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Archive for May, 2013

Daily Forex Analysis – May 20, 2013

Monday, May 20th, 2013

USDCAD Analysis.
USDCAD broke above the upper line of the price channel on 4-hour chart, suggesting that the downward movement from 1.0341 (Mar 1 high) had completed at 1.0013 already. Further rise to test 1.0341 resistance would likely be seen, a break above this level will indicate that the uptrend from 0.9632 (Sep 14, 2012 low) has resumed, then then next target would be at 1.0500 area. However, as long as 1.0341 resistance holds, the rise from 1.0013 would possibly be correction of the downtrend from 1.0341, one more fall towards 0.9500 is still possible after correction.

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How to Spot Trading Opportunities — complimentary 47-page eBook

Saturday, May 18th, 2013

Free 47-Page eBook: How to Spot Trading Opportunities
Elliott Wave International has released a free 47-Page eBook, How to Spot Trading Opportunities. Created from the $129 two-volume set of the same name, it’s available free until June 3. Learn more.

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Daily Forex Analysis – May 17, 2013

Friday, May 17th, 2013

USDCAD Analysis.
USDCAD is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will indicate that the downtrend from 1.0341 (Mar 1 high) had completed at 1.0013 already, then the following upward movement could bring price to 1.0500 area. On the downside, as long as the channel resistance holds, the price action from 1.0083 is treated as consolidation of the downtrend from 1.0341, another fall towards 0.9500 could be expected after consolidation. Support is at 1.0145, a breakdown below this level could signal completion of the short term uptrend from 1.0013.

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Daily Forex Analysis – May 16, 2013

Thursday, May 16th, 2013

USDCAD Analysis.
Being contained by the resistance of the upper line of the price channel on 4-hour chart, USDCAD pulls back from 1.0219, suggesting that the upward movement from 1.0013 has completed. Now the fall from 1.0219 would possibly be resumption of the longer term downtrend from 1.0341 (Mar 1 high). Further decline could be expected, and next target would be at 1.0100 area. Resistance is now at 1.0219, only break above this level could trigger another rise to 1.0270 zone.

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Daily Forex Analysis – May 15, 2013

Wednesday, May 15th, 2013

USDJPY Analysis.
USDJPY continues its upward movement from 98.58, and the rise extends to as high as 102.42. Support is at 101.20, as long as this level holds, the uptrend could be expected to continue, and next target would be at 104.00 area. On the downside, a breakdown below 101.20 will suggest that consolidation of the uptrend is underway, then pullback to 100.00 area could be seen.

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Daily Forex Analysis – May 14, 2013

Tuesday, May 14th, 2013

GBPUSD Analysis.
GBPUSD breaks below the support of the upward trend line from 1.4831 to 1.5034, suggesting that the uptrend from 1.4831 (Mar 12 low) had completed at 1.5605 already. The pair is now in downtrend from 1.5605. Further decline would likely be seen over the next several days, and next target would be at 1.5150 area. Resistance is at 1.5450, only break above this level could trigger another rise towards 1.5800.

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Daily Forex Analysis – May 13, 2013

Monday, May 13th, 2013

GBPUSD Analysis.
GBPUSD is testing the support of the upward trend line from 1.4831 to 1.5034, a clear break below the trend line support will indicate that the uptrend from 1.4831 (Mar 12 low) had completed at 1.5605 already, then the following downward movement could being price to 1.5000 zone. On the upside, as long as the trend line support holds, the fall from 1.5605 would possibly be consolidation of the uptrend from 1.4831, one more rise towards 1.5800 is still possible after consolidation.

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Read this New Special Report before Gold and Silver Drop Further

Saturday, May 11th, 2013

As I write this post, gold is down more than 3% for the morning of Friday, May 10.

Major pullbacks like Friday’s are often followed by big bounces, but as gold and silver threaten to breach the recent April lows, many investors have an important question in mind:

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Daily Forex Analysis – May 10, 2013

Friday, May 10th, 2013

USDCAD Analysis.
USDCAD remains in downtrend from 1.0293, the price action from 1.0051 is likely consolidation of the downtrend. Resistance is now located 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 1.0000 is possible. On the upside, a clear break above the channel resistance will suggest that the downward movement from 1.0293 had completed at 1.0013 already, then further rally to 1.0200 area could be seen.

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Daily Forex Analysis – May 9, 2013

Thursday, May 9th, 2013

GBPUSD Analysis.
GBPUSD is in uptrend from 1.4831 (Mar 12 low), the fall from 1.5605 is treated as consolidation of the uptrend. Initial support is at 1.5447, and the key support is located at the upward trend line from 1.4831 to 1.5034. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.5800 is still possible after consolidation. Resistance is at 1.5605, a break above this level could signal resumption of the uptrend.

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