Friday April 29, 2005 - 00:00:50 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 29th April 2005 Price:
Resistance: 1.9103 ... 1.9128 ... 1.9173 ... 1.9215
Support....: 1.9044 ... 1.9012 ... 1.8987 ... 1.8947
Mixed - waiting for breaks
Yesterday's erratic movement did not help clarify the picture too much - and has mostly confused. We have a mild preference for a drift down to 1.9012 but from there we need to review. A bullish stance will require a break above yesterday's high at 1.9103 and if seen does threaten to take price higher towards 1.9128 and probably 1.9173. Further resistance lies at 1.9215.
The wave structure has become very confused and as such it will be best to wait for breaks. A bearish scenario will require a break below 1.9000-12 and if seen would allow the downside to come under pressure again with a likely dip to 1.8942-50. Watch this area as it could support.However, direct breach there would see losses continue towards 1.8880 and probably 1.8829.
Elliott Wave Comments:
28th April 2005
The sharp recovery from 1.8987 failed to allow any Wave iii target to be reached and thus we need to review the pattern. We would still like to think that the 1.9215 level provided the cap for Wave ^c but this would require the 1.9173 corrective high to remain in tact and at most the 1.9215 high.
Thus with our general Dollar bearish view we must acknowledge the risk of a larger daily triangle that would imply gains above 1.9215 anf then above 1.9323 to signal a move to the 1.9373-1.9404 area at least. However, while 1.9173-1.9215 caps and a move is seen below 1.8987 we would then look for a multiple ABC pattern lower in Wave ^d.
(c) FX-Strategy Inc 2005
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