Thursday September 27, 2007 - 03:11:34 GMT
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Daily Analysis for AUDUSD
||While the 0.8731 area supports we should see further upside pressure to 0.8792 and probably higher|
||Yesterdayâ€™s pullback was shallow and I suspect we are close to the point of resuming the move higher. We will need the 0.8731-37 area to remain supportive and then see a move above .8772 to confirm gains to 0.8792 â€“ take care this could cause a brief reaction. However, I suspect that we should see a swift move towards 0.8848 and probably 0.8861-75 where we need to be more cautious. Only cleanly above here would target the 0.8895 and probably 0.8937-52 area but this should require more time. |
||The uptrend has resumed and this should see a minimum test of 0.8792 with a more aggressive target at 0.8861-69. Overall I suspect this rally has potential for 0.8937-62. (27th September)|
||Yesterdayâ€™s correction didnâ€™t even make it to the 0.8702 pivot area and with momentum still pushing higher there isnâ€™t really any sign of an imminent pullback. There is support around 0.8731 and only below here would begin to raise the chance of a deeper pullback. If seen then look for a move down through to 0.8690-00. Care as this could cause a reversal higher. Below extends further to 0.8650-60. |
||The upside has resumed and it is difficult to see much on the downside here. We require a breach of 0.8610 to generate any short term pullback. (26th September)|
ELLIOTT WAVE COMMENTS
Direct gains have resumed. A 138.2% projection in Wave (iii) rests at 0.8962.
Within Wave (c) of Wave (iii) we have a 223.6% projection in minor Wave iii at 0.8792 and a 261.8% projection at 0.8861-69.
Thus I shall be watching these two resistance areas for a larger pullback in Wave iv ahead of a move to the 0.8962 Wave (iii) target.
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