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Quiet Week Should Pick Up With Merke's Return

Published 08/20/2012, 06:46 AM

We hopefully ought to start to see some volume return to the market this week. Relatively quiet front from the data release side but I do expect further commentary now that Merkel is back.

EUR/USD
Looking for either a breakout to the top or bottom, the closing triangle is forming relatively good support and resistance. Watch for breaks then good entry signals. If it breaks quickly check the 4-hour for entries.
GBP/USD
The pound dipped on Friday and created another interim resistance line. My thoughts are on the chart where, essentially, a break lower happens in stages. A break higher could move quickly once stops are taken out above the 50% line.
AUD/USD
Drop in the aussie in the risk off Friday routine, move possibly exaggerated due to low volumes.
USD/JPY
Following the breakout in the USD/JPY, I now expect to see a test of the next resistance level. Look for rotations lower and good entry signals to go long.

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