Thursday June 9, 2005 - 00:46:29 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 9th June 2005 Price:
Resistance: 1.8273 ... 1.8311 ... 1.8332 ... 1.8358
Support....: 1.8202 ... 1.8170 ... 1.8151 ... 1.8121
Watch resistance at 1.8311-32 which should cap while further losses are possible
The rally stalled at 1.8401 - below our target and has moved quite strongly lower. However, until the 1.8200 area breaks we cannot say that the larger correction is likely to have completed. There is resistance at 1.8311-32 and we feel this should hold. Thus, only above 1.8335 would cause price to rally once again back to 1.8401 and probably higher to 1.8431 and 1.8485.
The move lower from 1.8401 does have indication that the downside has resumed but we do require a break of the 1.8200 area to confirm further losses. There is resistance at 1.8311-32 that should hold while the downside is still vulnerable. Break of 1.8200 would suggest follow-through to 1.8121-51 though we have to exercise care here. Further support is at 1.8074-95.
Elliott Wave Comments:
9th June 2005
We have found the recent price development quite unclear and the wave count shown is tentative. 1.8200 is the area of the last Wave -b- and therefore needs to break to raise the risk that further downside is possible. Even then we look at the 76.4% & 85.6% retracement levels at 1.8121-50 as supportive within a larger sideways correction. Loss of this area is preferred to raise thr isk of Wave [v] being seen but we note the daily 161.8% Wave (c) target at 1.8030 with 1.7964 representing a 38.2% projection in Wave [v].
(c) FX-Strategy Inc 2005
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."