Week of August 12, 2009

EURUSD’s fall from the August 8, 2009 high of 1.4446 remains active as ONLY a daily open and close above 1.4224 will complete this fall, otherwise, look for prices to continue to move lower with the July 29, 2009 low of 1.4007 as the next objective. As to the broad outlook, the rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3850 will complete this rise while the August 8, 2009 high of 1.4446 caps, as prices will then continue to move lower within a 1.3481-1.3850 consolidation zone before another attempt to the upside.  For the session ahead, sell EURUSD within the 1.4112-1.4135 zone with stop loss above 1.4150 for the July 29, 2009 low of 1.4007.

GBPUSD’S fall from the August 6, 2009 high of 1.7042 remains active and has reached 1.6388, a few pips shy of our sited 1.6337 target. Only a daily open and close above 1.6638 will complete the corrective fall from 1.7042. For the session ahead, sell GBPUSD within the 1.6433-1.6461 zone with stop loss above 1.6481 for 1.6337 initial target.

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