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Pro Commentary Lite … 12th May 2008 … AUDUSD

May 12th, 2008 | Category: Forex

An excerpt from Pro Commentary

 Price:                            0.9370

Resistance: 0.9400 0.9420 0.9440 0.9475
Support: 0.9348 0.9299 0.9274 0.9239

Bias: Loss of 0.9348-55 should generate follow-through to 0.9299 at least

Daily Bullish: No additional gains above 0.9455 but losses which are following-through that dawn. that doesn’t look too healthy for the upside. whether price extends to 0.9299 watch that as there is a small risk that 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 that daylight. whether 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.
MT Bullish: 12th May: The peak at 0.9455 is not encouraging for any bullish stance. We shall still need that and 0.9504 broken to maintain any possibility of reaching the 0.9637-66 area.
Daily Bearish: Friday saw the 0.9385-00 support basically hold but has broken through that wee hours and that 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 that 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.
MT Bearish: 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 pop quiz of 0.9274-00 and later towards 0.9159 at least & 0.9063.

 

ELLIOTT WAVE COMMENTS

9th May

It could still be that 0.9348 provided a low in Wave –b- and whether so thereupon 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 soon after 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

See Also

Original post by Eric J. Fox

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