FX-Strategy Pro Commentary

191090 Resource 119238 128654 128654 1196394149456 1196394149456 Controlled Pro Commentary Lite ... 30th November 2007 ... AUDUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                             0.8843<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.8872</td><td>0.8890</td><td>0.8918</td><td>0.8952</td></tr><tr><td>Support:</td><td>0.8835</td><td>0.8795</td><td>0.8774</td><td>0.8753</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mNov30.gif" align="baseline" border="0" /> <table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Care - but while 0.8835-40 supports I feel the way is open for a retest of 0.8918 and 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">The 0.8753-85 support held well with a low at 0.8774 and from there we have seen constructive gains back to 0.8872 thus far and I feel this will provide a retest of the 0.8918 high over the course of the day. This should cause a small pullback but then any break above 0.8918 would accelerate the upside towards 0.8973 minimum and probably higher. Next resistance  is at 0.9015-25 which may well cap – so take care.</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">The repeated push higher does seem to support a more bullish scenario and while 0.8753-85 supports we should see a rally above 0.8918 towards 0.9015-25 at least and possibly 0.9048 and 0.9113. (<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">29th November)</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">Failure in the 0.8753-85 support area tends to argue against a bearish stance. Thus only a breach of the 0.8835-40 pivot support would begin to undermine the upside progress and cause losses down to 0.8795 and probably back into the 0.8753-74 range again. This must hold to retain a bullish stance. Breach extends losses to 0.8711. </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">With the move higher it is difficult to maintain a bearish preference. Thus only below 0.8753 and then 0.8710 and 0.8651 would generate stronger losses. (<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">29th November)</td></tr></tbody></table>  ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWNov30.gif" align="baseline" border="0" />29th NovemberThe structure makes it just about impossible to impose an expanded flat correction and thus I can only suspect that the 0.8651 low was actually Wave A lower. Thus we have plenty of space for a Wave B correction. Overall we can look at retracements at 0.9025 (50%) and 0.9113 (61.8%) and how we move to that area. At the moment there is a 50%-61.8% retracement between 0.8753-85 and we should watch this for signs of another move higher. 30th November <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">I am labeling the 0.8774 low as Wave –ii- and should now imply a Wave –iii- at 0.9124. However, also take note of the 50% retracement in Wave B at 0.9025.<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 AUD Aussie commentary currencies Dollar elliott wave forecasts Forex FX fx-strategy resistance support technical analysis US USD FX-Strategy Pro Commentary Unique analysis to guide you through the trading day 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; MEGAUPLOAD 1.0) 127.0.0.1 127.0.0.1 ICopsey 221.191.116.116 false true false false true 119238 blog blogsite/GFTForex/web