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Archive for March, 2012

Daily Forex Analysis – March 20, 2012

Tuesday, March 20th, 2012

GBPUSD Analysis.
GBPUSD’s rise from 1.5602 extends to as high as 1.5913. Further rise to test 1.5991 previous high resistance would likely be seen later today, a break above this level will signal resumption of the uptrend from 1.5236 (Jan 13 low), then next target would be at 1.6100 area. On the downside, as long as 1.5991 key resistance holds, the rise from 1.5602 could be treated as correction of the downtrend from 1.5991, another fall towards 1.5000 is still possible.

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Daily Forex Analysis – March 19, 2012

Monday, March 19th, 2012

AUDUSD Analysis.
AUDUSD broke above the downward trend line on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0855 is underway. Range trading between 1.0421 and 1.0665 would likely be seen. As long as 1.0665 key resistance holds, we’d expect downtrend to resume, and another fall towards 1.0200 is still possible.

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Daily Forex Analysis – March 16, 2012

Friday, March 16th, 2012

USDJPY Analysis.
USDJPY stays above a rising trend line on 4-hour chart, and remains in uptrend from 80.58, the fall from 84.17 is treated as consolidation of the uptrend. Support is at the trend line, as long as the trend line support holds, uptrend could be expected to resume, and another rise towards 85.00 is still possible, only a clear break below the trend line could indicate that lengthier consolidation of the uptrend is underway, then sideways movement in a range between 82.50 and 84.17 could be seen.

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Daily Forex Analysis – March 15, 2012

Thursday, March 15th, 2012

GBPUSD Analysis.
GBPUSD stays in a downward price channel on 4-hour chart, and remains in downtrend from 1.5991, the price action from 1.5602 is treated as consolidation of the downtrend. Another fall would likely be seen after consolidation, and next target would be at 1.5500 area. Support is at 1.5602, a breakdown below this level could signal resumption of the downtrend. Resistance is at the upper line of the channel, only a clear break above the channel could signal completion of the downtrend.

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Daily Forex Analysis – March 14, 2012

Wednesday, March 14th, 2012

USDCAD Analysis.
No changed in our view, USDCAD remains in consolidation of the downtrend from 1.0422 (Dec 14, 2011 high). Lengthier sideways movement in the range between 0.9841 and 1.0050 would likely be seen in a couple of days. Support is at 0.9841, a breakdown below this level could signal resumption of the downtrend, then next target would be at 0.9700-0.9800 area. Only break above 1.0050 could indicate that the fall from 1.0422 had completed.

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The Three Phases of a Trader’s Education

Tuesday, March 13th, 2012

By Elliott Wave International

You’ve probably heard talk about "market uncertainty" in the financial news recently. But when are the market trends ever certain? The constant uncertainties contribute to your frustrations as a trader, and you need to have a method for dealing with the ups and downs. Every successful trader has one.

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Daily Forex Analysis – March 13, 2012

Tuesday, March 13th, 2012

USDCAD Analysis.
USDCAD continues its sideways movement in a range between 0.9841 and 1.0050. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), one more fall to 0.9700-0.9800 area is still possible after consolidation. Only break above 1.0050 will indicate that the fall had completed, then the following upward move could bring price back to 1.0400 area.

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Daily Forex Analysis – March 12, 2012

Monday, March 12th, 2012

USDCAD Analysis.
USDCAD stays in a trading range between 0.9841 and 1.0050. Lengthier sideways movement in the range would likely be seen over the next several days. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9700-0.9800 area is still possible after consolidation. On the other side, a break above 1.0050 will confirm that the downtrend had completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.

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If the Economy’s "Recovering," Why is the Largest-Ever U.S. City Bankruptcy on the Horizon?

Saturday, March 10th, 2012

By Elliott Wave International

As pundits chatter about an economic recovery, 80 miles east of San Francisco you’ll find a city (pop. 292,000) facing bankruptcy:

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Which Method Can Traders Use to Confirm an Elliott Wave Count?

Friday, March 9th, 2012

By Elliott Wave International

When you are watching a pattern develop on a chart, how can you be sure that your wave count is correct? The Elliott Wave Principle offers rules and guidelines that you can use to add confidence to your wave count.

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