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Archive for July, 2012

Daily Forex Analysis – July 31, 2012

Tuesday, July 31st, 2012

USDCAD Analysis.
USDCAD continues its downward movement from 1.0230, and the fall extends to as low as 1.0003. Further decline could be expected over the next several days, and next target would be at 0.9950 area. Resistance is now at 1.0050, only break above this level could indicate that a cycle bottom is being formed on 4-hour chart, then consolidation of the downtrend could be seen.

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Daily Forex Analysis – July 30, 2012

Monday, July 30th, 2012

AUDUSD Analysis.
AUDUSD breaks above 1.0443 previous high resistance, and continues its upward movement from 0.9581 (Jun 1 low). Further rise could be expected over the next several days, and the target would be at the upper line of the price channel on 4-hour chart. Support is at 1.0400, only break below this level could signal completion of the short term uptrend from 1.0176.

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Basic Elliott Video Lesson — How the Zigzag Measures Up

Friday, July 27th, 2012

By Elliott Wave International

You’re not supposed to compare apples to oranges, but I do compare apples to apples: I prefer the classically mellow taste of Red Delicious to the grassy and tart Granny Smith.

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The Drop Like a Rock Scenario for U.S. Markets

Friday, July 27th, 2012

By Elliott Wave International

Financial markets always have and always will pose two basic questions that investors seek to answer:

  • What’s the direction of the main trend?
  • How far will it go?

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Daily Forex Analysis – July 27, 2012

Friday, July 27th, 2012

EURUSD Analysis.
EURUSD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2042, and the fall from 1.2747 (Jun 18 high) has completed. Further rally could be expected over the next several days, and the target would be at 1.2400-1.2500 area. Key support is at 1.2042, only break below this level could trigger another fall towards 1.1876 (2010 low).

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Daily Forex Analysis – July 26, 2012

Thursday, July 26th, 2012

EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.2042 on 4-hour chart, further rise to test the resistance of the upper line of the downward price channel on 4-hour chart would likely be seen. As long as the channel resistance holds, the bounce from 1.2042 is treated as consolidation of the downtrend from 1.2747 (Jun 18 high), and another fall towards 1.1876 (2010 low) is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the fall from 1.2747 has completed at 1.2042 already, then the following upward movement could bring price back to 1.2400-1.2500 area.

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Daily Forex Analysis – July 25, 2012

Wednesday, July 25th, 2012

AUDUSD Analysis.
AUDUSD has reached the lower line of the price channel on 4-hour chart, rebound could be expected later today. Resistance is now at 1.0280, a break above this level will indicate that a cycle bottom has been formed, then another rise towards 1.0500 could be seen. On the downside, a clear break below the lower line of the channel will suggest that the longer term uptrend from 0.9581 (Jun 1 low) has completed at 1.0443 already, then the following downward move could bring price back to 0.9900 zone.

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Get 10 Lessons that Will Change the Way You Invest Forever

Tuesday, July 24th, 2012

"Successful market timing depends upon learning the patterns of crowd behavior. By anticipating the crowd, you can avoid becoming a part of it."

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Daily Forex Analysis – July 24, 2012

Tuesday, July 24th, 2012

USDCAD Analysis.
USDCAD remains in downtrend from 1.0445, the rise from 1.0065 is treated as consolidation of the downtrend. Further rise to test 1.0249 key resistance is possible, as long as this level holds, we’d expect downtrend to resume, and another fall towards 1.0000 would likely be seen. On the upside, a break above 1.0249 will indicate that the downtrend from 1.0445 has completed at 1.0065 already, then the following upward movement could bring price to 1.0350-1.0400 area.

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Daily Forex Analysis – July 23, 2012

Monday, July 23rd, 2012

AUDUSD Analysis.
After touching the upper border of the price channel on 4-hour chart, AUDUSD pulled back from 1.0443, suggesting that a cycle top had been formed. Further decline would likely be seen over the next several days, and the target would be at the lower line of the channel. However, the fall from 1.0443 would possibly be consolidation of the uptrend from 9581 (Jun 1 low), as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0700 is still possible after consolidation.

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