FX-Strategy Pro Commentary

197849 Resource 119238 128654 128654 1203565707249 1203565707249 Controlled Pro Commentary Lite ... 21st February 2008 ... AUDUSD

An excerpt fromFX-Strategy's Pro Commentary

Price:                       0.9186<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.9207</td><td>0.9236</td><td>0.9265</td><td>0.9296</td></tr><tr><td>Support:</td><td>0.9165</td><td>0.9132</td><td>0.9099</td><td>0.9050</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mFeb21.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>We should now see a retest of the 0.9236 area, a pullback and then gains to 0.9296-0.9321</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">Losses developed and bounced nicely from the 0.9099-0.9119 area that have made their way back to 0.9198. While 0.9165-70 (max 0.9159) supports we should see a further move higher to the area of the 0.9236 high. From here we should expect a pullback. However, while the same support area holds the risk is still higher back above 0.9236 and toward s0.9265 minimum and I now suspect the 0.9295-0.9321 area which should cap.  However, this should take more than today to complete. </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 seen the minimum target at 0.9235 met but I suspect we should see further with the 0.9321 area now implied. I still see this as a correction – only above 0.9399 is bullish. (<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">21st 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">With the strong bounce from the 0.9099-0.9119 support area the downside seems low risk. However, the rally is not expected to be direct and I look for a test of the 0.9235 area once again and this should provide a pullback to the 0.9160-75 area again. Only breach of the 0.9160 level would imply an earlier sideways consolidation and a move back to 0.9132 but this should hold else look for a stronger test of 0.9099. Breach would be bearish. </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">I still see longer term cycle as lower so I still think this is corrective. However, we could see 0.9254-65 and probably 0.9321 in this move. Thus only back below 0.9099 suggests earlier 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">21st February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWFeb21.gif" align="baseline" border="0" />20th FebruaryThe 0.9235 level was a 61.8% projection of the move to 0.9099 from the 0.8872 corrective low. However, no bearish divergences seen and thus I still expect a 50%-58.6% pullback to 0.9099-19 to cause further gains to the 161.8% projection in Wave –c- at 0.9265.21st 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">The 50%-58.6% support at 0.9099-0.9119 has held and this should prompt a final ABC pattern higher. The first should reach the 0.9236 area again and force Wave b to develop. The final move should reach the 0.9265 area at least but the 176.4% projection in Wave –c- is at 0.9296 which we cannot rule out 0.9321 also. This should be a major peak.<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 Exceptional 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; .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