Friday August 19, 2005 - 01:10:52 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 19th August 2005 Price:
Resistance: 1.7961 ... 1.7986 ... 1.8002 ... 1.8020
Support....: 1.7913 ... 1.7894 ... 1.7846 ... 1.7820
While price remains below 1.7986-00 we look for losses to 1.7780-1.7820
At least we have seen the expected break lower and there should be more. Thus only a direct move above 1.7965 and 1.7981-86 would cause a reversal higher towards 1.8020-44 and possibly back to 1.8075. Further resistance lies at 1.8115-35.
We were delighted to see the anticipated break lower at least which reach the first target at 1.7910-13. While 1.7965-86 caps (but we feel the downside has already begun) we look for further losses that should move down to 1.7820 at least and possibly as deep at 1.7780. However, in ths broad area we shall expect a pullback. Thus only below 1.7760-80 would allow losses to extend further to 1.7723.
Elliott Wave Comments:
19th August 2005
We have had to be patient in waiting for the break lower but this occurred yesterday and we feel that the move has consisted of a Wave -i- to 1.8054 and an expanded triangle Wave -ii- that ended at the 1.8090 resistance identified yesterday with Wave -iii- at 1.7913. There has been a brief pullback in Wave -iv- (expected since Wave -ii- was complex) and thus we look for a minimum move to 1.7820 and possibly as deep at 1.7780 being 61.8% - 76.4% projections in Wave -v-.
(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.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."