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August 24, 2011 Forex Signals

The Forex markets have come to a virtual standstill this week as traders keep their powder dry ahead of Bernanke’s speech on Friday. Established intraday support and resistance levels seem to be holding as traders appear reluctant to buy strength or sell weakness until they receive solid guidance from the Fed Chairman later in the week. While waiting for the Forex markets to make their moves, the key appears to avoid the trap of buying or selling breakouts. Without substantial size behind such moves, this strategy is likely to fail over the short-run.

The Greenback has pared some of its recent losses overnight as bets continue to swing as to the content of Bernanke’s speech and US Durable Goods Orders came in considerably better than expected. This particular monthly release is a leading indicator towards the health of the manufacturing sector, and thus many people’s fears of a recession have been relieved. Also contributing to the ease is a rally back in the shares of Bank of America, and with banking jitters being eased, so did the pressure on the US Dollar. The Euro however, has held up remarkably well in the face of further disappointing data, as both German and Belgium Business Climates came in with less than desirable figures. New Industrial Orders also posted a drop although for the most part the Euro managed to hold above 1.4400. We open this morning with the Euro trading at 1.4415 and the Japanese Yen at 76.95.

Now, on to our open positions and new trades. Lets take a look at the specifics:

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