The “Flight to Safety” continues in Forex markets as investors used Friday’s Asian and early Euro sessions buy the Dollar and Yen once again. As markets around the world seem to be setting record lows with each new passing day of trading, we will continue to trade with the risk aversion and cautiously short the carry and commodities.

AUDJPY - The AUDJPY has seen perhaps the most severe losses over the course of the past month of any of the carry trade. Dropping over 2000 pips, the slowing Aussie has fueled the carry sell off fire. The selling shows no sign of letting up and shorting any significant rally at this point could yield hundreds of pips.

EURUSD – Consolidating over the past 5 days, the EURUSD is primed for more losses as uncertainty hangs over the EU and their lack of intervention. We will look to sell a break of the bottom or a bounce of the top of the 1.3450-1.3850 range

GBPUSD – The Sterling has again been on a steady decline over the past couple of weeks. Looking very similar to a sell-off trend that a commodity pair would normally make, GBP weakness and risk aversion will probably drive this pair passed 1.50 in 2009. In the near term, we are looking at 1.66 to be significant support (61.8% of 06/01-11/07) and will look to sell to that mark and heavily short a break.

USDJPY – There are rumblings of the Japanese looking to begin to intervene as the Yen strengthens, but a move toward testing the March 16th lows at 95.73 should happen before then. Look for the weekend gap to perhaps even push past the lows if Friday sees another heavy sell-off.

_________________________
John Rowa
Executive Director of Trading
Toll Free: 1-888-355-3855
Tel: +1 951 823 0686
Fax: +1 951 823 0687
JRowa@IntegrityFX.com
www.IntegrityFX.com

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