In This Issue:

EURUSD: MT Rising TrendlinePuts Outlook To The Upside - Although a back off higher prices was seen the past week after EUR torched a high of 1.4405, while it continues to

GBPUSD: Continues to Weaken, Targets The 1.5982 Level - Having wiped out its previous week gains following its collapse off 1.6542 the past week,


EURUSD

EURUSD

EURUSD: MT Rising TrendlinePuts Outlook To The Upside

EURUSD - Although a back off higher prices was seen the past week after EUR torched a high of 1.4405, while it continues to hold above its MT rising trendlineodds for more upside gains remain. This view still puts the 1.4444 level, its Aug 03’09 high under pressure where a break higher through there will clear the way for a run at the 1.4719 level, its Dec 18’08 high and possibly higher towards the 1.4875 level, representing its Sept 21’09 high. However, if its mentioned hesitation , we could see the turning back down towards the 1.4044 level, marking its Aug 17’09 low which coincides with its rising trendlinewhere a cap is expected. Decisively invalidating that level will mean additional losses towards the 1.3747 level, its Jun 16’09 low. On the whole, although hesitating, EUR still biased to the upside while maintaining above its MT rising trendline.


GBPUSD

GBPUSD

GBPUSD: Continues to Weaken, Targets The 1.5982 Level.

GBPUSD - Having wiped out its previous week gains following its collapse off 1.6542 the past week, GBP remains vulnerable to the downside. This development now exposes the 1.5982 level, which marks its July 08’09 low with a break and close below there turning focus to the 1.6742 level, its July 30’09 high. Its weekly stochasticswhich is now bearish and trending lower is supportive of this view. To the topside, halting its current weakness will pave the way for a challenge firstly on the 1.6622 level, its Aug 16’09 high and then the 1.6742 level, its July 30’09 high with a loss of there targeting the 1.7000 level ahead of the 1.7041 level, its Aug 05’09 high. Beyond the latter 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 progress.