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Archive for February, 2012

Daily Forex Analysis – February 29, 2012

Wednesday, February 29th, 2012

USDCAD Analysis.
USDCAD stays in a trading range between 0.9905 and 1.0050. Key resistance is at 1.0050, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.0318, and another fall to 0.9800 is still possible. On the upside, a break above 1.0050 will indicate that the downtrend had completed at 0.9905 already, then the following upward movement could bring price back to 1.0400 zone.

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Daily Forex Analysis – February 28, 2012

Tuesday, February 28th, 2012

USDCHF Analysis.
USDCHF remains in downtrend from 0.9300, the rise from 0.8931 is treated as consolidation of the downtrend. Resistance is at 0.9030, as long as this level holds, we’d expect downtrend to resume, and another fall to 0.8800 is still possible. On the other side, a break above 0.9030 will suggest that a cycle bottom is being formed at 0.8931 on 4-hour chart, then further rise to 0.9100 could be expected.

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Daily Forex Analysis – February 27, 2012

Monday, February 27th, 2012

USDCAD Analysis.
USDCAD is in consolidation of the downtrend from 1.0318. Lengthier sideways movement in a range  between 0.9905 and 1.0050 would likely be seen in a couple of days. Key resistance remains at 1.0050, as long as this level holds, we’d expect downtrend to resume, and one more fall towards 0.9800 is possible. On the upside, a break above 1.0050 will indicate that the downward movement from 1.0318 has completed, then the following uptrend could bring price back to 1.0400 area.

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Forex Market Insight: EUR/USD Rallies…Why?

Friday, February 24th, 2012

By Elliott Wave International

On February 16, EUR/USD, the euro-dollar exchange rate and the most actively traded forex pair, surged over 170 pips, from below $1.30 to above $1.3150.

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Daily Forex Analysis – February 24, 2012

Friday, February 24th, 2012

USDCAD Analysis.
USDCAD moved sideways in a range between 0.9905 and 1.0050 for several days. Key resistance is at 1.0050, as long as this level holds, the price action in the range is treated as consolidation of the downtrend from 1.0318, and another fall towards 0.9800 is still possible. However, a break above 1.0050 will indicate that the fall from 1.0318 has completed at 0.9905 already, then the following upward movement could bring price back to 1.0400 zone.

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Thursday, February 23rd, 2012

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Daily Forex Analysis – February 23, 2012

Thursday, February 23rd, 2012

EURUSD Analysis.
EURUSD is facing 1.3320 resistance, a break above this level could trigger another rise to 1.3500 zone. On the downside, as long as 1.3320 resistance holds, the rise from 1.2975 is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 could be expected. Support is at 1.3185, a breakdown below this level could signal resumption of the downtrend.

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Daily Forex Analysis – February 22, 2012

Wednesday, February 22nd, 2012

AUDUSD Analysis.
AUDUSD is facing the key support of 1.0628, a breakdown below this level will indicate that the uptrend from 0.9861 (Dec 15, 2011 low) has completed at 1.0844 already, then the following downward movement could bring price to 1.0400 area. On the upside, as long as 1.0628 level holds, the price action in the range between 1.0628 and 1.0844 could possibly be consolidation of the uptrend, and one more rise to 1.0900 is still possible after consolidation.

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Daily Forex Analysis – February 21, 2012

Tuesday, February 21st, 2012

AUDUSD Analysis.
AUDUSD continues its sideways movement between 1.0628 and 1.0844. As long as 1.0628 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861 (Dec 15, 2011 low), and one more rise to 1.0900 is still possible after consolidation. On the downside, a breakdown below 1.0628 will indicate that the uptrend from 0.9861 has completed at 1.0844 already, then the following downward movement could bring price back to 1.0400 zone.

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Daily Forex Analysis – February 20, 2012

Monday, February 20th, 2012

USDCAD Analysis.
After consolidation, USDCAD breaks below 0.9925 previous low and continues its downward movement from 1.0318. Further decline could be seen in a couple of days, and next target would be at 0.9850 area. Key resistance is now at 1.0050, only break above this level could signal completion of the downtrend.

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