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Archive for February, 2011

Daily Forex Analysis – February 16, 2011

Wednesday, February 16th, 2011

GBPUSD Analysis.
GBPUSD broke above the falling price channel on 4-hour chart, suggesting that a cycle bottom had been formed at 1.5962 level. Further rise towards 1.6277 is expected later today, a break above this level will indicate that the uptrend from 1.5344 (Dec 28, 2010 low) has resumed, then next target would be at 1.6500 zone. However, as long as 1.6277 resistance holds, the bounce from 1.5962 is treated as a part of consolidation of uptrend, one more fall to 1.5800-1.5900 area is still possible.

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Daily Forex Analysis – February 15, 2011

Tuesday, February 15th, 2011

USDCHF Analysis.
USDCHF remains in uptrend from 0.9328, the fall from 0.9774 is likely consolidation of uptrend. Initial support is at the lower border of the rising price channel on 4-hour chart, and key support is at 0.9650, as long a this level holds, uptrend could be expected to resume and another rise towards 1.0000 is still possible after consolidation, only break below 0.9650 could indicate that lengthier consolidation of uptrend is underway and delay the resumption of uptrend.

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Daily Forex Analysis – February 14, 2011

Monday, February 14th, 2011

USDCHF Analysis.
USDCHF stays above a rising trend line on 4-hour chart. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 0.9800-0.9850 area. However, a clear break below the trend line could indicate that a cycle top is being formed, and the rise from 0.9328 is complete.

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Daily Forex Analysis – February 11, 2011

Friday, February 11th, 2011

GBPUSD Analysis.
GBPUSD had reached the rising trend line on 4-hour chart. However, the fall from 1.6277 is still treated as consolidation of uptrend from 1.5344 (Dec 28, 2010 low), and rebound from the trend line is still possible later today. Support is now at 1.6012, only break below this level could indicate that the rise from 1.5344 is complete, then the following downward movement could bring price to 1.5800 area.

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Daily Forex Analysis – February 10, 2011

Thursday, February 10th, 2011

USDCHF Analysis.
USDCHF remains in uptrend from 0.9328, and the pullback from 0.9660 is likely consolidation of uptrend. Support is at 0.9523, as long as this level holds, uptrend could be expected to continue and next target would be at 0.9700 area. However, a breakdown below 0.9523 support will indicate that a cycle top had been formed at 0.9660 level on 4-hour chart and the rise from 0.9328 had completed, then deeper decline could be seen to 0.9400 zone.

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Daily Forex Analysis – February 9, 2011

Wednesday, February 9th, 2011

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5344 (Dec 28, 2010 low). As long as the trend line support holds, the fall from 1.6277 is treated as consolidation of uptrend, and one more rise to re-test 1.6298 (Nov 4, 2010 high) is still possible after consolidation. On the downside, a clear break below the trend line support will indicate that the rise from 1.5344 had completed at 1.6277 already, then the following downward move could bring price back to 1.5600 area.

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On the Docket: The Case Against Diversification

Tuesday, February 8th, 2011

By Elliott Wave International

Talk with an investment advisor, and what’s the first piece of advice you will hear? Diversify your portfolio. The case for diversification is repeated so often that it’s come to be thought of as an indisputable rule. Hardly anyone makes the case against diversifying your portfolio. But because we believe that too much liquidity has made all markets act similar to one another, we make that case. Heresy? Not at all. Just because investment banks and stock brokerages say you should diversify doesn’t make it true. After all, their analysts nearly always say that the markets look bullish and that people should buy more now.  For a breath of fresh air on this subject, read what Bob Prechter thinks about diversification.

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Daily Forex Analysis – February 8, 2011

Tuesday, February 8th, 2011

GBPUSD Analysis.
GBPUSD stays above a rising trend line on 4-hour chart and remains in uptrend from 1.5344 (Dec 28, 2010 low), the fall from 1.6277 treated as consolidation of uptrend. Sideways movement in a range between 1.6000 and 1.6277 would likely be seen in a couple of days, and uptrend could be expected to resume after touching the trend line. However, a clear break below the trend line support will indicate that the uptrend from 1.5344 had completed at 1.6277 already, then the following downward move could bring price to 1.5600 area.

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Daily Forex Analysis – February 7, 2011

Monday, February 7th, 2011

GBPUSD Analysis.
GBPUSD failed to break above 1.6298 (Nov 4, 2010 high) resistance and pulled back from 1.6277 last week, suggesting that a cycle top had been formed on 4-hour chart. However, the fall from 1.6277 is likely consolidation of uptrend from 1.5344 (Dec 28, 2010 low), uptrend could be expected to resume after touching the rising trend line. Only a clear break below the trend line support will indicate that the rise from 1.5344 had completed at 1.6277 already, then deeper decline could be seen to 1.5600 area.

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Last chance to get your Free "Trading Trendlines" eBook!

Saturday, February 5th, 2011

We have had great interest in Trading the Line, a FREE 14-page eBook by our friends at Elliott Wave International (EWI). Due to its popularity, EWI has agreed to extend the time you can get this FREE eBook until February 14.

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