USDCHF stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.9082. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.8350 area, only a clear break above the trend line could indicate that the fall from 0.9082 is complete.
Archive for October, 2011
By Elliott Wave International
The idea of being a successful trader is exciting. The reality of becoming one is another thing. You need to understand more than the markets — you need to understand yourself.
USDCHF remains in downtrend from 0.9082, and the fall extended to as low as 0.8572. Further fall could be seen after a minor consolidation, and next target would be at 0.8400 area. Key resistance is at the downtrend line on 4-hour chart, only a clear break above the trend line could indicate that the fall from 0.9082 is complete.
AUDUSD remains in uptrend, the fall from 1.0500 is treated as consolidation of uptrend. Support is now at the lower border of the price channel on 4-hour chart, as long as the channel support holds, uptrend could be expected to continue, and another rise to 1.0600 could be seen. On the downside, a clear break below the channel support could indicate that lengthier consolidation of uptrend is underway, then the pair will find support at 1.0200 area.
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USDJPY’s downward movement from 77.48 extended further to as low as 75.74. Key resistance is at 76.47, as long as this level holds, downtrend could be expected to continue, and next target would be at 75.00 area. On the upside, a break above 76.47 will indicate that a cycle bottom has been formed at 75.74 on 4-hour chart, and the fall from 77.48 has completed, then another rise to test 77.85 resistance could be seen.
After breaking below 75.96 previous low, USDJPY bounced from 75.81. Key resistance is now at 76.47, as long as this level holds, the bounce is treated as consolidation of downtrend from 77.48, another fall towards 70.00 is possible after consolidation. However, a break above 76.47 will indicate that lengthier consolidation of the longer term downtrend from 85.51 (Apr 6 high) is underway, then another rise to test 77.85 resistance could be seen.
EURUSD stays in a trading range between 1.3653 and 1.3914. As long as 1.3653 support holds, the price action in the range is treated as consolidation of uptrend from 1.3146, and one more rise to 1.4000 is still possible. On the other side, a breakdown below 1.3653 could indicate that the rise from 1.3146 had completed at 1.3914 already, then the following downward movement could bring price back to 1.3500 zone.
By Elliott Wave International
To a first-time observer, watching a technical analyst spot a major trend change in a financial market before it occurs can seem as mystical as pulling a rabbit out of hat. But once you learn the tools of the trade, you know there are no tricks up the technical analyst’s sleeve. What you see, is exactly what you get.
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