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Archive for May, 2011

Daily Forex Analysis – May 23, 2011

Monday, May 23rd, 2011

GBPUSD Analysis.
GBPUSD stays in a trading range between 1.6105 and 1.6302. As long as 1.6302 resistance holds, the price action in the range is treated as consolidation of downtrend from 1.6745, and another fall towards 1.6000 is still possible. On the other side, a break above 1.6302 will indicate that the fall from 1.6745 had completed at 1.6105 already, then the upward movement could bring price back to 1.6400-1.6500 area.

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EUR/USD: Falling on “Risk Aversion”? Let’s Look at the Timeline First

Friday, May 20th, 2011

By Elliott Wave International

From the May 4 top near $1.4950, the EUR/USD (the euro-dollar exchange rate and the most actively-traded forex pair) has fallen as low as $1.4050 on May 16. (more…)

Daily Forex Analysis – May 20, 2011

Friday, May 20th, 2011

GBPUSD Analysis.
GBPUSD remains in downtrend, the bounce from 1.6105 is treated as consolidation of downtrend. Key resistance is at 1.6301, as long as this level holds, another fall is still possible, and next target would be at 1.6000 area. Only break above 1.6301 could indicate that the downtrend from 1.6745 has completed at 1.6105 already, then the following upward move could bring price back towards 1.6745 previous high. (more…)

Daily Forex Analysis – May 19, 2011

Thursday, May 19th, 2011

AUDUSD Analysis.
AUDUSD might be forming a cycle bottom at 1.0505 on 4-hour chart. Rebound toward the trend line from 1.1011 to 1.0888 would likely be seen in next several days. Support is at 1.0505, only break below this level could indicate that the downtrend from 1.0100 has resumed, then next target would be at 1.0400 zone.

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Complimentary 100+ Pages of Elliott Wave Global Analysis

Wednesday, May 18th, 2011

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Daily Forex Analysis – May 18, 2011

Wednesday, May 18th, 2011

EURUSD Analysis.
EURUSD broke above the price channel resistance, suggesting that a cycle bottom is being formed at 1.4048 on 4-hour chart. Range trading between 1.4048 and 1.4339 could be seen in a couple of days. Key resistance is at 1.5339, as long as this level holds, the price action from1.4048 is treated as consolidation of downtrend from 1.4939, another fall towards 1.3800 is still possible after consolidation. However, a break above 1.4339 will indicate that the fall from 1.4939 had completed at 1.4048 already, then the following upward move could bring price back to 1.4500-1.4600 area.

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Daily Forex Analysis – May 17, 2011

Tuesday, May 17th, 2011

USDCHF Analysis.
Being contained by the  resistance of the upper border of the price channel on 4-hour chart, USDCHF pulled back from 0.8945. Key support is now at 0.8795, a break below this level will indicate that the uptrend from 0.8553 had completed at 0.8945 already, then deeper decline towards 0.8553 previous low could be seen. However, as long as 0.8795 support holds, the fall from 0.8945 could possibly be consolidation of uptrend, one more rise towards 0.9000 is still possible after consolidation.

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Daily Forex Analysis – May 16, 2011

Monday, May 16th, 2011

USDCHF Analysis.
USDCHF ran in a rising price channel on 4-hour chart, and remains in uptrend from 0.8553. Now the pair had reached the upper border of the channel, minor consolidation of uptrend would likely be seen later today, and another rise towards 0.9000 is still possible after consolidation. Support is at the lower border of the channel, only a clear break below the channel support could indicate that the rise from 0.8553 is complete.

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5 Ways the Wave Principle Can Improve Your Trading

Friday, May 13th, 2011

By Elliott Wave International

Jeffrey Kennedy brings more than 15 years of experience to his position as Elliott Wave International’s Senior Analyst and trading instructor. He knows firsthand how hard it can be to get simple explanations of a trading method that works — so he shares his knowledge with his subscribers each month in the Trader’s Classroom lessons.

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Daily Forex Analysis – May 13, 2011

Friday, May 13th, 2011

USDCHF Analysis.
USDCHF remains in short term uptrend from 0.8553, and the rise extended to as high as 0.8904. Further rise is still possible later today, and next target would be at 0.8950 area. Support is now at 0.8820 followed by 0.8720, only break below these levels could indicate that the rise from 0.8553 is complete, then the following downtrend move could bring price to 0.8000 zone.

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