EURUSD: Closes On A High Wave Candle, Holds Above MT Rising Trendline.

EURUSD-While a loss of momentum at the 1.4444 level, its Aug 03'09 high saw EUR producing a shooting star candle and driving the pair to a low of 1.4085 on Wednesday, its inability to clearly hold on to those losses saw it forming a high-wave candle(signs of confusion) the past week. With that said, as long as the pair continues to hesitate above its MT rising trendlinedrawn off the 1.2456 level, EUR has its eyes on the resumption of its medium term uptrend with initial resistance located at the 1.4326 level, its Aug 13'09 high. Above there will clear the way for a run at the 1.4444 level, marking its Aug 03'09 high where a break will resume its MT uptrend towards the 1.4719 level, its Dec 18'08 high and possibly higher. On the other hand, its Aug 12'09 high will come as the next support with a turn below there pushing the pair further lower towards the 1.4006 level, its July 29'09 low. Beneath there will allow the pair to target the 1.3826 level where its MT rising trendlineis located. On the whole, with hesitation seen above its MT rising trendline, EUR could preparing to head back up.

Directional Bias:
Nearer Term -Mixed
Short Term -Mixed
Medium Term -Bullish

Performance in %:
Past Week: +0.14%
Past Month: -0.83%
Past Quarter: +5.89%
Year To Date: +1.65%

Weekly Range:
High -1.4326
Low -1.4085

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GBPUSD: Aiming At The 1.6742 Level & Beyond

GBPUSD-With continued strength seeing the pair closing higher for a third week in a row since turning off higher at the 1.6031 level in early July'09, further upside gains are expected towards its YTD high 1.6742. This strong performance remains consistent with its medium term uptrend which will be triggered on an final break and hold above the 1.6742 level putting the pair on the path to further upside gains towards the 1.7000 level, its psycho level. Above there will expose the 1.7100 level and then the 1.7200 level. This view is clearly supported by its weekly and monthly which are both bullish and pointing higher suggesting more strength. However, on a pullback from its current price levels, the 1.6584 level, its July 23'09 high will be aimed at initially and subsequently its July 22'09 low at 1.6308 followed by the 1.6034 level, its July 13'09 low with a turn below the latter bringing declines towards its July 08'09 low at 1.5984. Its MT rising trendlinealso provides a strong upside case medium term. All in all, GBP looks to retarget the 1.6742 level and trigger its medium term uptrend as continued upside momentum remains in force.

Directional Bias:
Nearer Term -Bullish
Short Term -Bullish
Medium Term -Bullish

Performance in %:
Past Week:: +1.77%
past Month: +1.43%
Past Quarter: +14.74%
Year To Date:: +14.22%

Weekly Range:
High -1.6731
Low -1.6337

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