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Archive for January, 2011

Daily Forex Analysis – January 31, 2011

Monday, January 31st, 2011

GBPUSD Analysis.
GBPUSD’s bounce from 1.5751 extended to 1.5989 only, the subsequent fall suggests that lengthier sideways consolidation in a trading range between 1.5751 and 1.6058 is underway. However, as long as 1.5751 support holds, uptrend could be expected to resume and one more rise towards 1.6298 (Nov 4, 2010 high) previous high is still possible. Only break below 1.5751 could indicate that the uptrend from 1.5344 had completed at 1.6058 already, then the following downward move could bring price back to 1.5500 area.

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What Most People Don’t Realize About The Fed’s Superpowers

Friday, January 28th, 2011

By Elliott Wave International

Since its creation in 1913, the primary intended role of the U.S. Federal Reserve Bank has been that of protector. In theory, the central bank was bestowed with the power to shape monetary policy in a way that would keep both booms and busts in check. The two main tools at its disposal — interest rates and money creation — would provide a "ceiling of normalcy" above expansions AND a "net of safety" below contractions.

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Daily Forex Analysis – January 28, 2011

Friday, January 28th, 2011

USDCHF Analysis.
USDCHF remains in downtrend from 0.9783, the bounce from 0.9390 is treated as minor consolidation of downtrend. Range trading between 0.9390 and 0.9550 would likely be seen in a couple of days. As long as 0.9550 resistance holds, downtrend could be expected to resume and one more fall towards 0.9300 previous low is still possible. Only break above 0.9550 could indicate that the fall from 0.9783 had completed at 0.9390 already, then the following upward move could bring price back to 0.9600-0.9700 area.

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Daily Forex Analysis – January 27, 2011

Thursday, January 27th, 2011

USDCAD Analysis.
USDCAD continues its sideways movement in a range between 0.9836 and 1.0033. As long as 1.0033 key resistance holds, the price action in the range is treated as consolidation of downtrend, and another fall towards 0.9600 is still possible. However, a break above 1.0033 will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0100-1.0200 area.

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Daily Forex Analysis – January 26, 2011

Wednesday, January 26th, 2011

AUDUSD Analysis.
AUDUSD moved sideways in a trading range between 0.9803 and 1.0076. Lengthier consolidation in the range is expected in a couple of days. Key support is at 0.9803, a breakdown below this level will indicate that the downtrend from 1.0255 has resumed, then deeper decline could be seen to 0.9600 area. Key resistance is at 1.0076, above this level will suggest that the fall from 1.0255 had completed at 0.9803 already, then the following upward movement could bring price to 1.0200 zone.

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Daily Forex Analysis – January 25, 2011

Tuesday, January 25th, 2011

AUDUSD Analysis.
AUDUSD stays in a trading range between 0.9803 and 1.0076. The price action in the trading range is more likely consolidation of downtrend from 1.0255. As long as 1.0076 resistance holds, downtrend could be expected to resume and one more fall towards 0.9600 is possible. Only break above 1.0076 will indicate that the fall from 1.0255 had completed at 0.9803 already.

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Daily Forex Analysis – January 24, 2011

Monday, January 24th, 2011

AUDUSD Analysis.
Being supported by 0.9803, AUDUSD rebounded from 0.9832, however, another fall to re-test 0.9803 support is still possible later today, a breakdown below this level could trigger deeper decline to 0.9600 area. Resistance is at 0.9920, above this level will suggest that a cycle bottom has been formed at 0.9832 level on 4-hour chart, then further rise towards 1.0076 could be seen.

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Basic Wave Patterns: How a Zigzag Differs from a Flat

Saturday, January 22nd, 2011

By Elliott Wave International

The big picture for Elliott wave analysis is five-wave patterns followed by three-wave patterns.  Let’s look at the three-wave corrections more closely to get a bead on how they differ from one another. This excerpt from EWI’s Basic Tutorial describes in detail what you need to know about so-called zigzag and flat corrections to be able to recognize them on a price chart. 

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Excerpted from Lesson 3 of EWI’s Basic Tutorial

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Daily Forex Analysis – January 21, 2011

Friday, January 21st, 2011

EURUSD Analysis.
EURUSD remains in uptrend from 1.2874, the pullback from 1.3537 is treated as consolidation of uptrend. Deeper decline to 1.3300-1.3350 area to reach next cycle bottom on 4-hour chart is possible later today. Key support is at 1.3245, as long as this level holds, uptrend could be expected to resume and another rise towards 1.3800 could be seen after consolidation.

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How a Simple Line Can Improve Your Trading Success

Thursday, January 20th, 2011

By Elliott Wave International

The following trading lesson has been adapted from Jeffrey Kennedy’s eBook, Trading the Line – 5 Ways You Can Use Trendlines to Improve Your Trading Decisions. Now through February 7, you can download the 14-page eBook free. Learn more here.

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