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Daily Forex Analysis – December 2, 2013

December 2nd, 2013

GBPUSD Analysis.
GBPUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.5854, and the rise extends to as high as 1.6442. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.6500 area. On the downside, a clear break below the trend line support will suggest that the uptrend from 1.5854 has completed, then the following downward movement could bring price back to 1.6000 zone.

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Daily Forex Analysis – November 29, 2013

November 29th, 2013

USDJPY Analysis.
USDJPY stays within a upward price channel on 4-hour chart, and remains in uptrend from 97.63. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.0350 area. On the downside, a clear break below the channel support will indicate that consolidation of the longer term uptrend from 96.94 is underway, then pullback to 100.50 area could be seen.

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Daily Forex Analysis – November 28, 2013

November 28th, 2013

USDCHF Analysis.
USDCHF continues its downward movement from 0.9249, and the fall extends to as low as 0.9040. Key resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8950 area. On the upside, a clear break above the trend line resistance will suggest that the downward movement from 0.9249 has completed, then the following upward move could bring price back to 0.9450 zone.

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Janet Yellen Is Close to Making History in Two Ways

November 27th, 2013

By Elliott Wave International

Janet Yellen just moved closer to her place in history when the Senate Banking Committee approved her nomination to lead the Federal Reserve. The full Senate is expected to confirm. If so, she will be the first chairwoman in the central bank’s 100 year history.

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Daily Forex Analysis – November 27, 2013

November 27th, 2013

GBPUSD Analysis.
GBPUSD stays within a upward price channel on 4-hour chart, and remains in the short term uptrend from 1.5854, the fall from 1.6240 could be treated as consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, another rise to re-test 1.6259 (Oct 1 high) resistance is still possible, a break above this level will signal resumption of the longer term uptrend from 1.4813 (Jul 9 low), then the target would be at 1.7000 area. On the downside, a clear break below the channel support will suggest that the upward movement from 1.5854 had completed at 1.6240 already, then the following downward move could bring price back to test 1.5854 support.

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Daily Forex Analysis – November 26, 2013

November 26th, 2013

GBPUSD Analysis.
Being contained by 1.6259 resistance, GBPUSD pulls back from 1.6240. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend from 1.5854 could be expected to resume, and another rise to re-test 1.6259 resistance is still possible. On the downside, a clear break below the channel support will indicate that lengthier sideways movement in a trading range between 1.5854 and 1.6259 is underway, then the following downward move could bring price back to test 1.5854 support.

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Daily Forex Analysis – November 25, 2013

November 25th, 2013

USDJPY Analysis.
USDJPY’s upward movement from 96.94 extends to as high as 101.80. Support level is now at 100.95, as long as this level holds, the uptrend could be expected to continue, and next target would be at 102.50 – 103.00 area. On the downside, a breakdown below 100.95 support will indicate that consolidation of the uptrend from 96.94 is underway, then the pair will find support around 100.50.

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Spot High-Confidence Trading Opportunities Using Moving Averages

November 23rd, 2013

By Elliott Wave International

The moving average is a technical indicator which has stood the test of time. It’s been 27 years since Robert Prechter described this vital tool in his famous essay, "What a Trader Really Needs to be Successful." What he said then remains true today:

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Daily Forex Analysis – November 22, 2013

November 22nd, 2013

USDCAD Analysis.
USDCAD breaks above 1.0525 resistance, suggesting that the uptrend from 1.0182 (Sep 19 low) has resumed. Support is now at 1.0470, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0600 area. On the downside, a breakdown below 1.0470 support will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to test 1.0397 key support could be seen to follow.

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Daily Forex Analysis – November 21, 2013

November 21st, 2013

USDCAD Analysis.
USDCAD stays in a trading range between 1.0397 and 1.0525. The price action in the range is likely consolidation of the uptrend from 1.0182 (Sep 19 low). Key support is located at the lower line of the upward price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.0700 is still possible after consolidation. On the downside, a clear break below the channel support will signal completion of the uptrend, then the following downward move could bring price to 1.3000 zone.

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