Forex Market Commentary March 30th 2011

EUR/UAD is consolidating in a small sub-wave 4, but should see its wave 5 before reversal to the next higher degree wave 4 or reversal. GBP/USD has already pulled back to new lows and continues to show some additional downward momentum to complete its wave C or wave 1 before before reversing to a wave 3 or wave 2. It is still possible that we have seen a termination and the beginings of a reversal pattern on the Daily and Weekly time frames. There is some indecision in the count waiting for additional confirmation.

All of the JPY currency pairs continue to rise due to the artificial monitary infusion into the Japanese economy. New highs are being reached each day. More new highs are expected as the price action enteres into a wave 3 of a wave 5 upward on all JPY pairs. other cross currency pairs are rising also, but consolidating in a subwave 4 before continuing. USD/CAD continues in a sideways stagnation of indecision.

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