USD/JPY: During the navigation of the 20 previous trading sessions, the pair tried to cross several times the support of 80.42 but failed.
AUD/CAD:The navigation of the last three weeks didn’t stop and is still moving between 0.9661 and 1. Due to the anemic candle appeared on 01-11-2010, the pair may not reach the resistance of the parity at all.
USD/JPY
Daily graph: http://www.real-forex.com/charts-daily/November2010/JPY_DAILY_021110.JPG
During the navigation of the 20 previous trading sessions, the pair tried to cross several times the support of 80.42 but failed. The vain breach occurred in the session of 01-11-2010 could indicate a soon reversal, creating an opportunity to go “Long”.
The identification of an increasing configuration should confirm this opportunity.
Potential trade
One-Hour graph: http://www.real-forex.com/charts-daily/November2010/JPY_1H_021110.JPG
Once the resistance of 80.8 will be crossed and broken, the required configuration should appear. Every trade has to be done carefully, therefore our analysts chose this way:
· “Limit” order on “Long” position 10 pips above the one-hour resistance mentioned earlier, meaning: 80.9.
· “Stop Loss” on the last low occurred: 80.33
· “Take profit” on the following resistance: 81.1.
AUD/CAD
Daily graph: http://www.real-forex.com/charts-daily/November2010/AUD_DAILY_021110.JPG
The navigation of the last three weeks didn’t stop and is still moving between 0.9661 and 1. Due to the anemic candle appeared on 01-11-2010, the pair may not reach the resistance of the parity at all.
The movement of the pair is very likely to change into a downtrend and even break the support. Once reached, the pair can either test the support, or cross the support and break it.
In case of simple vain breach of the support, the pair is expected to start a new uptrend until the resistance of 1, creating the opportunity to go “Long”.
If the support is crossed and broken, the navigation will stop and the current downtrend will continue, creating the opportunity to go “Short”.
We’ll keep following…
Have a profitable day!
Real-Forex team. 