Excerpt from: Pro FX Commentary Lite
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| February 05, 2008 | | An excerpt from FX-Strategy's Pro Commentary | Price: 0.8975 | Resistance: | 0.8995 | 0.9019 | 0.9038 | 0.9061 | | Support: | 0.8925 | 0.8900 | 0.8875 | 0.8856 |
| Bias: | While 0.8990-95 caps the downside can continue else risk for a move back to 0.9061-99 again |
| Daily Bullish: | Loss of 0.9046 triggered much stronger losses and given the risk that we have seen a complete correction at 0.9099 we should wait for confirmation of any further gains. We will need the 0.8925-30 area to support and for a break back above the 0.8995 resistance. If seen it would put the bullish stance back in play. We should then watch 0.9019 but above there will be suggesting a move right back to 0.9061 at least and quite possibly the 0.9099 high. | | MT Bullish: | We have either seen the high at 0.9099 or if this breaks then the 0.9189-98 area becomes implied but should provide a final cap in this rally. (5th February) | | Daily Barish: | The break of the 0.9046 low was the key level and did cause losses down to the targeted 0.8969-85 area and also down to 0.8939. While 0.8990-95 caps and we see losses back below 0.9025-30 it should imply stronger losses to 0.8870-80 at least. Take care there as this could cause consolidation. Breach extends the downside to 0.8805-15. | | MT Bearish: | With the move to 0.9099 we should wait for confirmation of losses. I do feel these will come but the rally has extended much higher than anticipated. Below 0.8969 would provide more impetus. (5th February) |
ELLIOTT WAVE COMMENTS 
5th February
Has this rally moved too far to be Wave efc of a flat correction in Wave B? It is unclear. However, there has been no great reversal signal yet and thus we should watch this carefully.
Back below the potential Wave b in Wave v at 0.8969 would be the first clue. Until then we cannot rule out stronger gains which could reach the 61.8% projection in Wave v at 0.9125, the 66.7% projection at 0.9149 and at most the 76.4% projection at 0.9198.
6th February
So far so good – but we do still need to take out the old Wave iv low at 0.8814. Once this is seen it should imply stronger losses… Ian Copsey | Topic Tags: AUD, Australian, commentary, currencies, Dollar, elliott wave, forecasts, Forex, FX, fx-strategy, resistance, support, technical analysis, US, USD | |
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