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  1. USDJPY breaks below the upward trend line

    by , 01-22-2013 at 10:07 PM (Free Forex Market Analysis)
    USDJPY breaks below the upward trend line on 4-hour chart, suggesting that a cycle top has been formed at 90.24 on 4-hour chart, and consolidation of the uptrend from 82.11 is underway. Range trading between 87.79 and 90.24 would likely be seen in a couple of days. As long as 87.79 support holds, the uptrend could be expected to resume after consolidation, and a break above 90.24 could signal resumption of the uptrend. On the downside, a breakdown below 87.79 support will suggest that the uptrend from 82.11 has completed at 90.24 already, then deeper decline to 86.00-87.00 area is possible.

    Daily Forex Analysis
  2. eur/gbp to collapse soon

    by , 01-22-2013 at 02:55 PM
    Euro has been rising for months against British pound. It was an expansion in the form of waves. Every bullish wave was followed by a bearish wave. However, we always saw higher highs and higher lows, which was a clear indication of an uptrend. However, the last wave up was very strong with minimum sideways action and very miserable retracements (counter trend moves). It was also fast. Just look at your daily chart to see this. The move is overextended and there has to be a correction.

    In my opinion tomorrow’s data (BOE minutes) can influence the collapse in eur/gbp and form another bearish wave. I do not rule the possibility that this bearish move can also end the uptrend in the pair. I also believe it can be very sharp. The ...
    Tags: eur/gbp, euro, pound

    by , 01-22-2013 at 02:16 AM (The Daily Forecaster)

    [B]22nd January:[/B]
    There are a lot of complications around. However, if this is a Wave ^e then it needs to develop as an ABC. From the 79.35 low we appear close to the end of a 5-wave move that should stall not too far above the 80.19 high - the 50% projection in Wave v at 80.33. This should form Wave -a- and thus trigger a correction in Wave -b- that I feel (referencing the daily chart) needs to be quite deep. Certainly, if it is a shallow correction there will be little chance of the Wave -c- stalling in the 58.6%-66.7% projection in Wave ^e between 80.44-59. Thus, this is critical and should the rally be more direct it will risk the potential for a stronger ...
    รูปขนาดเล็ก รูป    
  4. USDCAD is facing channel resistance

    by , 01-21-2013 at 09:35 PM (Free Forex Market Analysis)
    USDCAD is facing the resistance of the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the price action from 0.9824 is treated as consolidation of the downtrend from 1.0055 (Nov 16, 2012 high), and the downtrend could be expected to resume after touching the channel resistance. Support is at 0.9900, a breakdown below this level will indicate that a cycle top has been formed at 0.9946, and the downtrend from 1.0055 has resumed, then further decline towards 0.9700 could be seen. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.0055 had completed at 0.9815 already, then the following upward movement could bring price to 1.0200 zone.

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