Pro Commentary Lite ... 18th April 2008 ... AUDUSD

An excerpt from Pro Commentary
[B]Price:[/B] 0.9370
[B]Resistance:[/B]0.93990.94110.94450.9477[B]Support:[/B]0.93550.93320.93000.9268

[B]Bias:[/B]While 0.9332-42 supports I look for one final move higher to the 0.9445 target before lower again
[B]Daily Bullish:[/B]Price pulled back perfectly into the 0.9332-42 support area and this should now provide the base for a final rally back to around the 0.9399 high and eventually to the ideal target at 0.9445. At this point watch out for a bearish divergence in the hourly and 4-hour charts. Only a clean break above 0.9450-55 would imply extension to 0.9496-0.9515 before lower. [B]MT Bullish:[/B]Further gains have been seen and these should now reach the 0.9445 target but should trigger a stronger reversal lower. Only above 0.9455 would imply a test of 0.9496-0.9515. ([B]17th April[/B])[B]Daily Bearish:[/B]The 0.9332-42 support has held and remains the barrier to stronger losses. I prefer to wait for test to around 0.9445 to find a selling opportunity. Only directly below 0.9330 would imply immediate losses that would then make their way down to 0.9300-05 and 0.9268 where a temporary pullback is possible ahead of a test of the 0.9235 corrective low which should cause a pullback. Next support is at 0.9204-14.[B]MT Bearish:[/B]Look for a peak at 0.9445 and from there much stronger losses. An earlier break below 0.9330 would imply direct losses to 0.9230-35 at least and probably lower. ([B]17th April[/B])

[B]ELLIOTT WAVE COMMENTS[/B]

[B]16th April[/B]

The failure to see gains move above 0.9307 is a concern. It maybe we are seeing a complex correction or perhaps the 0.9345 high was the top of Wave © and thus Wave (ii). Back below 0.9204 would confirm losses and until then there does still remain one scenario that could see 0.9445-55.

[B]17th April[/B]

The 0.9399 high seen yesterday looks to be Wave iii of Wave c in Wave v. Thus while the 50% (max 58.6%) retracement at 0.9332-42 supports we should see a 76.4% projection in Wave v to the 0.9445 target where © will have extended by 138.2%. This will for Wave (ii) and thus the next move should be back to the 0.8952 low…
[B]Ian Copsey[/B]
[B]See Also[/B]

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[li]Pro Commentary[/li]Powerful analysis for profitable trading[/ul]