EURUSD is facing the support of the lower border of the price channel on 4-hour chart. As long as the channel support holds, uptrend could be expected to resume, and rebound would likely be seen after touching the channel. However, a clear break below the channel will indicate that the rise from 1.3837 had completed at 1.4535 already, then the following downward move could bring price back to 1.4000 area.
Archive for July, 2011
EURUSD has formed a cycle top at 1.4535 on 4-hour chart. Further decline would likely be seen later today, and first target would be at the lower border of the price channel. As long as the channel support holds, the fall from 1.4535 is treated as consolidation of uptrend from 1.3837, and one more rise towards 1.4700 is still possible, however, a clear break below the channel support will indicate that the rise from 1.3837 has completed.
USDCAD stays in a falling price channel on 4-hour chart, and remains in downtrend from 0.9777, and the fall extended to as low as 0.9406. Resistance is at the upper border of the price channel, as long as the channel resistance holds, downtrend could be expected to continue, and next target would be at 0.9300. Only a clear break above the channel resistance will suggest that a cycle bottom is being formed, then consolidation of downtrend could be seen to follow.
USDCAD remains in downtrend from 0.9777, the rise from 0.9423 is treated as consolidation of downtrend. Further fall to 0.9300 could be seen after consolidation, and a breakdown below 0.9423 could signal resumption of downtrend.
AUDUSD stays above a uptrend line on 4-hour chart, and remains in uptrend. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.0950 area. However, a clear break below the trend line will indicate that lengthier consolidation of uptrend is underway, then pullback to 1.0700 could be seen.
AUDUSD broke off the trading range between 1.0525 and 1.0798, and reached as high as 1.0856, suggesting that the sideways move has completed and the uptrend from 1.0390 has resumed. Further rise towards 1.1011 previous high could be seen in a couple of days. Support is now at 1.0790, as long as this level holds, uptrend will continue.
USDCAD stays below a falling trend line on 4-hour chart, and remains in downtrend from 0.9777. further decline to test 0.9444 support could be seen later today, a breakdown below this level will indicate that the long term downtrend from 1.0852 (2010 high) has resumed. Resistance is at the downtrend line, only a clear break above the trend line could indicate that the fall from 0.9777 is complete.
By Elliott Wave International
The European Banking Authority announced Friday that 8 banks had failed their stress tests and 16 more had narrowly passed. But the results drew much criticism from analysts, who said that the stress test is not strict enough.
USDCHF broke above 0.8198 resistance, and reached as high as 0.8276, suggesting that a cycle bottom had been formed at 0.8082 on 4-hour chart, and the fall from 0.8525 had completed. Further rally could be seen after a minor consolidation, and target would be at 0.8400-0.8450 area. Initial support is at 0.8160 and key support is at 0.8082, only break below these levels could trigger another fall to 0.8000 zone.
USDJPY formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 79.58 is expected in a couple of days. The price action in the range could be treated as consolidation of downtrend from 81.47, as long as 79.58 resistance holds, one more fall to 77.50 area is still possible. However, a break above 79.58 will suggest that the longer term downtrend from 85.51 has completed at 78.46 already, then the following upward move could bring price to 83.00 zone.
Other finance sites
Providing free forex articles and trading courses.