Wednesday July 27, 2005 - 00:12:52 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 27th July 2005 Price:
Resistance: 1.7393 ... 1.7425 ... 1.7458 ... 1.7493
Support....: 1.7357 ... 1.7330 ... 1.7311 ... 1.7270
While 1.7330-60 supports we feel gains are more likely today
We were slightly disappointed with the extent of yesterday's slippage but this has still to break below 1.7330 to reverse our underlying bullish stance. Thus while 1.7330-57 supports we continue to prefer a bullish view today. A break above 1.7425 will assist with next resistance at 1.7450-60 and then 1.7490-1.7507. We feel this higher area should hold on the day and cause a pullback. Thus a stronger bullish stance is only valid on a break above 1.7507 which would then cause gains to extend to 1.7549.
Yesterday's decline was slightly deeper than anticipated but we cautiously feel that the 1.7330-57 area should stall this decline. Thus a stronger bearish stance will require a break of the 1.7330 corrective low and if seen would trigger follow-through to 1.7311 at least and we suspect the 1.7253-70 area. Next support is at 1.7222-33.
Elliott Wave Comments:
25th July 2005
We have taken note of the weekly & daily cyclic pictures which are clearly bullish for a few weeks. Given the strength of the downward weekly cycles it should imply limited gains. Thus we have made some changes and look at the 1.7270 low as the end of Daily Wave [iii] and this should translate into gains over the coming weeks. This should easily return to the 1.7756-86 area once again and eventually a little higher. For now we feel that we are seeing a complex consolidation from where we will look for a break higher again.
(c) FX-Strategy Inc 2005
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