1st on Forex: For Your Trading Success by 
The Loonie in the Box - 1 Day Later
CAD-USD 60 Min May 23, 2008 10:30am EDT (Click to enlarge)
The CAD-USD pair 24 hours later is still going sideways in the box. The chart above overlays the previous posted with current price at time of posting. The current range of 0.9878-0.9825is being tested to the up side with the 10 am 60 minute bar opening at the low end of 0.9834 and topping out at 0.9877 - closing near the top at 0.9872. That’s 43 pips - which is approximately the same width of the box.
Aussie Doing the 2-Step - Back up
AUD-USD 2 Hour Chart May 23 2008 10:30am EDT (Click to enlarge)
The Stair step that I posted May 21st around midnight took the step down - and in the process broke the trend channel. Price has since bottomed out at 0.9542 and is reversing to the upside. As of this posting price has exceeded the 75% retracement and stepped back up into the previous range above resistance.
Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Survey and 15 or 30 Minute Consultation.