An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 160.31
[B]Resistance:[/B]160.72161.15161.39161.60[B]Support:[/B]160.10159.72159.34159.05
[B]Bias:[/B]While 159.72-87 supports there still appears to be room for gains back to the 161.39-60 area
[B]Daily Bullish:[/B]The break above 159.19-23 has seen extension to 160.72 from where we are in the process of seeing a correction. While the 159.72-87 area supports I still see room for one last move higher. A move back above 160.72 would extend gains back to the 161.39 high and possibly just above to 161.60. However, I suspect this will cap else generate stronger follow-through to 162.35.[B]MT Bullish:[/B]Gains have been persistent and this should now retest the 161.39-60 area but I suspect this will cap. Only above retains risk for 162.35 and possibly 163.93. ([B]3rd April[/B])[B]Daily Bearish:[/B]The downside didn’t materialize yesterday and thus we need to be patient for any bearish stance. I suspect we should see a retest of the 161.39-60 area which should provide a good selling opportunity. Only an earlier break below 159.70 would risk direct losses through 159.35 and 159.05 and towards the 158.53 support which should cause a correction. Next support is then found at 157.82 and 157.13.[B]MT Bearish:[/B]With additional gains it looks as if we’ll get a second chance to sell at the 161.39-60 area. From there a move back to the 151.70 low is expected. ([B]3rd April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]3rd April[/B]
The alternative scenario appears to have developed which calls for a retest of the 161.39-60 area in Wave v of Wave Fc in a flat correction. At that point make sure we are seeing bearish divergences in the 4-hour chart also to confirm the scenario.
Theoretically this should cause a move down to the 151.70 low once again…
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Comprehensive, unique and insightful[/ul]