» Pro Commentary Lite … 23rd April 2008 … USDCAD

« GFT Daily Market Commentary
AUD/USD - Australian Dollar US Dollar, European Session - 23/04/08 »

Pro Commentary Lite … 23rd April 2008 … USDCAD

An excerpt from Pro Commentary

 

 Price:                             1.0077

Resistance: 1.0085 1.0122 1.0152 1.0196
Support: 1.0044 1.0024 1.0003 0.9984

Hourly chart with indicators

Bias: Mixed – waiting for breaks

Daily Bullish: Well we saw the gains I had expected but the break of 1.0143 didn’t lest for long… Given the complete lack of direction we need to wait for larger breaks to generate a more sustainable follow-through. For the moment only back above 1.0080-90 would provide a further attempt high which I’d like to think will be sustainable. Take care around 1.0122-30 but as long as that gives way look for a move above 1.0152 which could see a strong move through 1.0196 and to 1.0245-72 again.
MT Bullish: The sideways consolidation is frustrating but I still prefer a basic bullish structure. As long as 0.9987-00 supports we should see an eventual move above 1.0152 for 1.0272 and then the 1.0325 high.  (23rd April)
Daily Bearish: The spike reversal from 1.0152 was not expected and it does seem to suggest some form of flat correction and this could still see a return to the 0.9987-00 area. While that test is possible the 1.0080-90 area should cap. Any stronger bearish stance will require breach of 0.9984 which would extend losses to between 0.9934-62 at least. This could stall losses. Next support is then found at 0.9846-73.
MT Bearish: The 0.9925-66 target seems attainable but only below here extends to 0.9846-73 though I do feel a stronger rally is imminent. Next support is then found at 0.9774. (18th April)

 

ELLIOTT WAVE COMMENTS

Elliott Wave Chart

23rd April

Trying to find a logical structure amid this sideways consolidation is a bit tough. First choice would be a deep flat correction in Wave ii which should remain above 0.9987-00. On this assumption we would then expect Wave iii to push above the 1.0152 high and back towards the prior Wave (b) high at 1.0272 and possibly the 1.0325 high.

Any loss of 0.9884 does see a minor internal 66.7%-76.4% projection around 0.9934-62 and if this breaks then a 138.2% projection in Wave (c) at 0.9846.

Ian Copsey

See Also

  • Pro Commentary
    Probably the most comprehensive technical report in the market

Source :

This entry was posted on Wednesday, April 23rd, 2008 at 7:17 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Forex News

Economic calendar

[Full Economic calendar]