Thursday December 14, 2006 - 05:40:52 GMT
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Daily Analysis for AUDUSD
Resistance: 0.7867 ... 0.7897 ... 0.7925 ... 0.7957
Support: 0.7827 ... 0.7811 ... 0.7784 ... 0.7765
While 0.7834-42 supports we look for the upside to move up to 0.7893-01 & probably 0.7921-29
Loss of 0.7870 allowed the downside to move to 0.7842 and it looks like this formed a low though we should allow for 0.7834. From this area we anticipate a move back higher above the 0.7869 high seen this morning and to 0.7893-01 and quite possibly as far as the 0.7921-29 peak.
The larger losses disappointed but we still tentatively call for a move higher but need to clear 0.7900-29. Once this occurs we shall expect gains to 0.8036 at least. (December 11th)
The move below 0.7870-73 saw a decline towards the anticipated support at 0.7834 but has held at 0.7842 thus far. We feel this area will support. Thus only below 0.7834 would cause a further test on the 0.7811 low and would appear to favor a breach and extension to 0.7760-70.
We now watch the 0.7790-0.7811 area â€“ breach would cause a stronger decline towards 0.7734 and 0.7688. (December 14th)
ELLIOTT WAVE COMMENTS
It looks like Wave i has stalled at 0.7893 with the drop to 0.7834-42 being Wave ii. (being a 61.8% retracement and prior Wave b respectively.) While this area holds we look for Wave iii to develop higher which should move higher towards the 0.7929 high and then to 0.7957-77 at least.
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