In This Issue:

EURUSD: Switches Focus To The 1.4446 Level - With a reversal of most of its losses off the 1.4444 level, its Aug 03’09 high seen the past week, risk for more upside gains targeting that level continues to be envisaged.

GBPUSD: Closes Slightly Higher, Holds Below Broken MT Rising Trendline - Although a halt in price saw the pair turning slightly higher off the 1.6273 level to close at 1.6501 the past week, it continues to trade below its broken MT rising trendlinesupport.


EURUSD

EURUSD

EURUSD: Switches Focus To The 1.4446 Level

EURUSD - With a reversal of most of its losses off the 1.4444 level, its Aug 03’09 high seen the past week, risk for more upside gains targeting that level continues to be envisaged. Beyond that level will put the pair in position to head further higher towards the 1.4719 level, its Dec 18’08 high and possibly higher towards the 1.4875 level, representing its Sept 21’09 high. Both its weekly and daily RSI have turned higher suggesting further upside strength. Immediate support lies at the 1.4326 level, its Aug 13’09 high ahead of the 1.4044 level, marking its Aug 17’09 low with a turn below there creating further downside pressure towards its MT rising trendlineat 1.3968. Decisively invalidating that level will mean additional losses towards the 1.3747 level, its Jun 16’09 low. On the whole, having reversed almost all of its declines off the 1.4446 level, EUR now looks to target further higher level prices and possibly resume its MT uptrend.


GBPUSD

GBPUSD

GBPUSD: Closes Slightly Higher, Holds Below Broken MT Rising Trendline.

GBPUSD - Although a halt in price saw the pair turning slightly higher off the 1.6273 level to close at 1.6501 the past week, it continues to trade below its broken MT rising trendlinesupport.
Un less we see a climb back above the mentioned trendline, risk remains lower and leaves the pair targeting lower level prices towards the 1.6196 level, its weekly emafollowed by the 1.6034 level, its July 13’09 low and then its July 08’09 low at 1.5984. Its weekly RSI remains supportive of this view. To the topside, halting its current weakness will pave the way for a challenge initially on the 1.6742 level, its July 30’09 high with a turn above there exposing the 1.7000 level ahead of the 1.7041 level, its Aug 05’09 high. Beyond there will invalidate and resume its medium term uptrend towards the 1.7100 level and subsequently the 1.7200 level. On the whole, although its broader medium term trend still remains higher, nearer term declines triggered off the 1.7041 level remains in force.