Wednesday April 18, 2007 - 04:22:58 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for AUDUSDPrice:
Resistance: 0.8384 ... 0.8404 ... 0.8426 ... 0.8463
Support: 0.8350 ... 0.8334 ... 0.8305 ... 0.8265
We now need the 0.8384 high to remain intact to see losses through to 0.8300-10 initially
The break back above 0.8330-34 saw breach of the 0.8357 high and follow-through to the next target at 0.8385. We like to think this should form a high. Thus only a break above 0.8385 would imply a much more bullish structure that would then provoke additional gains through 0.8404 and 0.8426 with the next larger resistance at 0.8463.
We feel the 0.8357 high was probably the peak we have been looking for. However, only above 0.8385 would extend gains further towards 0.8463. (April 16th)
We have had to concede to a test of the higher target at 0.8385 but feel this stands a good chance of capping. To confirm losses we require a break back below the 0.8350-55 pivot area. Wait for this and once seen it should extend the downside back to yesterdayâ€™s 0.8300-12 lows. This should provide a small pullback. A break below extends to 0.8265.
While we have had to concede to a test of the higher target at 0.8385 while this caps we feel the downside should develop. Below the 0.8300-10 area would extend to 0.8265 and then to 0.8200 & 0.8150. (April 18th)
ELLIOTT WAVE COMMENTS
In the end the Wave â€“v- extended to the 76.4% projection at 0.8385. We like to think this will hold but must be cautious with the upward momentum still very strong and the Wave â€“iv- not really having developed as deeply as one would normally expect.
Thus we shall watch this and require a break back below the 0.8300-10 minor Wave iv corrective lows to confirm a deeper pullback.
If we see a clean break above 0.8385 then we will have to allow for continued gains though we shall need to reconsider the daily structure to establish targets.
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."