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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 16 10 09:41 GMT |
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Although the British pound rebounded again to 1.5218 last Friday, as the price action from 1.4781 temporary low still looks like a flat correction (minor wave iv kind of correction), suggesting recent decline would resume after consolidation and bring test of 1.4873, break would signal the wave (iii) has resumed and bring retest of 1.4781 and later towards 1.4600 and possibly 1.4500 but 1.4365 (2 times extension of wave (i)) should hold. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 15 10 10:03 GMT |
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Although the single currency recovered after finding renewed buying interest at 1.3530 earlier and further consolidation above recent low at 1.3433 is likely, retracement should be limited to 1.3871 (38.2% Fibonacci retracement of 1.4580 to 1.3433), however, strong rise beyond there should not be repeated and euro shall turn back south again from there in wave (iii) later this month. Below 1.3433 would extend weakness to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145), then towards 1.3300 and 1.3200 but reckon 1.3080 (1.618 times projection of wave (i)) would hold. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 15 10 10:02 GMT |
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Dollar's rebound after early fall to 88.14 suggests the c leg of wave B has possibly ended there and upside bias remains for further gain towards 92.16, however, a daily close above there is needed to provide final confirmation and confirm wave C has commenced for eventual retest o 93.78. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 12 10 08:55 GMT |
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As the single currency continued to edge higher after rebounding from 119.66, suggesting a test of resistance at 125.24 would be seen, however, a daily close above there is needed to signal the c leg has ended at 119.66 earlier and rebound to 126.95/00 would follow, break there confirm, then rise to 128.00 would be seen. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 12 10 08:52 GMT |
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Although dollar's retreat suggests further consolidation below recent high of 1.0899 would take place, reckon downside would be limited to 1.0509-15 (previous resistance and 50% Fibonacci retracement of 1.0130 to 1.0899) and 1.0424 (61.8% Fibonacci retracement of 1.0130 to 1.0899) should hold and bring subsequent rally in wave 3 of iii (we are keeping our view the upmove from 0.9910 is an impulsive move with wave i at 1.0509, wave ii at 1.0130 and wave 1 of iii has ended at 1.0899, hence retreat from there is wave 2 of iii.) |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 11 10 09:25 GMT |
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The single currency maintained a firm undertone against the British pound and we are keeping our count that the wave B from 0.9413 has ended at 0.8603 and break of resistance at 0.9154 would encourage for headway towards 0.9300. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 11 10 09:23 GMT |
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As the greenback broke below indicated support at 1.0225, calling for a review of our previous bullish count but it is still 50/59 chance that entire wave B ended at 1.0206 earlier or only a wave iii ended there, so the pivotal point remains at 1.0206, below there would signal only wave iii ended at 1.0206 followed by a triangle wave iv, then wave v may extend weakness towards 1.0005 (76.4% Fibonacci retracement of 0.9059 to 1.3066). However, sharp fall below there would not be repeated and reckon downside should be limited to 0.9862 (100% projection of 1.1725-1.0591 measuring from 1.0996). |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 10 10 09:38 GMT |
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The single currency continued to trade narrowly after early selloff to 1.4551 and further sideways trading should take place. Our preferred count is that the decline from 1.6828 (10 Nov 2007) to 1.4300 is still treated as D leg of a larger degree wave (B) and E leg of this triangle wave (B) is in progress, the break-down of the E leg is now labeled as a leg - 1.5880, then b leg is unfolding with a leg at 1.4577, the rebound to 1.5448 is wave b, followed by wave c with (a):1.5006, wave (b) at 1.5383 and (c) leg is still in progress which is likely to extend one more fall to 1.4500 but reckon 1.4400 would limit downside. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 10 10 09:36 GMT |
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The strong rebound from 0.8578 suggests the A-B-C fall from 0.9407 has ended there and outlook remains supportive for further gain to 0.9294 (100% projection of 0.8578 to 0.9072 measuring from 0.8800), however, break of resistance at 0.9331 (wave B top) is needed to signal only wave 3 has ended at 0.9407 and bring resumption of upmove in wave 5 for retest of 0.9407. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 09 10 09:30 GMT |
