Forex Market Commentary March 31st 2011

All JPY currency pairs are driving higher, many above previous confirmation highs. Long positions are in order with the expectation of tempory wave 4 pauses coming soon. EUR pairs are still consolidating in sub-wave 4s preparing to rise higher in twave sub-wave 5s. GBP/USD seems to be rising in a sub-wave 5 of a C wave or a wave 3, and all other GBP pairs are breaking higher in correlation. USD/CAD has broken its support confirming that it will continue down as anticipated, but first watch for a brief pause for consolidation. USD/CHF has broken out in what appears to be a wave sub-wave 5 of a C up-ward.

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