Pro Commentary Lite 18th April 2007 ... AUDUSD

An excerpt from FX-Strategy’s Pro Commentary

Price: 0.8366

Bias:We now need the 0.8384 high to remain intact to see losses through to 0.8300-10 initially
Daily Bullish:The break back above 0.8330-34 saw breach of the 0.8357 high and follow-through to the next target at 0.8385. We like to think this should form a high. Thus only a break above 0.8385 would imply a much more bullish structure that would then provoke additional gains through 0.8404 and 0.8426 with the next larger resistance at 0.8463. MT Bullish:We feel the 0.8357 high was probably the peak we have been looking for. However, only above 0.8385 would extend gains further towards 0.8463. (April 16th)Daily Bearish:We have had to concede to a test of the higher target at 0.8385 but feel this stands a good chance of capping. To confirm losses we require a break back below the 0.8350-55 pivot area. Wait for this and once seen it should extend the downside back to yesterday’s 0.8300-12 lows. This should provide a small pullback. A break below extends to 0.8265.MT Bearish:While we have had to concede to a test of the higher target at 0.8385 while this caps we feel the downside should develop. Below the 0.8300-10 area would extend to 0.8265 and then to 0.8200 & 0.8150. (April 18th)


18th April

In the end the Wave –v- extended to the 76.4% projection at 0.8385. We like to think this will hold but must be cautious with the upward momentum still very strong and the Wave –iv- not really having developed as deeply as one would normally expect.

Thus we shall watch this and require a break back below the 0.8300-10 minor Wave iv corrective lows to confirm a deeper pullback.

If we see a clean break above 0.8385 then we will have to allow for continued gains though we shall need to reconsider the daily structure to establish targets.
Ian Copsey
See Also

[*]FX-Strategy Pro CommentaryInsightful and comprehensive analysis[/ul]