Friday November 24, 2006 - 05:46:24 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for AUDUSD
Resistance: 0.7763 ... 0.7775 ... 0.7791 ... 0.7824
Support: 0.7730 ... 0.7713 ... 0.7692 ... 0.7671
Mixed â€“ waiting for breaks though tend to favor the downside
Gains seen as expected but these have marginally broken above the 0.7755 target. We note resistance at 0.7766-91 and while this holds we can still see a correction lower. Thus only a direct break above 0.7791 would extend the upside to 0.7824 which should hold if seen. Next resistance is at 0.7857-87.
We have reached the next target area at 0.7766-91 and only above here would avoid an immediate extension to 0.7824 and possibly 0.7857. (November 24th)
Daily Bearish: With the gains to the 0.7763 high we are at risk of a pullback. However we require a dip below 0.7730 but even then at most we expect the 0.7713 level to support. Thus a stronger bearish stance will require a breach of this lower area which would then extend losses to 0.7671-92.
The downside looks complete and thus we can only consider a more bearish stance on a break of the 0.7614 low but even then there is support at 0.7560-90 that needs to break to trigger losses. (November 20th)
ELLIOTT WAVE COMMENTS
We want to be bullish but this does need a break above the 0.7720 larger potential expanded flat from 0.7642. If this happens then look for follow-through to 0.7755 else a break below 0.7670-90 would trigger a loss back to the 0.7642 area again.
Gains seen towards the recent high at 0.7766 and we feel this was the end of Wave iii but also note a 223.6% projection at 0.7824 and a 261.8% projection at 0.7857.
Until then we could see a Wave iv pullback to the 0.7692-0.7713 area.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."