FX-Strategy Pro Commentary

197757 Resource 119238 128654 128654 1203479028161 1203479028161 Controlled Pro Commentary Lite ... 20th February 2008 ... USDCAD

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.0151<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0175</td><td>1.0212</td><td>1.0236</td><td>1.0258</td></tr><tr><td>Support:</td><td>1.0145</td><td>1.0118</td><td>1.0075</td><td>1.0047</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CAD60mFeb20.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Cautiously, while 1.0118-34 supports look for further gains to 1.0236 – max 1.0258-85</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">Gains reached into the 1.0166-94 area as expected. There is no sign of a peak as yet. Thus, while the internal structure is a bit clouded, watch the 1.0118-34 area. While this supports there is still risk of further gains that should move back above yesterday’s 1.0175 high but should then stall at 2.0212 minimum with a small risk of 1.0236. Care as this could cause a further pullback. Only above extends to 1.0258-85 which I feel should cap for losses.</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 sharp reversal higher is raising the chance of a large sideways consolidation which would imply a target at 1.0258-85 which should cap. Only breach extends back to 1.0316 and 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">19th 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">Gain seen which have stalled at 1.0175. I still feel there should be additional gains so any bearish stance will require a break below the 1.010-20 area. Only if seen will this generate stronger losses that would allow a move through the 1.0070-80 pivot area and to 1.0047 minimum and at most 1.0016. </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">It is looking more and more that we are seeing continued sideways trading. Thus only below 0.9918 would re-open the possibility of a drop to 0.9750-55 again. (<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">19th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CADEWFeb20.gif" align="baseline" border="0" />19th FebruaryThe sharp recovery from 0.9918 appears to suggest that the decline was merely a Wave –x- and thus we should see gains back to the 1.0258-85 area in an irregular triangle. Only below 0.9918 now would re-open the bearish structure for a retest of the 0.9755 low in Wave efc of an expanded flat. 20th FebruaryI feel now that we are seeing a new ABC pattern higher with a wave equality target at 2.0212 but then the 138.2% projection is at 1.0285 which is also where a 66.7% triangle projection lies in Wave ^d.<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">However, take care at 2.0212 as we could still see a Wave x and final ABC pattern to target.<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, insightful analysis at your fingertips 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