Archive for July, 2009

USDCAD trades in a narrow range between 1.0749 and 1.0933

After breaking below 1.0784 previous low, USDCAD trades in a narrow range between 1.0749 and 1.0933. The price action in the trading range is more likely consolidation of downtrend form ... Read more

AUDUSD has formed a short term cycle top

AUDUSD has formed a short term cycle top at 0.8337 level on 4-hour chart. Range trading between 0.8089 and 0.8337 is expected in a couple of days. However, the fall ... Read more

GBPUSD is forming a short term cycle top at 1.6583 level

GBPUSD is forming a short term cycle top at 1.6583 level on 4-hour chart. Key support is now at 1.6381, a break below this level will confirm the cycle top, ... Read more

AUDUSD remains in uptrend from 0.7703

AUDUSD remains in uptrend from 0.7703 and the price action in the trading range between 0.8089 and 0.8221 is more likely consolidation of uptrend. As long as 0.8089 support holds, ... Read more

USDJPY rebounds from 91.73 level

Being contained by the support of the lower border of the price channel on daily chart, USDJPY rebounds from 91.73 level, and the rise from 91.73 extends to as high ... Read more

EURUSD might be forming a short term cycle top

EURUSD might be forming a short term cycle top at 1.4277 level on 4-hour chart. Key support is now located at 1.4156, a break down below this level will confirm ... Read more

USDJPY is testing the key support at 93.25

USDJPY is testing the key support at 93.25, a break below this level will indicate that a short term cycle top has been formed at 94.78 level on 4-hour chart, ... Read more

AUDUSD in moving to next short term cycle top

AUDUSD in moving to next short term cycle top on 4-hour chart. As long as 0.7960 support holds, we’d expect uptrend from 0.7703 to continue and target is to test ... Read more

GBPUSD stays in a trading range between 1.5801 and 1.6743

GBPUSD stays in a trading range between 1.5801 and 1.6743. As long as 1.5801 support holds, the price action from 1.6662 is treated as consolidation of uptrend from 1.3654, and ... Read more

USDJPY pulls back from 94.45

USDJPY pulls back from 94.45, suggesting that a short term cycle top is being formed on 4-hour chart. Deeper decline is possible to test 91.73 next week, a break below ... Read more

EURUSD breaks above 1.4072 resistance

EURUSD breaks above 1.4072 resistance and reaches as high as 1.4134 level. Further rally is still possible to test 1.4197 resistance. However, 1.4197 level will more likely be held and ... Read more

GBPUSD is moving to test 1.6379 resistance

GBPUSD is moving to test 1.6379 resistance, breaking above this level to reach the next cycle top on 4-hour chart is possible in a couple of days and target would ... Read more

USDCAD breaks below 1.1543 support

USDCAD breaks below 1.1543 support, suggesting that a short term cycle top has been formed at 1.1723 level on 4-hour chart. Deeper decline is expected to test 1.1418 medium term ... Read more

USDJPY rebounds from 91.77 level

After touching 91.80 previous low, USDJPY rebounds from 91.77 level. Further rise is possible to re-test 93.59 resistance, a break above this level will suggest that a short term cycle ... Read more

GBPUSD is in range trading between 1.5801 and 1.6743

GBPUSD is in range trading between 1.5801 and 1.6743. Moving sideways in this range is expected next week. As long as 1.5801 support holds, the price action in the trading ... Read more

AUDUSD is bottoming at 0.7722 level

AUDUSD is bottoming at 0.7722 level on 4-hour chart. Range trading between 0.7722 and 0.7950 would more likely be seen in a couple of days, and a break above 0.7950 ... Read more

AUDUSD drops sharply below 0.7789 previous low support

AUDUSD drops sharply below 0.7789 previous low support and reaches as low as 0.7722 level. The pair remains in downtrend from 0.8155. Deeper decline is still possible to 0.7650-0.7700 area. ... Read more

EURUSD drops sharply from 1.4050 level

After touching 1.4027 resistance, EURUSD drops sharply from 1.4050 level, suggesting that the pair remains in short term downtrend from 1.4197. Deeper decline is still in favor, and the next ... Read more

EURUSD breaks below 1.3889 key support

EURUSD breaks below 1.3889 key support and reaches as low as 1.3876 level, suggesting that the pair is now in short term downtrend from 1.4197. The price action in the ... Read more

GBPUSD is moving to test 1.6187 support

GBPUSD is moving to test 1.6187 support, a break below this level will signal deeper decline to 1.5950-1.6000 area. However, rebound could possibly be seen before breaking below 1.6187 level. ... Read more