Thursday July 28, 2005 - 01:02:36 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 28th July 2005 Price:
Resistance: 1.7455 ... 1.7472 ... 1.7507 ... 1.7528
Support....: 1.7402 ... 1.7365 ... 1.7330 ... 1.7295
While 1.7365-1.7402 supports we look for continued gains towards 1.7507 and probably 1.7562-69
The 1.7330 low held well but as yet we have not seen the 1.7472 high broken. However, while 1.7402 (max 1.7365) holds we look for the rally to continue with 1.7507 providing a potential stalling point but for a correction only. Beyond this we shall look for a move up to the 1.7562-69 area at least. Next resistance is found at the 1.7616 corrective high.
Failure to breach the 1.7330 low tends to argue against a bearish stance. However, until the 1.7472 level is broken there does remain a small risk of losses moving down below 1.7365 and towards 1.7295 at least. Next support is then at 1.7253-70.
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.
28th July 2005
With the 1.7330 Wave b low holding intact yesterday we feel more comfortable with the bullish view but we do require a break above the 1.7472 Wave a high and feel that this should spurn a move to the 1.7528 (where Wave c = 138.2% of Wave a) and probably the 1.7562 level (where Wave c = 161.8% of Wave a). From here we need observe furtuher development.
(c) FX-Strategy Inc 2005
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