Tuesday August 24, 2004 - 01:46:59 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the British Pound vs U.S. Dollar 24th August 2004Price 1.8070
Resistance: 1.8090 ... 1.8130 ... 1.8155 ... 1.8185
Support....: 1.8050 ... 1.8025 ... 1.8010 ... 1.7970
Lower to 1.8000-10 before recovering
Failure for price to recover above 1.8180 yesterday prompted further tests lower and we feel there is still further to go on the downside before a recovery can take place. We look for a test of the 1.8000-10 area and from here look for gains back up to 1.8080-90 st least with 1.8130 & 1.8155 providing further resistance.
The loss of 1.8130 triggered steady losses down to 1.8056 thus far and we feel there is further to go. We look for any pullback higher to remain below 1.8090 (max 1.8130) and for price to continue dipping towards 1.8000-10 where we look for a base to form. Only below here would cause further losses to 1.7970 and probably lower.
Elliott Wave Comments:
August 23rd 2004
We have mixed counts right now and are uncertain whether the 1.8463 high proved to be the Wave -b- peak or whether we are merely seeing the Wave (x) developing in a flat correction that would imply recovery from 1.8130. If there are any clues these lie in what appears to be bearish daily cycles for this week which would imply a move down to test the Wave -a- low at 1.8080 and probably the Wave (B) low at 1.8010 which represents an expanded flat correction in Wave -b-. Thus we need to assess the performance over today and tomorrow to gather more information.
(c) FX-Strategy Inc 2004
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
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."