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Week of August 3, 2009

EURUSD’s broad outlook remains bid as a daily open and close above 1.4238 will confirm the rise from the 2009 low of 1.2885 continues to unfold with 1.4338 followed by 1.4718 as the next objectives.  As to the short term rise from the July 29, 2009 low of 1.4007, this impulsive wave remains active as OLNY a daily open and close below 1.4194 will complete this rise while today’s Asian session high of 1.4309 caps. For the session ahead, buy EURUSD at 1.4224, stop loss below  1.4198 for 1.4338 iniial target.

GBPUSD’s broad outlook remains firm as the rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5867 will complete this rise while today’s Asian session high of 1.6776 caps.  A daily open and close above 1.6693 will confirm the rise to 1.7375 followed by 1.7516 is underway. For the session ahead, buy GBPUSD within the 1.6588-1.6659 zone for 1.7375 target.

RW-Forex Signals Plus

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