FX Weekly Report

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More USD strength is likely but I still question the overall trend
Mon, Oct 26 2009, 04:44 GMT
by Pierre Charlebois
Trading Metro
This may be a USD bottom but I am still using caution until we see more
evidence a turn has started in earnest.
USD Index - The trend is still intact. 75.00 may prove to be the
psychological barrier however a true break has not yet occurred.

EUR/USD - I am still cautious due to the nature of the pull back from the top
of 1.5059. The shape is not what I would like to see from an Elliott Wave view.
However I have been wrong before about initial wave structures and I still see
the upside as limited. So I am about 50/50 on this pair as to whether the top is
in place.


GBP/USD - The move down from the the top on this pair is clearly impulsive.
However the structure preceding it could be evidence that it is a wave C of a
correction. What I would really like to see before calling a top is a 3 Wave
pull-back and further drop to new lows. Whereas a new high would once again put
1.70 back in the picture.

USD/JPY - Reaching overbought at this point. Direction unclear to me.

USD/CHF - Clearly the downside is limited. Whether the bottom is truly in place
or not remains to be seen.

AUD/USD - As with many pairs the upside appears limited but not guaranteed.

NZD/USD - As with the AUD/USD, a correction is overdue. Where is the top?

USD/CAD - Current trend-line could define the trend

EUR/JPY - In the bigger view I think this should top out and drop again.
Published on
Mon, Oct 26 2009, 04:52 GMT
Archive
- Which way is the trend now?
Published On Sun, Nov 15 2009, 20:56 GMT
- Dollar trying to break-out. Will this be the week?
Published On Mon, Nov 9 2009, 05:30 GMT
- Daily volatility is increasing in all markets including Forex
Published On Mon, Nov 2 2009, 01:34 GMT
- More USD strength is likely but I still question the overall trend
Published On Mon, Oct 26 2009, 04:44 GMT
- Dollar strength still not a given... But
Published On Mon, Oct 19 2009, 02:27 GMT
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