Sunday July 11, 2004 - 12:01:24 GMT
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FOREX: Daily Forecast for the British Pound vs US Dollar 12th July 2004Price 1.8590
Support....: 1.8603 ... 1.8625 ... 1.8640 ... 1.8670
Resistance: 1.8540 ... 1.8505 ... 1.8490 ... 1.8465
Bullish to 1.8665-70 before lower
Price was flatter than expected on Friday but with support at 1.8470-85 holding we feel the upside can now be attacked with follow-through to 1.8603 initially where a temporary pullback can occur, but while support at 1.8540-60 holds we feel a move to 1.8670 is very likely. However, we look for this level to hold and generate a pullback. Further resistance is found at 1.8695-1.8705.
The 1.8480 level has held and we feel we must wait for a bearish stance. Watch the 1.8665-70 area as we consider this a likely stopping point for a larger pullback - maybe even reversal. From the 1.8665-70 level any break back below 1.8465-90 would trigger further losses. Alernatively any direct loss of 1.8465 would provoke aggressive losses down to 1.8350-75 initially but we suspect lower to 1.8270.
Elliott Wave Comments
We have provided a wave count below that implies an end to Wave [iii] higher at 1.8670 which represents a 261.8% projection of Wave [i]. We also arrive at this target by taking wave equality of Wave [a] and thus we feel that a pullback in Wave [iv] is due from the 1.8670 high. Given that Wave [ii] was quite brief we suspect that Wave [iv] could be quite prolongued and could reach a 50% retracement at 1.8390 approximately.
(c) FX-Strategy Inc 2004
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