Thursday July 29, 2004 - 01:27:03 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily forecast for the British Pound vs U.S. Dollar 29th July 2004Price 1.8245
Resistance: 1.8250 ... 1.8270 ... 1.8285 ... 1.8315
Support....: 1.8210 ... 1.8185 ... 1.8150 ... 1.8130
Mixed - waiting for breaks
Price met target perfectly at 1.8150 and suggests that the upside is at risk. This will require a break above 1.8250-75 and then the pivot resistance at 1.8310-20. Only once above these area would we feel that further strength is confirmed and should generate follow-through to 1.8345 & 1.8385 at least. Further resistance is found at the 1.8445 corrective high.
With the downward wave structure holding perfectly with the test at 1.8150 we have to be somewhat cautious about the downside. Only should 1.8270 and then 1.8320 holds would we feel there was any chance of a break below 1.8150 If seen we would then expect quite strong losses. First support is at 1.8115 but we would suspect losses down to 1.8010-30.
Elliott Wave Comments
July 26th 2004
We have identified what we feel is a five wave decline in which we are completing Wave a of Wave v. We feel this will reach an ideal target of 1.8215 before the decline can see a larger correction higher can take place. We will label the Wave v as the end of Wave [a] lower to be followed by a wave [b] which should reach the 1.8490 area and later to 1.8545-90.
July 28th 2004
With the 1.8215 level broken we concentrate on the next fibonacci projection at 1.8155 with shorter term wave strcutures also suggesting 1.8130 may be possible. Indeed, with the prior Wave [ii] in this area this is quite possible.
(c) FX-Strategy Inc 2004
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