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Archive for July, 2011

Daily Forex Analysis – July 29, 2011

Friday, July 29th, 2011

EURUSD Analysis.
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.

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Daily Forex Analysis – July 28, 2011

Thursday, July 28th, 2011

EURUSD Analysis.
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.

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Daily Forex Analysis – July 27, 2011

Wednesday, July 27th, 2011

USDCAD Analysis.
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.

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Daily Forex Analysis – July 26, 2011

Tuesday, July 26th, 2011

USDCAD Analysis.
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.

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Daily Forex Analysis – July 25, 2011

Monday, July 25th, 2011

AUDUSD Analysis.
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.

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Daily Forex Analysis – July 22, 2011

Friday, July 22nd, 2011

AUDUSD Analysis.
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.

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Daily Forex Analysis – July 21, 2011

Thursday, July 21st, 2011

USDCAD Analysis.
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.

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European Bank Stress Test: "It’s not that 8 failed…but that 82 passed!!"

Wednesday, July 20th, 2011

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.

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Daily Forex Analysis – July 20, 2011

Wednesday, July 20th, 2011

USDCHF Analysis.
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.

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Daily Forex Analysis – July 19, 2011

Tuesday, July 19th, 2011

USDJPY Analysis.
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.

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