USDJPY had formed a cycle bottom at 78.46 on 4-hour chart. Range trading between 78.46 and 80.00 would likely be seen in a couple of days. As long as 80.00 resistance holds, downtrend from 81.47 could be expected to resume, and one more fall to 77.50 area is still possible. However, a break above 80.00 will indicate that the longer term downtrend from 85.51 has completed, then the following upward move could bring price to 83.00 zone.
Archive for July, 2011
EURUSD is now in uptrend from 1.3837, the fall from 1.4281 is treated as consolidation of uptrend. Range trading would likely be seen in a couple of days, and the trading range would be between 1.4050 and 1.4281. Resistance is at 1.4281, a break above this level will signal resumption of uptrend, then next target would be at 1.4450 area.
GBPUSD broke above 1.6139 key resistance, suggesting that the downtrend from 1.6546 had completed at 1.5781 already. Further rise could be seen in a couple of days, and next target would be at 1.6300 area. Support is at 1.6080, only break below this level will indicate that consolidation of uptrend is underway.
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Trading using technical indicators — such as the MACD, for example, Moving Average Convergence-Divergence — can do one of two things: help you or hinder you.
USDCHF is facing 0.8275 previous low support, a breakdown below this level will indicate that the longer term downtrend from 0.9774 (Feb 11 high) has resumed, then further fall towards 0.8000 could be seen. Initial resistance is at 0.8400, above this level will indicate that lengthier consolidation of the downtrend is underway, and delay the resumption of downtrend.
USDCHF stayed in a trading range between 0.8275 and 0.8550 for several weeks. The price action in the range is treated as consolidation of longer term downtrend from 0.9774 (Feb 11 high). Further fall to test 0.9275 would likely be seen after a minor consolidation, a breakdown below this level will signal resumption of the downtrend.
EURUSD continues its downward move from 1.4577, and the fall extended to as low as 1.4197. Resistance is at 1.4305 followed by 1.4375, as long as these levels hold, downtrend could be expected to continue, and next target would be at 1.4100-1.4150 area. However, a break above 1.4375 will indicate that a cycle bottom has been formed on 4-hour chart, and the fall from 1.4577 has completed, then the following upward move could bring price back to 1.4450-1.4500 area.
Recognizable patterns unfold in the financial markets. Using Elliott waves, you can learn to identify these patterns and use them to anticipate where prices will go next. Get started with a basic understanding of the Wave Principle. Read more.
AUDUSD is facing 1.0789 resistance, a break above this level will indicate that the uptrend from 1.0390 has resumed, then another rise towards 1.1011 previous high could be seen. However, as long as 1.0789 resistance holds, lengthier consolidation of uptrend is expected to continue, and one more fall to 1.0635 area to reach next cycle bottom on 4-hour chart is possible.
USDJPY remains in uptrend from 79.69, the price action from 81.26 is treated as consolidation of uptrend. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, we’d expect uptrend to resume, and one more rise to 81.60-81.80 area is still possible. However, a clear break below the trend line will indicate that the rise from 79.69 had completed at 81.26 already, then the following downward move could bring price to 78.00 zone.
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