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Candlestick Charting

Hosted by Mark de Paz of FX Instructor

Wed, Jun 3, 2009, 15:00 GMT

Knowing when the market is going to reverse or continue is one of the most critical elements to trading successfully. In this class, we will explore the CCI (Commodity Channel Index) and discover some simple yet powerful techniques for detecting exactly when a pair is likely to continue trending or reverse.

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EUR/USD Awaits Breakout

The pair has been stuck in a range through early trading, but the EUR is showing early signs of weakness.

A drop below the lows of 1.4100 would confirm a swing down and would target 1.4020 and beyond this 1.3980.

A move above 1.4180 would be needed to show signs of resuming strength. A break of this level would indicated a move to test the highs at 1.4250.

USD/JPY Flag Pattern

The pair has been moving sideways after a strong run yesterday. This has formed a flag pattern which indicates a continuation of the rise. Yet a breakout can be traded in both directions.

A break above 96.60 would provide early signals of continuation in yesterdays rise. Confirmation would come from a break above 96.80 with profit targets at 97.00 and resistance is expected at 97.20.

A push below 96.20-96.10 points to at least a partial retracement of yesterdays surge. The initial target is 95.70 with 95.40 expected to hold beyond that.

Forex Trading Analysis written by Cory Mitchell, featured by

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