Pro Commentary Lite … 18th April 2008 … AUDUSD
An excerpt from Pro Commentary
Price: 0.9370
| Resistance: | 0.9399 | 0.9411 | 0.9445 | 0.9477 |
| Support: | 0.9355 | 0.9332 | 0.9300 | 0.9268 |
| Bias: | While 0.9332-42 supports I look for one final move higher to the 0.9445 target before lower again |
| Daily Bullish: | Price pulled back perfectly into the 0.9332-42 support area and that should now supply the base for a final rally back to around the 0.9399 high and eventually to the ideal target at 0.9445. At that point watch out for a bearish divergence in the hourly and 4-hour charts. Only a clean break above 0.9450-55 would imply extension to 0.9496-0.9515 before lower. |
| MT Bullish: | Further gains have been seen and these should now reach the 0.9445 target but should trigger a stronger reversal lower. Only above 0.9455 would imply a tryout of 0.9496-0.9515. (17th April) |
| Daily Bearish: | The 0.9332-42 support has held and remains the barrier to stronger losses. I prefer to wait for tryout to around 0.9445 to find a selling opportunity. Only directly below 0.9330 would imply instant losses that would thereupon construct their way down to 0.9300-05 and 0.9268 where a |
| MT Bearish: | Look for a peak at 0.9445 and from there much stronger losses. An earlier break below 0.9330 would imply direct losses to 0.9230-35 at least and probably lower. (17th April) |
ELLIOTT WAVE COMMENTS
16th April
The failure to see gains move above 0.9307 is a concern. It possibly we are seeing a complex correction or perhaps the 0.9345 high was the top of Wave (c) and thus Wave (ii). Back below 0.9204 would confirm losses and until next there does still remain one scenario that could see 0.9445-55.
17th April
The 0.9399 high seen yesterday looks to be Wave iii of Wave c in Wave v. Thus while the 50% (max 58.6%) retracement at 0.9332-42 supports we should see a 76.4% projection in Wave v to the 0.9445 target where (c) will have extended by 138.2%. that will for Wave (ii) and thus the next move should be back to the 0.8952 low…
Ian Copsey
See Also
- Pro Commentary
Powerful analysis for profitable trading
Original post by Eric J. Fox
[…] Metatrader Forex Broker wrote an interesting post today onHere’s a quick excerpt Pro Commentary Lite … 18th April 2008 … AUDUSD April 17th, 2008 | Category: Forex An excerpt from Pro Commentary Price: 0.9370Resistance:0.93990.94110.94450.94… […]