|
Pro FX Commentary: AUDUSD |
|
|
|
Technical Archives |
Written by Global Forex Trading |
May 12 08 05:04 GMT |
|
Pro FX Commentary: AUDUSD
Price: 0.9370
| Resistance: |
0.9400 |
0.9420 |
0.9440 |
0.9475 |
| Support: |
0.9348 |
0.9299 |
0.9274 |
0.9239 |
| Bias: |
Loss of 0.9348-55 should generate follow-through to 0.9299 at least |
| Daily Bullish: |
No additional gains above 0.9455 but losses which are following-through this morning. This doesn't look too healthy for the upside. If price extends to 0.9299 watch this as there is a small risk this could cause a reversal higher. Before that to generate a move bullish stance we shall need a move back above 0.9395-00 followed by the 0.9420 high seen this morning. If seen it would help the bullish structure and imply gains back to 0.9470-80 at least and potentially back above 0.9504 for 0.9540. |
| MT Bullish: |
12th May: The peak at 0.9455 is not encouraging for any bullish stance. We shall still need this and 0.9504 broken to maintain any possibility of reaching the 0.9637-66 area. |
| Daily Bearish: |
Friday saw the 0.9385-00 support basically hold but has broken through this morning and this is suggesting a stronger chance of losses. A break below the 0.9348-55 lows would maintain the bearish momentum to allow price to extend to 0.9299 at least. We should take a little care here as this does have potential to cause a reversal higher. Breach would keep the downside intact for a move below the 0.9274 low for 0.9239 and possibly 0.9204. |
| MT Bearish: |
8th May: The break of 0.9380 is raising the risk of additional losses. The pattern is not quire clear but I suspect that a move below 0.9348 would allow a test of 0.9274-00 and later towards 0.9159 at least & 0.9063. |
ELLIOTT WAVE COMMENTS
9th May
It could still be that 0.9348 provided a low in Wave -b- and if so then the 0.9385-00 area needs to support and generate a further move higher above 0.9455 in Wave -c- of Wave -v-.
There are two potential targets in Wave -v- - at the 66.7% projection at 0.9666 where Wave -c- will have extended by 138.2% and then higher at the 76.4% projection at 0.9720 where Wave -c- will have extended by 161.8%.
Any earlier loss of 0.9300 and 0.9348 would most likely point to the 0.9540 high as a major high and thus see losses below 0.9274.
Ian Copsey
Global Forex Trading
http://www.gftforex.com
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the author are not necessarily those of Global Forex Trading, its owners, officers, agents or employees. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Cornelius Luca will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Cornelius Luca do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
|
