Price: 0.9889
| Resistance: | 0.9900 | 0.9922 | 0.9956 | 0.9985 |
| Support: | 0.9870 | 0.984 | 0.9780 | 0.9735 |
| Bias: | A move above 0.9920-25 would confirm gains else below 0.9870 & 0.9840 triggers stronger losses |
| Daily Bullish: | The break of 0.9870 triggered stronger losses to stall just above the 0.9817 low. It appears that this was more likely to have been a correction and thus we should be aware of the risk of a rally through first resistance at 0.9900 & then 0.9925 which would provide sufficient momentum for follow-through above 0.9956 to 1.0015 at least and potentially 1.0048-69. |
| MT Bullish: | 29th May: So far the 0.9955 reversal level has held perfectly and until this breaks there is still risk of losses. Thus only breach extends to 1.0005-16 and 1.0069 & 1.0102 within a larger move higher. |
| Daily Bearish: | Yesterday’s losses had more of a corrective look and thus I’m not sure we’ll see another move lower. However, watch first support around 0.9870 and then at 0.9841. If this lower support is exceeded then the risk lies for follow-through below 0.9817 and to 0.9780 at least and I suspect all the way to 0.9735 and eventually 0.9682-0.9709. |
| MT Bearish: | 29th May: We have seen a long correction but which hasn’t broken above the 0.9955 break level. This retains the potential for losses to reach 0.9780 minimum and probably the 0.9682-0.9709 area before reversing higher. |
ELLIOTT WAVE COMMENTS
28th May
We are closer to breaking the last minor swing high at 0.9951 and yesterday’s dip to 0.9867 looks as if it was a Wave b correction. Thus a break above 0.9951-54 would suggest a 161.8% projection in Wave c to the 1.0069 level. Take care as this could cause a pullback. However, overall it could mean that we have seen the major low at 0.9817.
Only a break back below the 0.9867 Wave b low threatens a renewed attack on 0.9817 and possibly all the way down to the 0.9709 corrective low.
30th May
I feel the decline yesterday came in 3 waves and is thus corrective. This implies a 161.8% projection in Wave c at 1.0048 and a 176.4% projection at 1.0069.
Ian Copsey
See Also
- Pro Commentary
Analysis to guide you through the trading day
