An excerpt from FX-Strategy’s Pro Commentary
Price: 163.11
Resistance:163.35163.5813.77164.00Support:162.92162.40162.08161.90
Bias:With 163.47 broken we feel that while 162.90 supports the risk is still higher to 164.34
Daily Bullish:The 163.47 resistance has been broken and this suggests that we should see direct gains towards the 164.00-34 minimum targets. We shall need to 162.92 support to remain intact and from there a move back above 163.35 and 163.58 would generate additional gains to 164.00 minimum. Take care there as this could cap but we feel the greatest convergence of targets favors a move to 164.34 before capping. Next major resistance is at 165.00.MT Bullish:The 163.47 level is the key for the upside to move to the weekly targets at 164.34 and 165.00 but we feel this should cause a major reversal lower. (May 1st)Daily Bearish:The move through 163.47 – albeit by only a small amount is more reflective of a bullish structure. There is support at 162.92 and only if this is broken cleanly would we look for a stronger decline which should quickly reach the 162.40-52 area and while there is risk of a pullback we would feel that a move down to 162.08 is possible. Next support is then found at 161.50.MT Bearish:With the breach of 163.47 we feel the greatest risk is for the upside to extend towards 164.34 (max 165.00) and from there we shall expect a larger decline – initially to the 159.60-160.20 area. (May 4th)
ELLIOTT WAVE COMMENTS
4th May
The break above the 38.2% expansion at 163.47 suggests we are seeing a direct rally in Wave –v-. We note a 66.67% projection at 164.34 while a 138.2% projection in Wave c comes in around the same area and thus we favor this as a final peak.
We should also note the 76.4% projection in Wave –v- at 165.00.
Ian Copsey
See Also
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[*]FX-Strategy Pro CommentaryPowerful analysis for traders[/ul]