.84. Now the price action in the range is more likely consolidation of uptrend from 80.30. A break above 83.84 resistance could indicate that the uptrend has resumed, then next target would be at 85.00 area. Key support is now at 82.78, only break below this level could indicate that the upward move from 80.30 is complete.
By Elliott Wave International
The "moving average" is a technical indicator which has stood the test of time. Nearly 25 years ago, Robert Prechter described this indicator in his famous essay, "What a Trader Really Needs to be Successful." What he said then remains true today:
AUDUSD broke below 0.9724 support, suggesting that the downtrend from 1.0182 has resumed. Deeper decline towards 0.9651 key support could be seen later today, a breakdown below this level will indicate that the longer term uptrend from 0.8066 (May 25 low) has completed at 1.0182 already, then the following bearish move could bring price to 0.9000 area.
GBPUSD stays below a down trend line from 1.6298 to 1.6182 and remains in downtrend from 1.6298. As long as 1.6093 key resistance holds, downtrend is expected to continue and another fall towards 1.5649 is possible. However, a break above 1.6093 resistance will indicate that the fall from 1.6298 has completed at 1.5839 already, then the following upward move could bring price to 1.6500 area.
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