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Forex Technical Update 8/17/2010 FXTimes Fan Yang, CTA The USD is in mixed trading today. The EUR/USD strengthened slightly while the GBP/USD slid, but still remains in consolidation. The USD/JPY is following our bullish count scenario so far and we will get a very important clue today. The USD/CAD is declining after testing resistance. Finally I will follow up on the EUR/GBP, which is in a strong pullback that is challenging my bearish outlook.

EUR/USD long trade based on the Non Farm news candle showing strong upward momentum: -4H strong support zone off a rising support channel. – Price has found strong support off the 61.8 retracement level on the daily chart.. – 5M chart indicating more upward momentum.

Daily analysis of the US Forex market trading session with DailyFX Currency Strategist John Kicklighter. Includes coverage of economic and financial market news, as well as an outlook for the day ahead and trading ideas.

Daily analysis of the US Forex market trading session with DailyFX Currency Strategist John Kicklighter. Includes coverage of economic and financial market news, as well as an outlook for the day ahead and trading ideas.

GBP/USD short trade based on the 4 hour closing candle: – 4H close below previous support at the 1.6290 zone. – 4H shooting star formation (almost a mini evening star) showing lack of momentum. – 1D has placed a lower high and double top, together with the 8EMA flatting off. – 1H showing a lower high and lower low, which indicates lack of buying momentum & rhythm.

A review of the week with a forecast for March 3rd – 7th.

String upward momentum shown on the daily & 4H chrats. Used 1H to gain a better entry.

EUR/USD long trade based on the 4 hour closing bullish engulfing candle: – 4H close found support at the 1.3920 zone. – 4H string bullish engulfing candle formation showing strong upward momentum. – 1D ranging and long opportunity comes at support. – 1H showing a higher high.

EUR/USD long trade based on a morning doji start candle formation. Entry made on a MACD confirmation: – Morning doji star formation on the 4H, which is a strong bullish signal. – Price found support off the 8 EMA. – A higher low has formed on the 1H. – Old resistance on the daily has now become support around 1.3550 / 1.3600

Learn how to make money trading the foreign currencies using Pivot Points