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Wednesday, July 27, 2011

EUR/USD; Gold; Crude Oil - All moving higher

EUR/USD is headed for resistance in the 145.71 - 145.77 area. The MACD indicator is not that "friendly" but take a look at my proprietary indicator, which is making new highs and calling for a continuation higher. I'm still looking for a wave 3 top near the 146.96 - 147.28 zone.


Gold - Wave (iv) drag out longer than first expected, and I have move the end of wave (iv) a little to the right, but the outcome should still be the same. A move higher towards target at 1,636. Is Gold an all out sell at that point? No not necessarily, much will depend on how Gold react after hitting the target. Any break below 1,609 should cause caution and any break below 1,581 should cause concern for the top being in place.


Crude Oil - Still not much to add here. The weird spike down to 97.89 yesterday, doesn't clear the picture in any way. If anything I would count it as wave (ii) and we should now be in wave (iii) of C higher towards 102.50.

No break below 97.89 can be allowed at this point.

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