Weekly Review 2 of August 2010



August is ahead of us, and as you must be aware of, this is usually a very quiet month for traders. Many traders use this month for vacations, many rest and prepare for the last quarter of the year, October-December.
And because of it, there is high possibility that we will not see new trends in the market and the market will be traded in a constant range. So it is much better not to try and search for long term moves, but look for short term opportunities.

The best opportunities we have this week are on the Usd|Jpy which tested the support line 86-86.20 again, and might try to create another bullish divergence. The second pair is Gbp|Cad which created a triple top on the daily chart and now creates a bearish divergence.

The Gbp|Usd is also one that should be in our list for followup as it might stop at 1.58-1.5850 level and create a serious down move from there.

Here is my weekly video report about the market, and possible trade setups:

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