[B]An excerpt from FX-Strategy’s Pro Commentary[/B]
[B]Bias:[/B]Mixed – waiting for breaks though I do expect a pullback lower at the very least
[B]Daily Bullish:[/B]Break was seen above 167.46-61 and this has seen a move back to 168.40. This may have caused a peak although there is further resistance at 168.51-74 and if we see this directly then I’ll expect to see a pullback lower. Thus only above 168.74 would keep the move higher extending to 169.14 minimum and probably more likely to 169.35-77 where a cap is expected. [B]MT Bullish:[/B]Further gains do look possible now though I still feel a pullback should be expected before this. While 167.22 supports there is still risk to 169.14 and probably 169.35-77 before capping. ([B]July 12th[/B])[B]Daily Bearish:[/B]The gains seen yesterday mean we need be cautious about direct losses. Only while the 168.51 high remains intact and we see losses break below 167.22 would I look for direct losses below 166.94 and 166.49.[B]MT Bearish:[/B]With the bearish divergence and the peak at 168.52 we should be aware of larger losses. However, there is immediate support around 165.98 and only below extends losses directly to 165.00 & 164.17. ([B]July 11th[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
The rally back towards the 168.51 high could be Wave a within a final Wave v. However, we should therefore see a pullback in Wave b at the very least. A 50% pullback lies at 167.44 and a 61.8% at 167.22. While these hold the Wave –v- targets between 169.14 and 169.77 remain attainable.
[li]FX-Strategy Pro Commentary[/li]Insightful and comprehensive analysis[/ul]