Tuesday December 5, 2006 - 04:54:28 GMT
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Daily Analysis for AUDUSD
Resistance: 0.7905 ... 0.7921 ... 0.7949 ... 0.7967
Support....: 0.7875 ... 0.7847 ... 0.7823 ... 0.7795
We remain cautiously bearish for a test of 0.7818-26
Losses seen but these were quite shallow stalling at 0.7847. Overall we still feel there should be a little more seen on the downside to 0.7818-26 where we need observe the reaction. A bounce would bring a retest of the 0.7921 once again. Any earlier move above 0.7905 would imply a direct retest of 0.7921 and probable follow-through to 0.7949 where we need be cautious as this may hold. Next resistance is found at 0.7967.
Strength seen to 0.7921 but while 0.7818-23 (max 0.7762) supports we still see the main move as higher to 0.8036 and possibly 0.8143. (December 4th)
Losses stalled just above the 0.7844 support but we note that the recovery has not been strong and while price remains below 0.7905 we feel a breach will be seen of yesterdayâ€™s low and allow the move to extend down to the 0.7818-26 support. Caution advised as this could support. Only below would imply a deeper pullback to the 0.7760-65 pivot support.
Above 0.7824 appears to pressure the upside. Thus only below pivot support at 0.7760 would cause a deeper pullback to 0.7700 and possibly below. (November 29th)
ELLIOTT WAVE COMMENTS
We have found the wave structure difficult to identify but with the longer picture still looking bullish we have placed the wave count as shown. If this is correct then we should see a 50% retracement in Wave b of Wave iii and this level lies at 0.7718-26. Thus we watch support at this area. If it breaks then we may have seen a key high at 0.7921.
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