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Archive for October, 2011
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GBPUSD traded in a range between 1.5631 and 1.5851 for several days. As long as 1.5631 support holds, the price action in the range could be treated as consolidation of uptrend from 1.5272, another rise to 1.6000 is still possible. On the other side, a breakdown below 1.5631 will indicate that lengthier correction of uptrend is underway, then deeper decline could be seen to 1.5500 area.
AUDUSD moved sideways in a range between 1.0102 and 1.0371. As long as 1.0102 key support holds, the price action in the range is treated as consolidation of uptrend from 0.9390, and one more rise to 1.0500 is still possible. On the other side, a breakdown below 1.0102 support will indicate that a cycle top has been formed at 1.0371 on 4-hour chart, and the rise from 0.9390 has completed, then the following downward move could bring price back to 0.9900 zone.
AUDUSD is forming a cycle top at 1.0371 on 4-hour chart. Another fall to re-test 1.0100 key support would likely be seen later today, a breakdown below this level will indicate that the rise from 0.9390 had completed at 1.0371 already, then the following downward move could bring price back to 0.9900 zone. However, as long as 1.0100 support holds, one more rise to 1.0500 is still possible.
AUDUSD broke below the uptrend line on 4-hour chart, suggesting that a cycle top is being formed. Deeper decline would likely be seen in a couple of days, and target would be at 0.9900 zone. Resistance is at 1.0371, only break above this level could trigger another rise to 1.0500.
AUDUSD stays above a uptrend line on 4-hour chart, and remains in uptrend from 0.9390, and the rise has extended to as high as 1.0344. As long as the trend line support holds, uptrend could be expected to continue, and further rise to 1.0500 is possible after a minor consolidation. On the downside, a clear break below the trend line could indicate that a cycle top has been formed on 4-hour chart, and the rise from 0.9390 has completed, then pullback to 0.9900 could be seen.
By Elliott Wave International
Suppose you see a lovely house — one with great curb appeal. It has new paint and manicured shrubbery out front.
By Elliott Wave International
The ongoing economic problems have made the central bank’s decisions — interest rates, quantitative easing, monetary stimulus, etc. — a permanent fixture on six-o’clock news.
EURUSD remains in uptrend from 1.3146, the pullback from 1.3833 is treated as consolidation of uptrend. Support is now at 1.3650, as long as this level holds, uptrend could be expected to resume, and another rise to 1.3950 area is still possible after consolidation. However, a breakdown below 1.3650 support could indicate that a cycle top has been formed at 1.3833 on 4-hour chart, and the rise from 1.3146 has completed.
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