Pro Commentary

203755 Resource 119238 128654 128654 1210567608175 1210567608175 Controlled Pro Commentary Lite ... 12th May 2008 ... AUDUSD

An excerpt from Pro Commentary

Price:                            0.9370<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.9400</td><td>0.9420</td><td>0.9440</td><td>0.9475</td></tr><tr><td>Support:</td><td>0.9348</td><td>0.9299</td><td>0.9274</td><td>0.9239</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mMay12.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Loss of 0.9348-55 should generate follow-through to 0.9299 at least</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>No additional gains above 0.9455 but losses which are following-through this morning. This doesn’t look too healthy for the upside. If price extends to 0.9299 watch this as there is a small risk this could cause a reversal higher. Before that to generate a move bullish stance we shall need a move back above 0.9395-00 followed by the 0.9420 high seen this morning. If seen it would help the bullish structure and imply gains back to 0.9470-80 at least and potentially back above 0.9504 for 0.9540. </td></tr><tr><td>MT Bullish:</td><td>12th May: The peak at 0.9455 is not encouraging for any bullish stance. We shall still need this and 0.9504 broken to maintain any possibility of reaching the 0.9637-66 area. </td></tr><tr><td>Daily Bearish:</td><td>Friday saw the 0.9385-00 support basically hold but has broken through this morning and this is suggesting a stronger chance of losses. A break below the 0.9348-55 lows would maintain the bearish momentum to allow price to extend to 0.9299 at least. We should take a little care here as this does have potential to cause a reversal higher. Breach would keep the downside intact for a move below the 0.9274 low for 0.9239 and possibly 0.9204. </td></tr><tr><td>MT Bearish:</td><td>8th May: The break of 0.9380 is raising the risk of additional losses. The pattern is not quire clear but I suspect that a move below 0.9348 would allow a test of 0.9274-00 and later towards 0.9159 at least & 0.9063.</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWMay12.gif" align="baseline" border="0" />9th May It could still be that 0.9348 provided a low in Wave –b- and if so then the 0.9385-00 area needs to support and generate a further move higher above 0.9455 in Wave –c- of Wave –v-. There are two potential targets in Wave –v- - at the 66.7% projection at 0.9666 where Wave –c- will have extended by 138.2% and then higher at the 76.4% projection at 0.9720 where Wave –c- will have extended by 161.8%. Any earlier loss of 0.9300 and 0.9348 would most likely point to the 0.9540 high as a major high and thus see losses below 0.9274.Ian Copsey 9 application/xml false AUD Australian commentary currencies Dollar elliott wave forecasts Forex FX resistance support technical analysis US USD Pro Commentary The art of forecasting 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