Tuesday November 20, 2007 - 04:18:55 GMT
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Daily Analysis for AUDUSD
||I suspect a move down to 0.8742-52 again â€“ but take care there |
||Loss of 0.8937 has allowed the downside momentum to be maintained, aided by loss of 0.8900 and form there tumbled all the way below 0.8800 this morning. If we are going to see any recovery soon then we need the 0.8742-52 area to support once again. From there it is possible to see a larger recovery again. Back above 0.8800-05 will assist and should take price back to 0.8880-00 at least. |
||Continued losses suggest we should see no further higher than 0.9100. Thus only look for a stronger rally if this resistance gets taken out. (20th November)|
||Losses have been dominant and these look as if they should reach the 0.8742-52 area at least. However take care there as this support could hold a second time for a larger rally back to 0.9067. However, any break below 0.8740 would keep the downward momentum intact and generate follow-through to 0.8710 and probably 0.8678 and 0.8632.|
||Losses have already been more aggressive than anticipated but do suggest a major monthly high has been seen. Below 0.8750 extends the downside risk to 0.8632 and below. (13th November)|
ELLIOTT WAVE COMMENTS
We need to allow for all sorts of possible patterns baring in mind the possibility of a triangle (peak at 0.9024), a flat which would imply losses down to the 0.8752 low before rallying back to 0.9067 and even an expanded flat which I doubt will occur.
We could still be seeing a flat correction in Wave â€“ii- and I tend to prefer this scenario. This would trigger a move back to 0.9067 once again.
Below 0.8742 (a small wave equality target) would suggest the possibility for an expanded flat down to 0.8632-78 being the 23.6% and 38.2% expansion limits.
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