Friday September 2, 2005 - 01:05:23 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 2nd September 2005 Price:
Resistance: 1.8325 ... 1.8350 ... 1.8364 ... 1.8389
Support....: 1.8295 ... 1.8274 ... 1.8244 ... 1.8215
While 1.8295 supports there is still risk of gains to 1.8389 but we feel this would cap if seen
Breach of 1.8108-20 triggered strong gains to the 1.8364 level. This has surprised us somewhat and left us a little unclear on the correct wave structure. However, while 1.8295 supports we do see a small risk of gains extending to the 1.8389 area but that would be the most we expect on the upside today. Further resistance is then found at 1.8409 and then 1.8500-10.
With the strong gains seen yesterday we are a little cautious. Only a direct move below 1.8290 would suggest losses could follow-through to 1.8244 at least and probably 1.8215 and 1.8175-85 but would expect this to hold. Any earlier test of 1.8364-89 would look to provide a cap and for a larger pullback from there.
Elliott Wave Comments:
2nd September 2005
The breach of 1.8108 and more importantly of 1.8175 has caused us a great deal of uncertainty. We therefore label the 1.7817 low as Wave -x- and need observe price action to judge the correct upward structure.
(c) FX-Strategy Inc 2005
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