FX-Strategy's Pro Commentary

157038 Resource 119238 128654 128654 1170307079415 1170307079415 Controlled Pro Commentary Lite 1st February 2007

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.1761<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.1773</td><td>1.1786</td><td>1.1810</td><td>1.1845</td></tr><tr><td>Support:</td><td>1.1745</td><td>1.1722</td><td>1.1697</td><td>1.1680</td></tr></tbody></table><img alt="Hourly Chart with Indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CAD60mFeb1.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.1783-86 caps we look for a final move down to 1.1720-25 before a reversal higher</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Losses seen to just below the 1.1754 minimum target and we feel that there should be a small recovery to 1.1783-86 but this should cap. Thus only above 1.1790 would imply an earlier move higher that should quickly overcome the 1.1807-12 area to allow a further attempt at the 1.1845-50 highs. </td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">We consider this second move lower to the 1.1720-25 support should provide a base for a stronger move higher that should break above the 1.1850 high to target 1.1918-28 which should cap. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">February 1st)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Losses have been seen as expected and to just a few points below 1.1754. We feel the first move should be a choppy correction to the 1.1783-86 area but we look for this to cap and for a reversal lower below 1.1742-46 to see a test of 1.1720-25 but expect this to provide a floor for a reversal higher. Thus a stronger bearish stance will require clean break below 1.1715-20 and if seen will begin to pressure the 1.1697 level and below there to 1.1644.</td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">We see the current retest of the 1.1720-25 area as a base for a rally. Thus a stronger decline will require break at 1.1715-20 and if seen would accelerate losses to 1.1644 and probably below. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">February 1st)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CADEWFeb1.gif" align="baseline" border="0" />31st JanuaryWe are beginning to feel more strongly about the flat Wave b which will mean a decline back to 1.1723-29 before Wave c can begin higher. We retain 1.1918-28 as probable targets for the upside. 1st February<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Losses seen as expected and we feel we have seen the bottom of minor Wave iii at 1.1746. While Wave iv remains below the 50% pullback at 1.1783-86 we look for Wave v to move lower to the 1.1720-25 to complete Wave c of Wave b. This should allow Wave c of Wave v to begin and target the 161.8% projection in Wave (c) at 1.1918 and the 76.4% projection in Wave v at 1.1928.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Ian Copsey 9 application/xml false CAD Canadian commentary currencies Dollar forecasts Forex FX resistance support technical analysis U.S. US USD FX-Strategy's Pro Commentary A service for GFT account holders http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 ICopsey false true false false true 119238 blog blogsite/GFTForex/web