An excerpt from Pro Commentary
Price: 0.9370
Resistance:0.94000.94200.94400.9475Support:0.93480.92990.92740.9239
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 this morning. This doesn’t look too healthy for the upside. If price extends to 0.9299 watch this as there is a small risk this 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 this morning. If 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 this 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 this morning and this 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 this 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 test 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 if so then 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 then 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
Pro Commentary Lite ... 12th May 2008 ... AUDUSD
Linear Mode
