Pro Commentary

205688 Resource 119238 128654 128654 1212381874287 1212381874287 Controlled Pro Commentary Lite ... 2nd June 2008 ... AUDUSD

An excerpt from Pro Commentary

Price:                            0.9525<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>0.9560</td><td>0.9580</td><td>0.9611</td><td>0.9636</td></tr><tr><td>Support:</td><td>0.9510</td><td>0.9485</td><td>0.9458</td><td>0.9422</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUD60mJune2.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Until 0.9510 breaks a bullish argument is still possible – above 0.9570-80 would confirm the rally</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>The 0.9510 support held perfectly and this is encouraging although today has seen losses to very nearly retest this support. While it holds it does provide a more bullish interpretation. To confirm this we’ll need a move back above 0.9535 followed by 0.9560-80. Once this occurs look for follow-through to 0.9636 which could generate a correction initially. Next resistance is then at 0.9666 and anywhere above here (max 0.9720) should provide a major high. </td></tr><tr><td>MT Bullish:</td><td>29th May:  Yesterday’s much stronger whippy price action is beginning to make me feel that the upside is limited to 0.9666 and possibly that we have seen a high at 0.9652. At most the 0.9720 level should cap. </td></tr><tr><td>Daily Bearish:</td><td>The 0.9510 support remains a key area and only break here would undermine the upside. Breach would trigger follow-through to 0.9485 and probably 0.9458. Take care here as this could cause a pullback. Only below would maintain the downwards momentum for 0.9390 and possibly 0.9348.  </td></tr><tr><td>MT Bearish:</td><td>28th May: While there is a risk of seeing 0.9510 I suspect we are going to see 0.9666 and probably 0.9720 first from where a larger decline should begin. Thus only an earlier move below 0.9500 will confirm larger losses. </td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/AUDEWJune2.gif" align="baseline" border="0" />2nd June We have seen the 50% retracement in Wave iv hold at 0.9510 on Friday and this needs to hold to retain the 0.9666 and 0.9720 targets. This morning has seen a second test lower and we therefore need a break back above the 0.9560-80 pivot region. If this occurs then look for 0.9636 being the prior Wave b and which could produce a small reaction. Above means we should watch the 66.7% Wave –v- target at 0.9666 and the 76.4% projection at 0.9720. Any earlier drop below 0.9510 would raise the risk of seeing an extension to 0.9458-85 where we will need to be prepared for a correction. Direct breach would imply stronger losses to the 261.8% projection in minor Wave c at 0.9348.Ian Copsey 9 application/xml false AUD Australian commentary currencies Dollar elliott wave forecasts Forex FX resistance support tecnical analysis US USD Pro Commentary Unique 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