Forex Market Insight 10 August 2011

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 EUR/USD

GBP/USD

USD/JPY

The USD/JPY has been hit by the ongoing weakness sin the USD and this has caused the dollar-yen to head back to the lowsThe market will continue to favour the downside by selling the pair on any signs of strength.

The GBP/USD’s megaphone pattern continues to dominate the price action. We’ve seen the pair bounce strongly from around1.6200 and this should set up a move to 1.6500.

The Euro has moved back to the top of the range and the market will now be watching carefully for a break above 1.4400. break of 1.4400 will be seen as buyable and will change the market sentiment to bullish. Until then, traders will be trying twork the downside under 1.4400.

Resistance

1.4400

Support

1.4130Market Sentiment

Bearish (below 1.4400)

Resistance

1.6500

Support

1.6200Market Sentiment

Bullish

Resistance

78.00

Support

76.70Market Sentiment

Bearish

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 AUD/JPY

OIL

Economic Calendar

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F/Cast Last F/Cast Last

»  JPY: Tertiary Industry 1.1% 0.9% »  GBP: BoE Gov King Speaks

»  AUD: Westpac Consumer -8.3% »  BoE Inflation Report

»  CNY: Trade Balance 27.3b 22.3b »  USD: Wholesale Inventories 0.9% 1.8%

»  EUR: German CPI 0.4% 0.4% » »  » » 

Crude pushed back to 83.00 overnight and the market used this move to enter new short positions. Traders will remain

focused on the downside and will be looking to take short son a move back to 83.00 or a break below 80.00.

The AUD/JPY has moved back to 80.00 and traders will be looking at this move as a selling opportunity. Any reversal fromthis level sets up a move back to 78.50.

Resistance

83.00Support

80.00Market Sentiment

Bearish

Resistance

80.00Support

78.50Market Sentiment

Bearish