Tuesday September 11, 2007 - 05:06:36 GMT
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Daily Analysis for USDCAD
||Care â€“ this is beginning to look bearish â€“ but wait for break of 1.0500|
||The break back below the 1.0554-61 area doesnâ€™t really help the bullish scenario at all. If this is to redevelop we still need a break back above 1.0541-47 and if seen it should help price back above 1.0590 towards 1.0670-1.0704. This should cap for a small correction. |
||We saw a pullback from 1.0581 which is frustrating and we still need the 1.0460-70 area to now hold to retain a bullish structure for 1.0655-76 and probably 1.0766 and then 1.0865. (10th September)|
||With the 1.0554-61 area failing to support the emphasis has returned to the downside. However, letâ€™s take this step by step, but a break below 1.0500-04 would appear bearish â€“ first for a retest of 1.0460-70 and once this breaks we should see stronger losses down to 1.0400 at least and eventually down to the 1.0319-39 area at least. Further support is found at 1.0280. |
||If we see the 1.0460 level give way we are likely to see a dip back to the 1.0339 low and at most 1.0280 which I feel will hold. (5th September)|
ELLIOTT WAVE COMMENTS
Price action has been very frustrating here, failing to sustain a break in either direction but it does look as if this stalemate should end soon.
A move back above 1.0541-47 would raise the chances that we are seeing a Wave â€“a- of Wave â€“iii- developing higher. This should easily break the Wave â€“i- at 1.0676.
However, there is still the bearish structure which is beginning to look more balanced. This would have the 1.0676 as Wave (b) and thus the decline to 1.0480 is Wave I followed by an expanded flat Wave ii to 1.0590 and thus we can then project a break below 1.0500 to a 138.2% projection at 1.0319-39.
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