Friday June 10, 2005 - 00:27:19 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 10th June 2005 Price:
Resistance: 1.8273 ... 1.8287 ... 1.8320 ... 1.8347
Support....: 1.8190 ... 1.8162 ... 1.8145 ... 1.8121
We look for a pullback towards 1.8287 & possibly 1.8314-26 before lower again
Price didn't quite reach our 1.8151 support and we feel that this may have been the limit for the current decline and look for recovery over today. Thus we look for 1.8190 to support and for gains to reach 1.8253 initially and while this should cause a pullback we would eventually expect to see 1.8287 at a minimum. However, we should also allow for a recovery as deep as 1.8314-26. Only above here would trigger further stronger gains towards 1.8401 & probably 1.8485.
We feel the loss of 1.8200 does imply further losses but these may need to wait for a recovery first. We expect this recovery to reach 1.8287 at least though we should allow for 1.8314-26. From this higher area we expect then the next move lower. Any earlier loss of 1.8140-45 would trigger direct losses to 1.8121 and should this break the move could decline to reach the next major support at 1.8030.
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
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