FX-Strategy Pro Commentary

185089 Resource 119238 128654 128654 1191297129746 1191297129746 Controlled Pro Commentary Lite ... 2nd October 2007 ... AUDUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                             0.8898<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.8930</td><td>0.8962</td><td>0.8984</td><td>0.9009</td></tr><tr><td>Support:</td><td>0.8884</td><td>0.8852</td><td>0.8832</td><td>0.8772</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mOct2.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>We have probably seen the high but should allow for 0.8952-62 – below 0.8840-44 signals losses</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-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Gains reached the 0.8937-62 target area perfectly from where we have seen moderate losses. I feel we have probably seen the high. The only possibility of seeing a second attempt at the 0.8952-62 ideal target is if the trend support at 0.8880-84 holds and we then see a reversal back above 0.8930 but then look for a cap in that 0.8952-62 area. Only an unexpected breach of this resistance would imply additional gains through 0.9009 and onto 0.9060.</td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The uptrend has resumed and this should see a minimum test of 0.8792 with a more aggressive target at 0.8861-69. Overall I suspect this rally has potential for 0.8937-62. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">27th September)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">We should now be planning for a larger correction. While there is a risk of seeing a second attempt back at the 0.8952-62 ideal target area, any earlier break below the trend support shown around 0.8880-84 would undermine the support and we should then see a larger correction begin. Be aware that this correction can move quite deep – with the minimum target at 0.8605. What is uncertain at this point is whether this will occur directly or whether we’ll see a more erratic decline. </td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Having seen the 0.8937-62 target achieved we must look for the risk of a larger correction back to 0.8605 minimum while a full correction lies at 0.8499.  (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">2nd October)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWOct2.gif" align="baseline" border="0" />1st OctoberIt looks as if we are seeing a direct attack at the 138.2% extension in Wave (iii) at 0.8962. Once seen Wave (iv) should take a while to complete. 2nd OctoberWave (iii) appears to have been seen at 0.8948. However we should be a little careful in case we see a second attempt at the ideal 0.8952-62 target area. This means we can plan where Wave (iv) can reach with a minimum 38.2% correction at 0.8605 and a 50% correction at 0.8499.Ian Copsey 9 application/xml false AUD Australian commentary currencies Dollar elliott wave forecasts Forex FX fx-strategy resistance support technical analysis US USD FX-Strategy Pro Commentary Powerful analysis for profitable trading http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 ICopsey false true false false true 119238 blog blogsite/GFTForex/web