Forex Market Commentary March 29th 2011

Forex Market Commentary—Last weeks rebound on all of the JPY currency pairs continues to find new highs. The AUD/JPY has risen above the confirmation point that disqualifies what was thought to be a possible wave 3, now confirming it as a wave C. This leaves room to question wheather the other JPY pairs are also in a new five wave trend up-ward and are destined to eventually reach new confirmation highs as well. This has been a game of diminishing volume patience that can try the patience of any trader. Corrections seem to be nearing the C wave ends on the EUR and GBP/USD pairs, as well as their negative correlated USD/CHF. Continued general trending is expected, but be cautious determining the depth of the point of ruin in their corrections. CAD/USD still showing some indecision as to wheather it is near the end of a B wave of about to give us the 5 of a 5th wave. Watch for confirmations beneath and above previous highs and lows for a final determination.

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