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Archive for December, 2012

Daily Forex Analysis – December 31, 2012

Monday, December 31st, 2012

EURUSD Analysis.
EURUSD continues its sideways movement in a range between 1.3157 and 1.3308. Key support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the price action in the range could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.3500 could be expected after consolidation. However, a clear break below the channel support will indicate that the uptrend has completed at 1.3308 already, then the following downward movement could bring price back to 1.2700-1.2800 area.

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Don’t Expect the News to Tell You Where EUR/USD Is Going Next

Saturday, December 29th, 2012

By Elliott Wave International

On December 27, EUR/USD shot up as high as $1.3283. Forex news headlines were quick to comment:

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Daily Forex Analysis – December 28, 2012

Friday, December 28th, 2012

EURUSD Analysis.
EURUSD stays in a trading range between 1.3157 and 1.3308. Another fall towards the lower line of the price channel on 4-hour chart would likely be seen. As long as the channel support holds, the price action from 1.3308 could be treated as consolidation of the uptrend from 1.2661, and another rise towards 1.3500 is still possible after consolidation. On the downside, a clear break below the channel support will indicate that the uptrend from 1.2661 has completed at 1.3308 already, then the following downward movement could bring price back to 1.2700-1.2800 area.

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Daily Forex Analysis – December 27, 2012

Thursday, December 27th, 2012

USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9824. Support is at the uptrend line, as long as the trend line support holds, the fall from 0.9953 is treated as consolidation of the uptrend, and another rise to 0.9970 is still possible. On the downside, the rise from 0.9824 would possibly be correction of the the longer term downtrend from 1.0055, a clear break below the trend line could signal resumption of the downtrend, then another fall towards 0.9700 could be seen.

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Daily Forex Analysis – December 24, 2012

Monday, December 24th, 2012

GBPUSD Analysis.
GBPUSD breaks below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 1.6306 on 4-hour chart. Further decline is still possible and the first target would be at 1.6100 area. As long as 1.6100 level holds, the fall is treated as consolidation of the uptrend from 1.5827, and another rise towards 1.6400 is still possible. However, a breakdown below 1.6100 support will indicate that the uptrend from 1.5827 has completed at 1.6306 already, then the following downward movement could bring price back to 1.5800 zone.

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Free Report: 5 Hidden Market Opportunities for 2013

Friday, December 21st, 2012

Our friends at Elliott Wave International have just released a new free report, 5 Hidden Market Opportunities for 2013. It gives you a new U.S. dollar forecast for 2013 — a forecast that would astonish most mainstream experts. You also get 5 precise Elliott wave "roadmaps" for 5 distinct market opportunities in 2013. Get instant online access to your FREE report now.

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Chart Example – How to Identify High Confidence Reversal Zones

Thursday, December 20th, 2012

By Elliott Wave International

"Price gaps, wave relationships and Fibonacci retracements act as support or resistance for countertrend price moves. When combined, these characteristics help identify high-probability reversal zones."

-Jeffrey Kennedy

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Two Signs That Deflation is Far From Over

Thursday, December 20th, 2012

By Elliott Wave International

The federal government defines the Producer Price Index (PPI) as "the average change over time in the selling prices received by domestic producers for their output."

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Daily Forex Analysis – December 20, 2012

Thursday, December 20th, 2012

USDCAD Analysis.
USDCAD breaks above the upper line of the price channel on 4-hour chart, suggesting that lengthier consolidation of the downtrend from 1.0055 is underway. Range trading between 0.9824 and 0.9920 would likely be seen in a couple of days. Resistance is at 0.9920, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9700 is still possible, and a breakdown below 0.9850 could signal resumption of the downtrend.

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Daily Forex Analysis – December 19, 2012

Wednesday, December 19th, 2012

USDCAD Analysis.
USDCAD remains in downtrend from 1.0055, the price action from 0.9824 is likely consolidation of the downtrend. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall towards 0.9700 is still possible. On the upside, a clear break above the channel resistance will suggest that lengthier consolidation of the downtrend is underway, then further rally to 0.9920 area could be seen.

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