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Pro Commentary Lite … 10th April 2008 … AUDUSD

April 09th, 2008 | Category: Forex

An excerpt from Pro Commentary

 

 Price:                             0.9329

Resistance: 0.9347 0.9368 0.9399 0.9455
Support: 0.9290 0.9260 0.9241 0.9220

Bias: The 0.9347 level is the last barrier to the upside

Daily Bullish: Well, the 0.9330 resistance has been taken out. I do see one more at 0.9347 which is still intact but now we need to be a little more careful. Any break above 0.9350 would trigger follow-through to 0.9368 – care as that could cause a reaction – but the implication is a stronger one to above 0.9399 and to 0.9445 at least.
MT Bullish: The move above 0.9330 is annoying but there is a small target at 0.9347 plus. whether that breaks it implies follow-through to 0.9445 minimum and the next projection is at 0.9515. (10th April)
Daily Bearish: The breach of 0.9330 is frustrating. There is still a bearish divergence in the hourly and 4-hourly charts that suggests we still need to be careful. We should note an alternative target at 0.9347 and while that area caps we could still argue a bearish stance. that would require a
break below yesterday’s low at 0.9260 and soon after the price support at 0.9241. Below should extend to the 0.9177-80 area. 
MT Bearish: The bearish stance is hanging on by a thread now with the only hope whether 0.9347-50 caps. Below 0.9240-60 would assist and cause follow-through to 0.9177-80 and probably 0.9030-40. (10th April)

 

ELLIOTT WAVE COMMENTS

9th April

Price reached 0.9321 and while there is still risk of seeing 0.9330 it does seem as whether the rally is complete. that should imply a decline below the last Wave b of Wave v of Wave (c) at 0.9240 which should supply a pullback. Breach will imply losses back to the old Wave (b) at 0.9030.

10th April

We’ve seen a small break above 0.9330 and we should plus note a small wave equality target in Wave c of Wave v of Wave (c) at 0.9347. With a bearish divergence that could still work for losses to the old Wave (b) at 0.9030. whether 0.9350 breaks thereupon the 138.2% projection in Wave (c) is way up at 0.9445.

Ian Copsey

See Also

Original post by Eric J. Fox

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