Price: 1.0174
| Resistance: | 1.0225 | 1.0255 | 1.0282 | 1.0312 |
| Support: | 1.0166 | 1.0143 | 1.0105 | 1.0055 |
| Bias: | Direct gains should reach the 1.0378-1.0428 area at least – 1.0143-66 to support |
| Daily Bullish: | Direct gains above the 1.0127-41 area triggered much stronger gains through 1.0217-49 to reach 1.0282. I am finding the wave structure a little difficult to tie down but I feel the 1.0143-66 area should support. This should then provide another leg higher that should reach back to Friday’s high at 1.0282 high. We have to be careful as this area could cause a small pullback. Above 1.0282 would extend gains directly for 1.0338-45 at least and probably 1.0378, 1.03995 and at most 1.0428. |
| MT Bullish: | The upside has broken through above the 1.0249 high and should imply gains to 1.0395-1.0428 at least and possibly 1.0475 & 1.0544 but I suspect this should cause a correction before additional gains. (21st April) |
| Daily Bearish: | Friday’s rally does seem to suggest that for this moment any downside will be corrective. The wave structure suggests support somewhere between 1.0143-66. Therefore a break through this area will be required to trigger additional losses. This should imply a test of the 1.0040-70 area and quite probably 0.9939-63. |
| MT Bearish: | Friday’s move higher allows us to raise the reversal points to around 0.9939-63 for now but I need to assess once we have found a short term upside target. (21st April) |
ELLIOTT WAVE COMMENTS
The triangle appears to have ended at 0.9939. A wave equality target in Wave (c) is therefore at 1.0544.
We should also watch the prior target at 1.0475 also.
Only a direct break back below the Wave (b) low at 0.9939 would then cause a larger bearish structure.
Ian Copsey
See Also
- Pro Commentary
Probably the most comprehensive technical commentary in the market
