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Archive for June, 2011

How to Set Protective Stops Using the Wave Principle

Tuesday, June 21st, 2011

By Elliott Wave International

The 3 simple rules of Elliott wave analysis can help traders manage risk, ride market trends and spot price reversals.

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Daily Forex Analysis – June 21, 2011

Tuesday, June 21st, 2011

GBPUSD Analysis.
Being contained by 1.6059 support, GBPUSD rebounded from 1.6078, and formed a cycle bottom on 4-hour chart. Range trading between 1.6078 and 1.6250  is expected in a couple of days. Key resistance is at downtrend line from 1.6546 to 1.6441, as long as the trend line resistance holds, one more fall to re-test 1.6059 support is still possible. However, a clear break above the trend line will indicate that the fall from 1.6546 had completed at 1.6078 already, then another rise towards 1.6745 previous high could be seen.

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Daily Forex Analysis – June 20, 2011

Monday, June 20th, 2011

EURUSD Analysis.
Being contained by 1.3969 support, EURUSD rebounded from 1.4073. Resistance is now at the downtrend line on 4-hour chart. As long as the trend line resistance holds, the bounce from 1.4073 is treated as consolidation of downtrend from 1.4696, and one more fall to re-test 1.3969 support is possible. However, a clear break above the trend line resistance will indicate that a cycle bottom had been formed, and the fall from 1.4696 had completed at 1.4073 already, then the following upward move could bring price to 1.4500-1.4600 area.

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Get 10 Lessons that Will Change the Way You Invest Forever

Friday, June 17th, 2011

"Successful market timing depends upon learning the patterns of crowd behavior. By anticipating the crowd, you can avoid becoming a part of it."

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Daily Forex Analysis – June 17, 2011

Friday, June 17th, 2011

EURUSD Analysis.
EURUSD continued its downward move from 1.4696, and the fall extended further to as low as 1.4073, the subsequent bounce could be treated as consolidation of downtrend. Resistance is at 1.4300, as long as this level holds, we’d expect downtrend to resume, and another fall to test 1.3969 support is possible. However, a break above 1.4300 will indicate that a cycle bottom has been formed at 1.4073 on 4-hour chart, and the fall from 1.4696 has completed.

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Daily Forex Analysis – June 16, 2011

Thursday, June 16th, 2011

AUDUSD Analysis.
AUDUSD’s rise from 1.0522 was limited by the upper border of the price channel on 4-hour chart. Now the fall from 1.0715 would possibly be resumption of downtrend. Further fall would likely be seen later today, and next target would be at 1.0400-1.0450 area. Only a clear break above the channel resistance could trigger another rise towards 1.1011 previous high.

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Six Straight Weeks of Decline Take DJIA Below 12,000: What Now?

Wednesday, June 15th, 2011

By Elliott Wave International

As of June 10, the Dow has suffered the "longest losing streak since the fall of 2002. The market’s last seven-week stretch of losses began in May 2001, as the dot-com bubble deflated," reports The Associated Press.

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Daily Forex Analysis – June 15, 2011

Wednesday, June 15th, 2011

EURUSD Analysis.
EURUSD’s bounce from 1.4321 extended to as high as 1.4497, suggesting that a cycle bottom had been formed at 1.4321 on 4-hour chart. Lengthier consolidation of downtrend from 1.4696 is possible in a couple of days, and range trading between 1.4321 and 1.4497 is expected. Support is at 1.4321, a breakdown below this level will indicate that the downtrend from 1.4696 has resumed, then another fall towards 1.3969 could be seen.

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Daily Forex Analysis – June 14, 2011

Tuesday, June 14th, 2011

EURUSD Analysis.
EURUSD remains in downtrend from 1.4696, the bounce from 1.4321 is likely consolidation of downtrend. Resistance is at 1.4460, as long as this level holds, downtrend could be expected to resume, and another fall towards 1.3969 is still possible. On the upside, above 1.4460 will suggest that a cycle bottom is being formed at 1.4321 on 4-hour chart, then lengthier consolidation in a range between 1.4321 and 1.4550 could be seen.

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Daily Forex Analysis – June 13, 2011

Monday, June 13th, 2011

USDCAD Analysis.
After touching the trend line from 0.9513 to 0.9655, USDCAD rebounded from 0.9712, suggesting that a cycle bottom is being formed on 4-hour chart. Further rise towards 0.9851 is expected later today, a break above this level will confirm that the uptrend from 0.9444 has resumed, then next target would be at 0.9900 zone. Only break below 0.9712 could indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 0.9650 area.

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