Thursday September 29, 2005 - 00:34:36 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 29th September 2005 Price:
Resistance: 1.7686 ... 1.7717 ... 1.7735 ... 1.7750
Support....: 1.7635 ... 1.7603 ... 1.7580 ... 1.7540
A little mixed although while 1.7717-30 caps there remains risk of a drop to 1.7520-30
Additional losses to 1.7603 but a recovery being seen. However, for this to extend higher we require a move above the 1.7717-30 area. If this is seen then expect follow-through to 1.7750 and up to the 1.7810-20 Fibonacci & pivot resistance. This could hold on first attempt. Any breach would extend gains to 1.7875.
A dip was seen to 1.7603 but then reversal and this does leave us a little mixed. However, while 1.7717-30 caps we do still see risk of losses extending below 1.7603 and down to 1.7580 and probably the 1.7520-30 area. Care as this could hold. Only below sees follow-through to 1.7499 at least.
Elliott Wave Comments:
28th September 2005
Price has moved below the 1.7678-93 and does give strength the the downward scenario. We have adjusted the wave structure and this does show a more bearish count. This will suggest a move down to 1.7535-80 at least being the new Wave -iii- which is derived by projections of Wave (i). It may be a better idea to hold back for the moment.
29th September 2005
We can't say that yesterday's developments really clarified the structure but we could count this as an expanded flat from 1.7637 with yesterday's low at 1.7603 being the extended Wave b. Thus a return to 1.7717-30 cannot be ruled out but while this level caps we need accept risk of losses down to the 1.7520-40 area at least where Wave -iii- is a 238.2% projection of Wave -i- and Wave -c- is 176.4% of Wave -a-.
(c) FX-Strategy Inc 2005
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