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British Pound Finds Support Near 16000 – Objective Near 16400Tuesday, July 19, 2011 @ 9:59AM240 Minute Bars Prepared by Jamie Saettele, CMT The GBPUSD appears on the verge of breaking above its short term bearish channel. The rally from 15780 is sharp and impulsive and recent weakness held above 16000. A break above 16193 would shift focus to the 100% extension at 16418. It is worth noting that price carved out a key reversal week last week. Trend Strength (M,W,D) 0, 0, 0 Latest Video ...

Jamie’s Pick: 07/19/11Tuesday, July 19, 2011 @ 9:56AMThe bullish AUDUSD count in which the decline into 10390 completed a corrective 4th wave remains favored. The implications are for a 5th wave rally that ends above 11011. Price has held up early this week so the 2nd wave low is probably in place at 10525. Near term support is at 10650. DailyFX provides forex news on the economic reports and political events that influence the currency market ...

GBP/USD Classical Technical Report 07.19Monday, July 18, 2011 @ 11:52PMGBP/USD: We classify the latest price action as some consolidation ahead of the next major downside extension with the market now looking to establish back below the 200-Day SMA and extend declines through next key support at 1.5750 further down. In the interim, look for any rallies to be well capped ahead below 1.6250 on a daily close basis. Back under 1.6000 helps to confirm and should ...

Guest Commentary: Gold & Silver - Daily Outlook 07.18.2011Monday, July 18, 2011 @ 10:18AMGold and silver kept on rising during last week, and they continue to do so this week. Today, the US TIC long term purchases report will be published; the Australian bank will make its decision on the overnight rate.

Crude at Short Term Trendline SupportMonday, July 18, 2011 @ 10:12AMDaily Bars Prepared by Jamie Saettele, CMT The various degrees of trend in crude are at odds with another thus a larger sideways pattern is probably underway. The rally from the 2009 low is in 3 waves (which is corrective) and the 2 bull legs of the move are roughly equal. The decline however from this years high is also corrective. Price is currently testing short term trendline support ...