Forex Daily Podcast - Tuesday, February 21, 2006

Well we got our 30-60 pips towards a stronger USD yesterday across the major currencies, however it was slow going due to the US holiday. Either the trend towards a stronger dollar has to accelerate in the US session or we are likely in a more complex correction which would trend towards a weaker USD. A more complex correction should have movement similar to last Friday. However, the hourly charts are not so oversold to give high probability trade entries at this time. The EUR/USD dropped 1.1900 level yesterday, and currently trades at 1.1911. The GBP/USD traded in a tight range yesterday, and currently trades at 1.7447. The USD/CHF currently trades at 1.3086. The JPY ran up just shy of 119 and currently trades at 118.83. The USD/CAD currently trades at 1.1477. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading