Tuesday July 19, 2005 - 00:33:01 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 19th July 2005 Price:
Resistance: 1.7495 ... 1.7531 ... 1.7557 ... 1.7573
Support....: 1.7453 ... 1.7412 ... 1.7382 ... 1.7360
While 1.7490-00 caps we look for losses down to 1.7382 before reversing higher
Losses were seen and we feel we still need to hold off before looking to buy into this decline. In fact we now feel that a move down below yesterday's low at 1.7453 is likely and we now have a target area around 1.7382-1.7412 - and probably the lower of these. We consider this a good buying opportunity with stops below 1.7360. Alternatively any break above 1.7500 would yield direct gains back above 1.7531 and to 1.7557 where a pullback is possible. Further resistance is at 1.7573-90.
Losses have been seen as expected but have stalled at 1.7453 thus far. However, we still retain a bearish stance and while the 1.7490-00 area caps we look for losses to resume and should breach yesterday's low to trigger losses to 1.7412 at least and we suspect to the 1.7382 level. However, we look for this lower area to contain losses. next support is at 1.7360.
Elliott Wave Comments:
19th July 2005
The structure of the decline from 1.7786 has been a little difficult to interpret. However, the nature of the declien from 1.7645 appears to have developed in three waves lower thus far with the recovery to 1.7531 being Wave iv and would imply a Wave v target around 1.7382. We also note that this level is implied by a wave equality target in Wave c where Wave b was at 1.7645. Thus we look for recovery from the 1.7382 area.
(c) FX-Strategy Inc 2005
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