Excerpt from: Pro FX Commentary Lite
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| April 09, 2008 | | An excerpt from Pro Commentary | Price: 0.9329 | Resistance: | 0.9347 | 0.9368 | 0.9399 | 0.9455 | | Support: | 0.9290 | 0.9260 | 0.9241 | 0.9220 |
| Bias: | The 0.9347 level is the last barrier to the upside |
| Daily Bullish: | Well, the 0.9330 resistance has been taken out. I do see one more at 0.9347 which is still intact but now we need to be a little more careful. Any break above 0.9350 would trigger follow-through to 0.9368 – care as this could cause a reaction – but the implication is a stronger one to above 0.9399 and to 0.9445 at least. | | MT Bullish: | The move above 0.9330 is annoying but there is a small target at 0.9347 also. If this breaks it implies follow-through to 0.9445 minimum and the next projection is at 0.9515. (10th April) | | Daily Bearish: | The breach of 0.9330 is frustrating. There is still a bearish divergence in the hourly and 4-hourly charts that suggests we still need to be careful. We should note an alternative target at 0.9347 and while this area caps we could still argue a bearish stance. This would require a break below yesterday’s low at 0.9260 and then the price support at 0.9241. Below should extend to the 0.9177-80 area. | | MT Bearish: | The bearish stance is hanging on by a thread now with the only hope if 0.9347-50 caps. Below 0.9240-60 would assist and cause follow-through to 0.9177-80 and probably 0.9030-40. (10th April) |
ELLIOTT WAVE COMMENTS 
9th April
Price reached 0.9321 and while there is still risk of seeing 0.9330 it does seem as if the rally is complete. This should imply a decline below the last Wave b of Wave v of Wave (c) at 0.9240 which should provide a pullback. Breach will imply losses back to the old Wave (b) at 0.9030.
10th April
We’ve seen a small break above 0.9330 and we should also note a small wave equality target in Wave c of Wave v of Wave (c) at 0.9347. With a bearish divergence this could still work for losses to the old Wave (b) at 0.9030. If 0.9350 breaks then the 138.2% projection in Wave (c) is way up at 0.9445. Ian Copsey | Topic Tags: AUD, Australian, commentary, currencies, Dollar, elliott wave, forecasts, Forex, FX, resistance, support, technical analysis, US, USD | |
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