Friday November 26, 2004 - 01:38:49 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 26th November 2004 Price: ... 1.8920
Resistance: 1.8940 ... 1.8970 ... 1.9000 ... 1.9041
Support....: 1.8895 ... 1.8865 ... 1.8830 ... 1.8786
While 1.8940-45 holds we are cautiously bearish for 1.8740-85
Price was much stronger than expected, reaching not only our higher target at 1.8890 but also the 1.8940-45 resistance. However, we feel that this should be the limit for the day and thus the greater risk is on the downside. Thus only a direct break above 1.8950 would cause further direct gains that should take price right up to the 1.9040-60 target area which we look to cap price for a larger correction lower. Any earlier test of 1.8735-75 should provide a good buying area.
Although price has moved much higher than anticipated we feel that it has reached an important resistance and thus should provoke some corrective downside today. First support is at 1.8895 and then 1.8865. Both have potential to cause a temporary pullback. However, once broken we expect price to continue lower with next support at 1.8830 and then the important 1.8786 Fibonacci support along with 1.8735.
Elliott Wave Comments:
26th November 2004
The direct follow through above 1.8890 has confirmed the alternative cound we introduced last week. We feel this now confirms a Wave [c] target between 1.9040-60 which should then be followed by a larger correction lower having completed a Wave [iii] higher from 1.7744.
(c) FX-Strategy Inc 2004
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