Monday July 23, 2007 - 04:13:39 GMT
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Daily Analysis for AUDUSD
Resistance: 0.8814 ... 0.8837 ... 0.8857 ... 0.8883
Support: 0.8788 ... 0.8760 ... 0.8733 ... 0.8702
Bias: Slightly mixed but while 0.8833-38 caps I favor a move lower to 0.8702-33 at least
Daily Bullish: Gains continued to 0.8833 and I see resistance in the 0.8833-38 area which I feel will hold for the moment. Thus a more bullish stance will require a break above 0.8838 and if seen would extend the upside further to 0.8883 which should stall the gains again.
MT Bullish: We have seen minor break of 0.8829 and I still feel this area around 0.8833-38 will cap for now. Thus only above extends to 0.8883 and then weâ€™d need a break there to maintain momentum for 0.8960 at least. (July 23rd)
Daily Bearish: Although we saw a small extension above 0.8829 I feel a short term high may well be in place. At the most I feel the 0.8838 level should cap. From where we are now I think there is more downside risk. A move below 0.8788 would extend to 0.8760-64 where we need be cautious as this could support for further sideways consolidation. Breach would see losses move down to 0.8733 and probably 0.8671-0.8702.
MT Bearish: While 0.8833-38 caps I feel there is risk of a pullback. Watch support at 0.7671 and then below there at 0.8634, 0.8594 and maximum 0.8537. (July 23rd)
ELLIOTT WAVE COMMENTS
I feel the Wave â€“iii- peak may well have been seen at 0.8833 and this would imply a minimum 38.2% pullback at 0.8650 and probably a 50% which lies at 0.8594. Also note a 58.6% pullback at 0.8537 though I doubt weâ€™ll see this.
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