FX Weekly Report

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USD Showing Signs of Being Highly Overbought − But move may not yet be over
Tue, Aug 12 2008, 14:34 GMT
by Pierre Charlebois
Trading Metro
The charts shown here provide ranges that are likely.






There
may very well be some new highs/lows registered this week however I would
expect the overall sentiment to start shifting later this week and into the
next month or so. That will then give way to additional USD strength.
We
saw a tremendous sell-off of every major currency against the USD these last
two weeks. Candlestick patterns should now be the focus at critical Trend-lines
and Support and Resistance. Most currency pairs will fall into consolidation or
reversal patterns over the next few weeks. Remain aware that once corrections
start, they may be somewhat volatile matching in opposite direction some of the
previous moves in the market.
So
look for continuations that should then give way to consolidations later this
week or starting next.
Cheers
and good trading.
Published on
Tue, Aug 12 2008, 14:34 GMT
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