Sunday March 13, 2005 - 14:43:02 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 14th March 2005 Price:
Resistance: 1.9250 ... 1.9279 ... 1.9303 ... 1.9325
Support....: 1.9195 ... 1.9162 ... 1.9136 ... 1.9113
We look for 1.9195 to support and for gains to be seen to 1.9303 and then 1.9369
Reversal higher from 1.9162 suggests more gains are possible. Initial support is at 1.9195 and we require this to hold and cause a move back above 1.9250 to cause a move to 1.9303 which could cause a pullback. However, we would expect this to be quite shallow and for a move up to the 1.9369 area before a second pullback. Only above 1.9369 would cause follow-through to 1.9420.
No break below 1.9162 and it would appear that we need to put a bearish stance put on hold. Thus only directly below 1.9195 would cause follow through to 1.9136 and probably down through 1.9113 to the 1.9049 corrective low once again.
Elliott Wave Comments:
14th March 2005
With the sharp reversal higher we are forced to re-evaluate the wave count and now consider the main move to be higher.Wave -iii- has a target at 1.9369 and after a Wave -iv- we would look for the gains reaching 1.9380-1.9420 area.
(c) Fx-Strategy Inc 2005
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