Wednesday July 6, 2005 - 01:00:37 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 6th July 2005 Price:
Resistance: 1.7620 ... 1.7643 ... 1.7672 ... 1.7712
Support....: 1.7540 ... 1.7502 ... 1.7475 ... 1.7446
While 1.7643-72 caps we look for losses to 1.7446-75
Losses were seen to 1.7502 with a recovery from there. We feel there is probably a little more room left on the upside but consider this to be limited by 1.7643 and maximum 1.7672. Thus only above 1.7672 would allow gains to extend to 1.7712-20. Further resistance is found at 1.7773.
We were slightly confused by the loss to 1.7502 and recovery but this appears to be part of a stronger decline. Thus although we can see potential for the pullback to reach 1.7643 (max 1.7672) we feel the main emphasis remains lower with a drop back below 1.7540 seeing follow-through to the 1.7446-75 target area..
Elliott Wave Comments:
5th July 2005
Losses have been much stronger than expected and we have adjusted the wave count slightly to show the 1.8314 high as the completion of a triangular Wave [iv]. Indeed, the losses from there appear to have come in five waves and thus we expect a pullback with potential corrective levels at 1.7747-73 (33.33%-38.2%) and 1.7790-1.7842 (41.4%-50%). We note a potential Wave[v] target at 1.7360.
(c) FX-Strategy Inc 2005
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