[B]An excerpt from FX-Strategy’s Pro Commentary[/B]
[B]Bias:[/B]Watch support at 167.49-64 – while this holds the upside can resume
[B]Daily Bullish:[/B]The 168.52 resistance capped yesterday and has forced a pullback. However, I note support that should develop between 167.49-64. While this holds a move back above 168.15 will assist back higher and see a move to the 165.51 high once again which should cause a correction. Above there extends above 169.00. [B]MT Bullish:[/B]The 168.23-52 area has been achieved already. While 167.23-62 supports this looks as if it does have legs to move above 168.60 to 169.09 and 169.38 and 169.95. ([B]July 9th[/B])[B]Daily Bearish:[/B]The 168.52 resistance capped and has caused what I feel to be only a pullback which should provide support between 167.49-64. Thus any stronger bearish stance will require a break of the 167.49 support and if seen it would trigger stronger losses below 167.20 and to the 166.71-93 area which should cause a correction. Next support is then found at 166.22-36. [B]MT Bearish:[/B]Bearish divergences are forming so let’s be aware of a reversal but we shall need confirmation. Indeed confirmation doesn’t really occur until below 166.75-00. ([B]July 9th[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
Gains have almost reached the 168.50 target but we don’t appear to have completed a structure higher. I note that Wave –c- will equal Wave –a- at 169.65 and I can also see a larger daily Wave (v) at 169.95.
It looks like the 168.51 high seen yesterday was Wave iii of Wave –c- and thus a Wave iv pullback of between 50% & 58.6% would imply support at 167.49-64. While this are supports we should then see gains in Wave v towards the 61.8%-76.4% projections between 169.06-169.38. Note that Wave –c- will equal Wave –a- at 169.65.
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]