Excerpt from: Pro FX Commentary Lite
|
 |
| February 04, 2008 | | An excerpt from FX-Strategy's Pro Commentary | Price: 106.74 | Resistance: | 106.85 | 107.07 | 107.45 | 107.88 | | Support: | 106.57 | 106.15 | 105.75 | 105.40 |
| Bias: | While 106.57 continues to hold the emphasis should remain higher to 107.45 |
| Daily Bullish: | Price did rally but stalled at 107.07. It doesn’t cause great problems for the upward preference but we need price to remain above this morning’s 106.57 low. A break then above 107.07 would extend the upside to 107.45 which should cap for a pullback. Next resistance is at 108.77-88. | | MT Bullish: | Recent trading has been messy but has remained above the 104.95 low as suggested and thus I remain cautiously bullish for 107.88, 108.60-96 and 109.74 at the very least. (4th February) | | Daily Bearish: | Price gains stalled lower than expected but the support between 106.50-75 has yet to break. Indeed, before getting too bearish we shall need this break to confirm losses which would then imply a drift down to 106.10-20. Below there extends the downside back to 105.75 and possibly 105.40. I still feel the 104.75 low should remain intact. | | MT Bearish: | We are seeing the expected correction from the 104.95 target and this should last for a while. Selling opportunities should be considered around 109.80-110.11. Below 104.95 sees losses to 103.44. (25th January) |
ELLIOTT WAVE COMMENTS 
5th February
This is as slow as any rally could get… Given this slowness it is likely we are in a multiple ABC pattern in which the 105.75 low was Wave x.
From there I think we saw Wave a of Wave iii of a new Wave –a- that should make its way back to the 107.88 area. This morning’s low at 106.57 was a 50% retracement in Wave b and thus we should see Wave c of Wave iii rise to the 138.2% projection at 107.45. From there look for a Wave iv correction and final rally in Wave v to the area of the first high at 107.88. Then a Wave –b- should develop…
Any earlier break below 106.57 could suggest a recycling lower in Wave x to 105.40-70 again. Ian Copsey | Topic Tags: commentary, currencies, Dollar, elliott wave, forecasts, Forex, FX, fx-strategy, Japanese, JPY, resistance, support, technical analysis, US, USD, Yen | |
|
|
