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London Session Summary / Jan 24, 2008

Premium Market Reports by FXTechStrategy

London Session Summary / Jan 24, 2008
Thursday, January 24th, 2008 @ 9:01 am by Mihai Marinescu

We started the London session today with a look at GBPUSD and AUDUSD, both pairs were displaying bullish formations (EW / 1-2-3 on several timeframes), with other technicals on 4h and 1D giving further hints of a possible rally up. We were able to identify 2 trading setups for GBPUSD, one of which confirmed later before the cable rally. Also, we identified a bullish setup in GBPJPY just before the breakout, however got stopped out for a few pips (5m and 1m entry, with low risk). EURUSD was perfectly flat at the time. We also analyzed a possible bearish setup on USDCAD based on range breakout and 200MA resistance on 15m (target 1.0140 already hit), but we did not take the position.

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Tags: 1-2-3 Formation, EW, GBP/JPY, GBP/USD, rally
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