Forex Market Commentary April 26th 2011

Forex Market Commentary—All JPY currency pairs are still on their wave 5 up-ward, seen best on the 4 hour time frame. EUR/USD and GBP/USD along with most other currency pairs are in a bit of a limbo phase waiting to see if they are about to complete a B wave or have begun a wave 5 already, after rather a sideways ranging correction. Beware of Bear and Bull Traps in some of these more complex corrective patterns forming. This is not a high probability trading environment until proper confirmations can be accounted for. USD/CHF and USD/CAD are in opposite correlated positions, but in the same quandary. This is a watch and wait game today until confirmations appear.

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