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Archive for October, 2012

Daily Forex Analysis – October 31, 2012

Wednesday, October 31st, 2012

USDJPY Analysis.
Being supported by the lower line of the price channel on 4-hour chart, USDJPY rebounds from 79.27, suggesting that a cycle bottom is being formed. Further rise would likely be seen and the first target would be at 80.00-80.25 area. Key support is now at 79.27, only break below this level could indicate that the longer term uptrend from 77.43 has completed at 80.37 already, then the following downward movement could bring price to 77.00 zone.

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Daily Forex Analysis – October 30, 2012

Tuesday, October 30th, 2012

GBPUSD Analysis.
GBPUSD failed to break above the resistance of the downward trend line from 1.6309 to 1.6178 and pulled back from 1.6143. However, one more rise to re-test the trend line resistance would likely be seen, a break above the trend line resistance will indicate that the fall from 1.6309 had completed at 1.5913 already, then further rise towards 1.6309 previous high could be seen. On the downside, the fall from 1.6143 would possibly be resumption of the downtrend from 1.6309, a breakdown below 1.5913 support could trigger another fall to 1.5800 area.

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Daily Forex Analysis – October 29, 2012

Monday, October 29th, 2012

USDJPY Analysis.
USDJPY breaks below 80.00 support, suggesting that a cycle top has been formed at 80.37 on 4-hour chart. Range trading between 79.25 and 80.37 would likely be seen in a couple o f days. Key support is at the lower line of the price channel, as long as the channel support holds, the fall from 80.37 could be treated as consolidation of the uptrend from 77.43, another rise could be expected after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend has completed at 80.37 already, then the following downward movement could bring price back to 76.00 area.

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Crude Oil Falls to a 3-Month Low: Why Blaming "Soft Economy" Isn’t the Answer

Saturday, October 27th, 2012

By Elliott Wave International

After a 4-day losing streak, on October 23 crude oil futures fell as low as $85.69 a barrel — the lowest price since July.

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Third Waves are "Wonders to Behold"

Friday, October 26th, 2012

By Elliott Wave International

The Elliott Wave Principle states that in financial markets, prices unfold in 5 wave patterns:

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Daily Forex Analysis – October 26, 2012

Friday, October 26th, 2012

GBPUSD Analysis.
GBPUSD is facing the resistance of the downward trend line from 1.6309 to 1.6178, a clear break above the trend line resistance will indicate that the downtrend from 1.6309 had completed at 1.5913 already, then further rise to test 1.6309 previous high resistance could be seen. On the downside, as long as the trend line resistance holds, the rise from 1.5913 would possibly be consolidation of the downtrend, one more fall to 1.5800 area is still possible.

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Free 26-page report: Read Prechter’s big-picture outlook on crude oil

Thursday, October 25th, 2012

In July 2008, when crude oil prices were at $148 a barrel and "peak oil" bulls were forecasting a rise to $200, even $300 a barrel, contrarian technical analyst Robert Prechter took the opposite stance:

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Daily Forex Analysis – October 23, 2012

Tuesday, October 23rd, 2012

EURUSD Analysis.
Being contained by 1.3171 previous high resistance, EURUSD pulled back from 1.3138, suggesting that a cycle top has been formed on 4-hour chart, and lengthier consolidation of the uptrend from 1.2042 (Jul 24 low) is underway. Deeper decline would likely be seen, and next target would be at 1.2900 area. Key resistance remains at 1.3171, only break above this level could trigger another rise towards 1.3500.

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Daily Forex Analysis – October 22, 2012

Monday, October 22nd, 2012

USDCHF Analysis.
USDCHF break above 0.9270 resistance, suggesting that a cycle bottom has been formed at 0.9214 on 4-hour chart, and lengthier consolidation of the downtrend from 0.9971 (Jul 24 high) is underway. Further rise would likely be seen and next target would be at 0.9350 area. Support is at 0.9214, only break below this level could signal resumption of the downtrend from 0.9431, then another fall towards 0.9000 could be seen.

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Bernanke’s Bigger Bubble: QE-3 and the Coming Economic Crash

Friday, October 19th, 2012

By Elliott Wave International

Federal Reserve Chairman Ben Bernanke really means it this time.

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