FX-Strategy Pro Commentary

196520 Resource 119238 128654 128654 1202271304804 1202271304804 Controlled Pro Commentary Lite ... 6th February 2008 ... AUDUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            0.8975<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.8995</td><td>0.9019</td><td>0.9038</td><td>0.9061</td></tr><tr><td>Support:</td><td>0.8925</td><td>0.8900</td><td>0.8875</td><td>0.8856</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mFeb6.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 0.8990-95 caps the downside can continue else risk for a move back to 0.9061-99 again</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">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. </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 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.   (<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">5th February)</td></tr><tr><td>Daily Barish:</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 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. </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 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. (<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">5th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWFeb6.gif" align="baseline" border="0" />5th FebruaryHas 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 <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">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…<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 Australian commentary currencies Dollar elliott wave forecasts Forex FX fx-strategy resistance support technical analysis US USD FX-Strategy Pro Commentary Solid & guiding analysis 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; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web