Monday November 19, 2007 - 05:02:00 GMT
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Daily analysis for USDCAD
||I suspect a pullback lower is now due|
||Price failed to see a break above the 0.9886 high and thus there appears to be a bias now towards the downside. It is still slightly in early stages so letâ€™s be open to a final move higher. There is support at 0.9700-05 and this needs to hold for a move to move back above 0.9772 which would allow the upside to push further towards 0.9829 and possibly the 0.9867-86 area. If seen then the final target would appear to be in the 0.9923-55 area eventually. |
||While there has been no bearish divergence I am beginning to feel the upside has either completed or has only a little further to go. Only above 0.9923-55 would see a deeper move to 0.9980-1.0020. (19th November)|
||The breach of 0.9829 Allowed losses all the way down to 0.9703 and does seem to place price under pressure. Any break below this low would appear to have potential for causing much stronger losses. If seen then look for price to follow-through lower to 0.9657 minimum but more likely the 0.9603-30 area which may well hold on first test. Further support is then found at 0.9575 and 0.9511.|
||I suspect we should see a correction and I favor to the 0.9471 and possibly 0.9373 areas. However, I do not foresee major losses. (19th November)|
ELLIOTT WAVE COMMENTS
With the lack of corrections I have had to alter the count to a more impulsive one and this generates targets in Wave v at 0.9923 (61.8%, 0.9955 (66.7%) and 1.0020 (76.4%).
Given the spike reversal higher has more than retraced the final decline in Wave â€“v- we should be seeing a correction lower soon thus watch for a peak developing for a 50% retracement at least.
Itâ€™s still early but I suspect we may have seen the high at 0.9886 and thus we should concentrate on retracement supports at 0.9471 (50%) and possibly 0.9373 (61.8%).
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