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Tuesday August 9, 2005 - 00:58:24 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 9th August 2005

Price: 1.7854

Resistance: 1.7870 ... 1.7900 ... 1.7915 ... 1.7940
Support....: 1.7827 ... 1.7807 ... 1.7784 ... 1.7757

Bias: With the 1.7890-95 target met we cautiously look for the downside to be more vulnerable

Bullish: Our target at 1.7890-95 has been met and we are reluctant to get bullish unless the 1.7900-15 is broken. Even if this occurs we see resistance at 1.7940-54 which needs to be broken before we look for a stronger rally above 1.8000 and to 1.8054 at least.

Bearish: With our target at 1.7890-95 met we prefer a bearish stance. However, this may take a little while longer before we see a more significant break lower. This morning we have seen a move to 1.7836. There is further support around the 1.7825-30 area and this could cause a pullback, even to retest the 1.7900 high. Below 1.7825 is required to keep the downside intact - next support around 1.7784-1.7807 and then 1.7757.



Elliott Wave Comments:

8th August 2005

The move back to 1.7713 appears to imply a flat correction in Wave b and thus we look for Wave c of Wave v to develop and continue to target the 1.7890-95 area. This should then complete Wave c from where we expect Wave x to develop.

9th August 2005

We have met the 1.7890-95 target for Wave v and this completes a Wave c that is 161.8% of Wave a. Thus we look for Wave x to begin development. This should have potential to 1.7585 (being 50% of the rally from 1.7270 to 1.7900) but we need to see a little more development from yesterday's high to provide further potential support levels.



(c) FX-Strategy Inc 2005

Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.

 

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