Tuesday July 13, 2004 - 01:02:44 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 13th July 2004 Daily Outlook
Support....: 1.8620 ... 1.8635 ... 1.8665 ... 1.8690
Resistance: 1.8585 ... 1.8565 ... 1.8535 ... 1.8505
Bearish to 1.8535 at least and we feel to 1.8450
Price reached our 1.8660-70 target perfectly and reversal from there now looks to cause a pullback at the very least. Should price reach 1.8450 watch for possible buying signals there. Only an earlier move back above 1.8620-35 would bring the bullish stance back into play for a retest of the 1.8660-70 area. Breach would allow gains to extend towards 1.8690-1.8720.
Price reversed perfectly from the 1.8660-70 target and we feel the downside is now favored. However, in the larger picture this is still a correction only and could well prove to be choppy. We see break of 1.8585 causing a move down to 1.8535 at least and on balance we feel this should extend to 1.8450-60. However, at this lower area we are cautious and feel a pullback is possible. Further support is found at 1.8390.
Elliott Wave Comments
12th July 2004
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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