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Sterling fell according to our previous update and met indicated downside target at 1.6317 and 1.6118 and the breach of latter support signals wave ii from there has ended earlier at 1.7113, hence wave iii has commended and further weakness to 1.5990/95 would be seen and later to support at 1.5849. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 09 10 09:28 GMT |
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Although the British pound recovered after early anticipated fall to 1.4781, as cable met renewed selling at 1.5197 yesterday, suggesting a retest of said support cannot be ruled out, however, break there is needed to confirm the wave (iii) is still in progress and extend weakness to 1.4600 and possibly 1.4500 but 1.4365 (2 times extension of wave (i)) should hold. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 08 10 09:48 GMT |
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Although the single currency fell marginally to 1.3433 last week, lack of follow through selling and the recovery from there suggest consolidation would take place and minor correction to 1.3736 cannot be ruled out, above there would bring retracement to 1.3871 (38.2% Fibonacci retracement of 1.4580 to 1.3433), however, renewed selling interest should emerge there and bring another decline in wave (iii) later this month. Below 1.3433 would extend weakness to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145), then towards 1.3300 and 1.3200 but reckon 1.3080 (1.618 times projection of wave (i)) would hold. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 08 10 09:45 GMT |
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Despite falling to 88.14 (reached our indicated c leg target at 88.24) last week, as the greenback staged a strong rebound from there on cross-selling in yen, suggesting the c leg of wave B has possibly ended there and upside bias is seen for further gain towards 92.16, however, a daily close above there is needed to provide final confirmation and confirm wave C has commenced for eventual retest o 93.78. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 05 10 09:18 GMT |
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Although the single currency recovered after falling to 119.66 last week and minor consolidation would be seen, as long as 125.24 resistance holds, retest of said support cannot be ruled out and below would extend one more fall in wave v of c towards 119.00, however, reckon this minor wave v would be limited to 118.41 (50% projection of 134.37-120.70 measuring from 125.24) and price should stay well above 116.79 (61.8% projection level), bring a strong rebound later this month. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 05 10 09:16 GMT |
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Failure to extend early rebound and the selloff from 1.0680 suggest caution on our bullish count and support at 1.0225 must hold for prospect of another rebound later to 1.0500, however, only a daily close above said resistance at 1.0680 would revive our bullishness for test of resistance at 1.0781. Having said that, break of 1.0781 resistance is needed to signal the 3rd leg of wave iii is under way for further gain to 1.0871 later this month. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 04 10 09:54 GMT |
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The single currency surged after breaking indicated resistance at 0.8841 and rallied to as high as 0.9150 (easily met our indicated upside targets at 0.8990/00 and 0.9050/55) on Monday, however, as price has retreated from there, minor consolidation would be seen. This rally signals the wave B from 0.9413 has ended at 0.8603 and break of resistance at 0.9154 would encourage for headway towards 0.9300. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 04 10 09:53 GMT |
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Dollar's retreat after early rise to 1.0899 suggests the wave 1 of iii has possibly ended there and consolidation would be seen but a daily close below 1.0647 is needed to add credence to this view and bring wave 2 correction to 1.0600/10 and later to 1.0550, however, reckon 1.0480/85 would hold and then another rally in wave 3 of iii would take place later this month. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 03 10 09:33 GMT |
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Although aussie staged a strong rebound from 76.25 last month, the sharp retreat from 82.80 suggests further consolidation would take place and weakness to 0.79.00 cannot be ruled out but only a daily close below support at 78.25 would signal another leg of decline from 86.21 top is underway and bring retest of 76.25 support later. |
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Elliott Wave Analysis |
Written by ActionForex.com |
Mar 03 10 09:31 GMT |
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Although the Australian dollar dropped to as low as 0.8578 earlier last month, the strong rebound from there suggests the C leg has ended there and consolidation with mild upside bias would be seen, however, only a daily close above resistance at 0.9331 would signal the final leg of recent upmove is still in progress and bring retest of 0.9407 later, otherwise, further choppy trading would take place. |
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