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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.

Aug_10_ 08.jpgAUDUSD_Aug_10_ 08.jpgEURJPY_Aug_10_ 08USDCHF_Aug_10_ 08GBPUSD_Aug_10_ 08EURUSD_Aug_10_ 08
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.


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