FX-Strategy Pro Commentary

196703 Resource 119238 128654 128654 1202443759586 1202443759586 Controlled Pro Commentary Lite ... 8th February 2008 ... USDCAD

An excerpt fromFX-Strategy's Pro Commentary

Price:                            1.0089<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0105</td><td>1.0126</td><td>1.0155</td><td>1.0188</td></tr><tr><td>Support:</td><td>1.0074</td><td>1.0030</td><td>1.0003</td><td>0.9986</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CAD60mFeb8.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Mixed – waiting for breaks</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 break of 1.0101 has complicated the picture. While it does seem to suggest upside risk we have not broken through the key 1.0132 resistance and there is a bearish divergence. Thus before getting too bullish we’ll need to see a break back above 1.0126-32 and if seen then the picture will confirm follow-through to 1.0155 and probably to the 1.0212 level at least. Take care there. Further (stronger) resistance is found at 1.0262-85. </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">I had though the break above 1.01 would be directly bullish but conditions aren’t 100% bullish. Above 1.0132 would see 1.0262-85 at least. Only breach would extend back to 1.0376. (<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">8th February)</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">I want to still keep an open mind here as there is a bearish divergence and I see resistance at 1.0132 – although I had thought the wave structure would look unbalanced if we saw this deep a correction. To re-instate the bearish stance we’ll need to see a break below 1.0030-42. If seen then watch for follow-through to 0.9986 at least. Next support is found at 0.9916-20.  </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">The 1.0126 high is stretching the bearish structure. Back below 1.0030 and then 0.9986 would suggest a move down to 0.9871 and later towards the 0.9730-55 area. (<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">8th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CADEWFeb8.gif" align="baseline" border="0" />8th FebruaryI had thought that the Wave –iv- shouldn’t see such a deep correction. The 50% retracement lay at 1.0094 and 58.6% at 1.0132. However, with a bearish divergence forming I want to keep options open as a 76.4% projection in Wave –v- from yesterday’s peak comes in at 0.9730 and would perfectly complete an expanded flat correction in Wave B.<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">Above 1.0132 therefore would suggest potential for an irregular triangle which has 61.8%-66.7% projections at 1.0259-85.<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 elliott wave forecasts Forex FX fx-strategy resistance support technical analysis US USD FX-Strategy Pro Commentary Unique, comprehensive and insightful 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