Sunday August 21, 2005 - 08:18:36 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 22nd August 2005 Price:
Resistance: 1.7976 ... 1.7990 ... 1.8026 ... 1.8057
Support....: 1.7937 ... 1.7913 ... 1.7889 ... 1.7846
While 1.7976-90 caps we look for a move below 1.7889 and into the 1.7800-30 target area
Losses didn't quite reach our target. However, we feel it is a little too early to get bullish and would only re-evaluate on a break back above 1.7990. If seen then look for gains to move back to 1.8057-66 which we feel should hold. Further resistance then found at 1.8108 and 1.8144.
Losses seen on Friday but these were held by 1.7889. However, we still feel the downside is more at risk and thus while 1.7976-90 caps we look for losses to resume and on a loss of 1.7937 we feel the decline can extend below 1.7889 and down into the 1.7800-30 support area which we feel should support and cause a pullback higher.
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-.
22nd August 2005
No real change in the outlook but we do expect recovery from the 1.7780-1.7820 area where there is both Fibonacci target support and also pivot support. This should form Wave -a- lower and cause a pullback higher in Wave -b- to be followed by Wave -c- which itself should form Wave (i) of Wave [a] lower in the daily Wave [v].
(c) FX-Strategy Inc 2005
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