ForexPros Daily Analysis August 23, 2011

Free webinar on ForexPros - US Dollar index and world markets.

Expert: Alexander Shelupinin

Start: Sun, Aug 28, 2011, 09:00 EDT
End: Sun, Aug 28, 2011, 10:00 EDT

US Dollar index structure and place of trading, correlation between USDX and currencies pairs, stock market, commodity market and derivatives.

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Euro in Wedge. Pound in Longs. Yen Edging Lower


On the daily, the euro is between its short at 1.4388, with a target at 1.4334 and a long at 1.4288, with a target at 1.4629. Looking at the chart, the euro looks like to be in a wedge. Daily pivot is at 1.4368 may hold the euro up.


On the daily, the pound has retraced after hitting its long target at 1.6638 from the long at 1.6127. The pound is in a long, using 1.6253 as the anchor point. It has been acting as an anchor point on the way up. The 50% is at 1.6435, with a target at 1.6702. This is best seen on the 15 minute chart.


On the daily, after the yen hit a lower all time time at 75.944, it bounced back above its previous support at the previous lows at 76.3. The yen is still very much in a low setup and continues in a short from 80.925, with a target at 74.128.


Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about currency charts visit ForexPros.


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