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Pro Commentary Lite … 2nd June 2008 … AUDUSD

June 02nd, 2008 | Category: Forex

An excerpt from Pro Commentary

 Price:                            0.9525

Resistance: 0.9560 0.9580 0.9611 0.9636
Support: 0.9510 0.9485 0.9458 0.9422

Bias: Until 0.9510 breaks a bullish argument is still possible – above 0.9570-80 would confirm the rally

Daily Bullish: The 0.9510 support held perfectly and that is encouraging although today has seen losses to very nearly retest that support. While it holds it does supply a more bullish interpretation. To confirm that we’ll need a move back above 0.9535 followed by 0.9560-80. Once that occurs look for follow-through to 0.9636 which could generate a correction initially. Next resistance is thereupon at 0.9666 and anywhere above here (max 0.9720) should supply a major high.
MT Bullish: 29th May:  Yesterday’s much stronger whippy price action is beginning to produce 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.
Daily Bearish: 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 that could cause a pullback. Only below would maintain the downwards momentum for 0.9390 and possibly 0.9348.  
MT Bearish: 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 start. Thus only an earlier move below 0.9500 will confirm larger losses.

 

ELLIOTT WAVE COMMENTS

2nd June

We have seen the 50% retracement in Wave iv hold at 0.9510 on Friday and that needs to hold to retain the 0.9666 and 0.9720 targets.

This dawn has seen a second experiment lower and we therefore need a break back above the 0.9560-80 pivot region. whether that occurs thereupon 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

See Also

Original post by Eric J. Fox

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