Forex Market Commentary April 13th 2011

Forex Market Commentary—Diverging from the GBP/USD which sold off, the EUR/USD rose overnight to surpass its recent high in an appearant sub-wave 5 of a wave 3 of a 3. There should be a higher degree wave 4 retracement of a wave 3 coming at the conclusion of this latest continuation of the EUR/USD up-trend. All of the JPY Pairs are retracing in a probably wave 4 after a long extended wave 3, but which should be temporary, as the genearl up-trend is expected to resume soon. USD and USD/CAD sre continuing down trends as expected. AUD/USD and correlated NZD/USD appear to be in a wave B of the latest temporary correction.

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