Tuesday March 15, 2005 - 00:55:47 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 15th march 2005 Price:
Resistance: 1.9159 ... 1.9173 ... 1.9193 ... 1.9222
Support....: 1.9118 ... 1.9098 ... 1.9065 ... 1.9028
We look for 1.9159-73 to cap and for losses to reach the 1.9050-65 area before correcting higher
Loss of 1.9162-91 tends to suggest that the downside is now stronger. However, first move today we feel should hold above the current level around 1.9118 and should allow a pullback to the 1.9159 level at least and possibly as high as 1.9173. However, we expect this to cap and cause a move down to the 1.9050-65 area where we feel a short term buying opportunity should occur for a move back above 1.9100. Thus only a direct move back above 1.9175 would allow the recovery to extend towards 1.9222 and maximum the 1.9265-85 pivot resistance.
Loss of 1.9195 led to losses which reached 1.9098. We now look for any recovery to remain below 1.9159-73 which we feel will cap and cause a dip down to 1.9050-65. However, we cautiously feel this lower area will cause a further pullback. Thus only direct below 1.9040 would cause losses to extend down to the 1.8975 pivot support. Further support seen at 1.8920.
Elliott Wave Comments:
15th March 2005
The break back below 1.9162-95 has taken price bck just below the 1.9113 corrective low and we feel that last night's low was Wave a of Wave iii lower. Thus while a 50% retracement at 1.9173 holds the risk is lower to 1.9050 to complete Wave iii and should cause a correction in Wave iv before losses are seen to the 1.9050 low to complete Wave v and Wave -a- of Wave -iii-.
(c) FX-Strategy Inc 2005
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