Saturday, 11 April 2009
EURJPY 4 Hour Range Chart
Notice how the price moved down to the target level, albeit briefly:
Here is the latest chart:
Here is the latest chart:
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Sunday, 29 March 2009
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Sunday, 22 March 2009
EURUSD Top-Down Review
Summary
Weekly: Mixed/Bullish
Daily : Neutral/Bearish
4 Hour: Bullish
1 Hour: Bullish
Weekly Timeframe
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Price has formed a double-bottom pattern. Movements have been so fierce that fast moving averages still show price to be in a downward trend. Looking at the longer time horizon, this downward move is consistent with a deep retracement to the 78.6% fibonacci level associated with the bullish trend from 2006 to 2008. A move to the 38.2% at 1.436 will indicate bullish sentiment; a move below the 61.8% level at 1.332 will suggest a continuation of the downward trend.
Indicators are becoming bullish.
Daily Timeframe
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Price has been in a downward trend with a recent pullback to 61.8% fib level at 0.146. However, since then, price has failed to make newer lows and is now in the neuatral zone between 38.2% and 23.6% - prices 0.137 and 0.132 respectively.
4 Hour Timeframe
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Price is in an upward trend, with next target at 1.397.
1 Hour Timeframe
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Price has been in a strong uptrend and is now consolidating in a range from 1.510 to 1.374. Price has held during weakening momentum, and the indicators are starting to become more bullish.
NZDUSD Top-Down Review
Summary
Weekly: Bearish
Daily : Mixed
4 Hour: Bullish
1 Hour: Mixed
Weekly Timeframe
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Since mid-2008 price has been in a downward trend. Recently price has been retracing and it has just touched the 61.8% fibonacci retracement level at 0.563.
Daily Timeframe
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Price has been in a downward trend but has rallied strongly this month, and has just touched the 61.8% retracement level. A breach of this level would indicate a potential reversal with the expectation that price would reach at least the 78.6% retracement level at 0.5836. A downward bounce would expect to take price to at least the 38.2% level at 0.5352. Price has made an asymmetric double bottom, but there is no significant divergence with the indicators. The stochastic is over-extended.
4 Hour Timeframe
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Price has been in an upward trend and is curently forming a consolidation pattern.
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1 Hour Timeframe
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Price is in an upward trend with retracements into the 10-20 MA "buy-zone" with occasional deeper bounces at the 50MA. Price is currently facing resistance at 0.563. This would be an ideal setup for a breakout if it were not for the weakening momentum which increases the risk that the breakout will fail.
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