Friday March 23, 2007 - 05:14:48 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for USDCADPrice:
Resistance: 1.1600 ... 1.1627 ... 1.1657 ... 1.1679
Support: 1.1554 ... 1.1527 ... 1.1503 ... 1.1460
We still prefer a scenario looking for 1.1627 (max 1.1657) to cap before additional losses
Gains were gradual yesterday stalling at 1.1591. We tend to feel there is still some upside left and while 1.1554-60 supports it should allow further gains to 1.1627 at least. In fact we prefer this level as the corrective peak but should allow for a fuller correction at 1.1657. Thus a more bullish picture will require a move above 1.1657 and also 1.1679 and if seen then it will allow gains to extend to 1.1711 and possibly 1.1755.
The break down to 1.1527 provides a more bearish target. Thus only a break back above 1.1657-80 would provide an earlier reversal higher. (March 22nd)
We are comfortable with the gains but still feel we should see more towards 1.1627 (max 1.1657). From this higher area we shall look for additional losses below 1.1527. Only an earlier break below 1.1554 would threaten the 1.1527 low and possibly down to 1.1503-13 which at this point we feel will hold. Breach causes direct losses to 1.1445-60.
We still look for 1.1627-57 to cap for the next leg lower to 1.1394 and possibly as deep as the 1.1320 level. (March 23rd)
ELLIOTT WAVE CHART
We are a little more confident in calling the 1.1527 low as Wave â€“iii- being a 176.4% projection. The 38.2% correction in Wave â€“iv- rests at 1.1627 and 50% at 1.1657. We favor this area holding and given the depth of the Wave â€“ii- we feel that 1.1627 should be the most we see to allow Wave â€“v- to continue lower.
We note two potential targets in Wave C â€“ the first at 1.1394 being a 138.2% projection and our favored target at 1.1320 being a 161.8% projection.
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."