Pro Commentary

202170 Resource 119238 128654 128654 1208927830852 1208927830852 Controlled Pro Commentary Lite ... 23rd April 2008 ... USDCAD

An excerpt from Pro Commentary

Price:                             1.0077<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.0085</td><td>1.0122</td><td>1.0152</td><td>1.0196</td></tr><tr><td>Support:</td><td>1.0044</td><td>1.0024</td><td>1.0003</td><td>0.9984</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CAD60mApr23.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">Well we saw the gains I had expected but the break of 1.0143 didn’t lest for long... Given the complete lack of direction we need to wait for larger breaks to generate a more sustainable follow-through. For the moment only back above 1.0080-90 would provide a further attempt high which I’d like to think will be sustainable. Take care around 1.0122-30 but as long as that gives way look for a move above 1.0152 which could see a strong move through 1.0196 and to 1.0245-72 again.</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 sideways consolidation is frustrating but I still prefer a basic bullish structure. As long as 0.9987-00 supports we should see an eventual move above 1.0152 for 1.0272 and then the 1.0325 high.  (<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">23rd April)</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">The spike reversal from 1.0152 was not expected and it does seem to suggest some form of flat correction and this could still see a return to the 0.9987-00 area. While that test is possible the 1.0080-90 area should cap. Any stronger bearish stance will require breach of 0.9984 which would extend losses to between 0.9934-62 at least. This could stall losses. Next support is then found at 0.9846-73. </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 0.9925-66 target seems attainable but only below here extends to 0.9846-73 though I do feel a stronger rally is imminent. Next support is then found at 0.9774. (<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">18th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/CADEWApr23.gif" align="baseline" border="0" />23rd AprilTrying to find a logical structure amid this sideways consolidation is a bit tough. First choice would be a deep flat correction in Wave ii which should remain above 0.9987-00. On this assumption we would then expect Wave iii to push above the 1.0152 high and back towards the prior Wave (b) high at 1.0272 and possibly the 1.0325 high.<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">Any loss of 0.9884 does see a minor internal 66.7%-76.4% projection around 0.9934-62 and if this breaks then a 138.2% projection in Wave (c) at 0.9846.<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 resistance support technical analysis US USD Pro Commentary Probably the most comprehensive technical report in the market 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