Friday July 30, 2004 - 01:44:23 GMT
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Forex: Daily Forecast for the British Pound vs U.S. Dollar 30th JulyPrice 1.8165
Resistance: 1.8190 ... 1.8205 ... 1.8240 ... 1.8260
Support....: 1.8135 ... 1.8105 ... 1.8080 ... 1.8040
Mixed - waiting for breaks
Break of 1.8150 has forced us to re-evaluate the decline from 1.8768. The Fibonacci relationships are a little vague but we did finally see a move that would imply an end to the decline at 1.8080 which we saw yesterday. If this is correct, then we would look for support at 1.8105-40 to support and allow a retest of the 1.8205 peak to take price up to 1.8260. However, if seen this should hold on the day.
Price reached a low of 1.8080 yesterday and this, along with support between 1.8105-40 is key to any downside. Any break below the 1.8105 level would once again test the 1.8080 low and breach would imply losses trhough to 1.8010 before higher.
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 30th 2004
Break of 1.8150 forces us to re-evaluate the wave structure lower. The 1.8080 area is implied by the extension of Wave -i- and within the Wave c decline from 1.8445. However, it may be wise to allow for a test of the Wave (B) low at 1.8011. Following this we look for recovery in Wave -iv-.
(c) FX-Strategy Inc 2004
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