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Daily Forex Analysis - July 2, 2009
USDCAD Analysis.
After breaking above 1.1636 resistance, USDCAD drops sharply from 1.1654 and breaks below the lower border of the rising price channel. Further fall to test 1.1418 key support is possible later today, a break down below this level will indicate that the uptrend from 1.0940 has completed, then next target would be at 1.1300-1.1350 [...]
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Daily Forex Analysis - July 1, 2009
AUDUSD Analysis. AUDUSD stays above the rising trend line on 4-hour chart and remains in short term uptrend from 0.7789. As long as the trend line support holds, we’d expect uptrend to continue and further rally is possible to 1.8200 zone in a couple of days. However, a clear break below [...]
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Daily Forex Analysis - June 30, 2009
USDCAD Analysis. USDCAD stays in the rising price channel on 4-hour and remains in uptrend from 1.0940. The price action in the trending range between 1.1418 and 1.1636 is treated as consolidation of uptrend. Further rise is possible to 1.1700 zone after consolidation. Initial support is at the lower border of [...]
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Daily Forex Analysis - June 29, 2009
USDCAD Analysis.
USDCAD rebounds from the lower border of the rising price channel. Moving higher to test 1.1636 resistance is possible later today, a break above this level will signal further rally to 1.1700 zone. Near term support is at the lower border of the rising price channel on 4-hour chart, and the key support is [...]
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Five Fatal Flaws of Trading
By Jeffrey Kennedy
Close to ninety percent of all traders lose money. The remaining ten percent somehow manage to either break even or even turn a profit ? and more importantly, do it consistently. How do they do that?
That’s an age-old question. While there is no magic formula, one of Elliott Wave International’s senior instructors Jeffrey [...]
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Daily Forex Analysis - June 26, 2009
USDJPY Analysis.
USDJPY’s rebound from 94.87 extends to 96.56 level. The following pullback could possibly be resumption of downtrend from 98.88. Deeper decline is possible to test 94.87 previous low support, a break below this level will signal further fall towards 94.00 level. Near term resistance is now at 96.56, only rise above this level will [...]
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Daily Forex Analysis - June 25, 2009
GBPUSD Analysis. GBPUSD failed to test 1.6618 resistance and is back to range trading between 1.6187 and 1.6618. Breaking out of this range is needed in a couple of days. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then the next target would [...]
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Daily Forex Analysis - June 24, 2009
AUDUSD Analysis. After breaking below 0.7827 support, AUDUSD rebounded from 0.7789 level. The pair might be forming a short term cycle bottom on 4-hour chart. Key resistance is locate at 0.8118, a break above this level will indicate that the medium term uptrend from 0.6284 has resumed, then the next target [...]
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Daily Forex Analysis - June 23, 2009
GBPUSD Analysis. Being contained by 1.6662 previous high resistance, GBPUSD consolidated in a narrow range between 1.6187 and 1.6618 for several days. Now the pair might be forming a short term cycle top at 1.6560 level on 4-hour chart. Pullback to test 1.6187 key support is in favor. A break down [...]
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Daily Forex Analysis - June 22, 2009
USDCAD Analysis. USDCAD stays in a trading range between 1.1221 and 1.1448. The price action in the trending range is treated as consolidation of uptrend from 1.0784, and further rally is still possible to 1.1550 zone after consolidation. On the other side, the pair could be forming a short term cycle [...]
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