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Archive for February, 2011

Daily Forex Analysis – February 28, 2011

Monday, February 28th, 2011

EURUSD Analysis.
Being contained by 1.3861 resistance, EURUSD pulled back from 1.3837, suggesting that lengthier consolidation of uptrend from 1.3428 is underway. Deeper decline towards the lower border of the price channel on 4-hour chart could be seen. As long as the channel support holds, we’d expect uptrend to resume, and another rise towards 1.4000 is still possible. However, a clear break below the channel support will indicate that sideways consolidation in a range between 1.3428 and 1.3861 is being formed, then next target would be at 1.3450-1.3500 area.

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When You FEEL the Elliott Waves, Your Eyes Become Wide Open

Friday, February 25th, 2011

By Elliott Wave International

Have you ever been at the ocean body surfing, just waiting for that perfect wave? When you begin to truly feel it, your adrenaline starts pumping.

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Daily Forex Analysis – February 25, 2011

Friday, February 25th, 2011

USDCHF Analysis.
USDCHF stays below a falling trend line on 4-hour chart and remains in downtrend from 0.9774. As long as the trend line resistance holds, downtrend could be expected to continue and deeper decline towards 0.9100-0.9150 area could be seen.

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Daily Forex Analysis – February 24, 2011

Thursday, February 24th, 2011

USDCHF Analysis.
USDCHF continued its downward movement from 0.9774 and broke below 0.9300 (Dec 31, 2010 low) support, suggesting that the long term downtrend from 1.1730 (Jun 1, 2010 high) has resumed. Resistance is at the falling trend line on 4-hour chart, now at 0.9390, as long as the trend line resistance holds, downtrend could be expected to continue. Deeper decline could be seen in a couple of days, next target would be at 0.9200 area.

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Daily Forex Analysis – February 23, 2011

Wednesday, February 23rd, 2011

EURUSD Analysis.
EURUSD is facing 1.3743 resistance again, a break above this level will indicate that the fall from 1.3861 had completed at 1.3428 already, and the bounce from 1.3428 could be treated as resumption of uptrend from 1.2874 (Jan 10 low), then the following upward move could bring price to 1.4000 zone. However, as long as 1.3743 resistance holds, the rise from 1.3428 is treated as correction of downtrend from 1.3861, and another fall towards 1.3300 is still possible.

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Daily Forex Analysis – February 22, 2011

Tuesday, February 22nd, 2011

GBPUSD Analysis.
Being contained by 1.6277 resistance, GBPUSD pulled back from 1.6261, suggesting that a cycle top had been formed on 4-hour chart. Deeper decline could be expected in a couple of days and target would be at 1.5900 area. Initial resistance is now at 1.6261, only break above this level could trigger another rise towards 1.6500 zone.

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Daily Forex Analysis – February 21, 2011

Monday, February 21st, 2011

EURUSD Analysis.
EURUSD is testing 1.3743 key resistance, a break above this level will indicate that the fall from 1.3861 has completed at 1.3428 already, then further rise towards 1.3861 previous high could be seen. However, as long as 1.3743 resistance holds, the bounce from 1.3428 could possibly be correction of downtrend from 1.3861, and another fall to 1.3300 area is still possible. Support is at the rising trend line on 4-hour chart, now at 1.3568, a clear break below the trend line support could signal resumption of downtrend.

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Daily Forex Analysis – February 18, 2011

Friday, February 18th, 2011

USDJPY Analysis.
USDJPY stays above 83.09 support and remains in uptrend from 81.13, the fall from 83.96 is treated as consolidation of uptrend. As long as 83.09 support holds, uptrend could be expected to resume and one more rise towards 84.49 resistance is still possible. However, a breakdown below 83.09 will indicate that a cycle top had been formed at 83.96 level on 4-hour chart, and the rise from 81.13 had completed, then the following downward move could bring price back to 82.00 area.

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Daily Forex Analysis – February 17, 2011

Thursday, February 17th, 2011

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0199, the price action in the trading range between 0.9943 and 1.0073 is treated as consolidation of downtrend. As long as 1.0073 resistance holds, downtrend could be expected to resume and next target would be at 0.9850-0.9900 area. However, a break above 1.0073 resistance will indicate that a cycle bottom had been formed at 0.9943 level on 4-hour chart, and the fall from 1.0199 has completed, then further rise to 1.0150 area could be seen.

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Robert Prechter has just released a complimentary online edition of Elliott Wave Principle

Wednesday, February 16th, 2011

Classic Investment Book, Elliott Wave Principle, Now Available Free:
Robert Prechter has just released a complimentary online edition of Elliott Wave Principle: Key to Market Behavior. All 248-pages of this classic investment book can be on your screen in just minutes. Elliott Wave Principle will teach you the 13 waves that can occur in the charts of the financial markets, the basics of counting waves, and the simple rules and guidelines that will help you to apply Elliott Wave for yourself. You’ll learn the method successful investors have used for decades. Access Your Free Copy of Elliott Wave Principle, Now.

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