Friday June 24, 2005 - 01:00:26 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 24th June 2005 Price:
Resistance: 1.8177 ... 1.8201 ... 1.8236 ... 1.8256
Support....: 1.8135 ... 1.8095 ... 1.8070 ... 1.8021
Mixed - waiting for breaks
Break of 1.8160 has led to a dip to 1.8135. To generate a direct bullish scenario we need to see this hold and move back above 1.8177 & 1.8201 to trigger gains back to 1.8236 which could cause a pullback. However, we feel there may be risk of losses to 1.8060-76 first which could cause a pullback higher once again with the above resistances remaining valid.
Loss of 1.8160 has allowed minor losses and we feel these should extend towards 1.8060-76. However, at the moment we are reluctant to get any further bearish until this lower area breaks. If this occurs, then expect losses to extend down to 1.7997-1.8021 and on an aggressive move to 1.7926.
Elliott Wave Comments:
24th June 2005
Loss of 1.8163 appears to be changing the pattern slightly although we feel this is more corrective and not confirming the downtrend. A possible triangle pattern would imply a potential low around 1.8060-76 - or this could be merely Wave -b- within a larger recovery. We need watch what happens today.
(c) FX-Strategy Inc 2005
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