Elliottwave.com Free week Start Today 23 Feb 2012

[ahmedalhoseny]

[Turning higher]
Key Levels: 1.0598 and 1.0380


AUDUSD touched 1.0600 (actual bottom at 1.0598), where wave c (circle) equaled wave a (circle), and reversed course. A reversal is underway and AUDUSD should advance from current levels.

The ultimate objectives lie above 1.0847 and 1.1083 but, drilling down to the initial rally sequence underway from 1.0598 we can look for gains to 1.0780 (1x) and 1.0854 (1.618x) over coming days

[ahmedalhoseny]

Update For: February 13, 2012
Posted On: Mon, 13 Feb 2012 18:27:50 GMT
USDCAD
Last Price: 0.9977
Support: 0.9950, 0.9930, 0.9906, 0.9892
Resistance: 1.0020, 1.0053, 1.0163, 1.0227




USDCAD has been consolidating since October 2011. While that's insufficient to confirm a bullish reversal it isn't clearly bearish either.

A rally in five waves, followed by a setback in three waves would signal a bullish reversal has occurred

[ahmedalhoseny]

Update For: February 21, 2012
Posted On: Wed, 22 Feb 2012 02:02:19 GMT
USDCAD
Last Price: 0.9977
Support: 0.9950, 0.9930, 0.9906, 0.9892
Resistance: 1.0020, 1.0053, 1.0163, 1.0227


[Turning higher?]



If a bullish triangle is underway from 1.0658 USDCAD must bottom above 0.9892, which means it must bottom at current levels. Wave D of a triangle would carry several figures higher and USDCAD would not visit current levels again before a thrust from the triangle occurred

[ahmedalhoseny]

Update For: Friday, February 24
Posted On: Thu, 23 Feb 2012 20:46:27 GMT
USDCAD
Last Price: 0.9977
Support: 0.9950, 0.9930, 0.9906, 0.9892
Resistance: 1.0020, 1.0053, 1.0163, 1.0227

[ahmedalhoseny]

[Lower]
Key Levels: 1.0020 and 1.0053


Despite the possible bullish triangle the dollar has failed to offer evidence that it has bottomed. USDCAD first rallied in a corrective three waves from 0.9925 and appears to have mounted a similar advance from 0.9906. Wednesday, we speculated that a triangle dating back to February 9 may be unfolding with wave C ending at 1.0020.

Wave (d) would likely end below 0.9950, near 0.9930. The alternate calls the triangle complete and USDCAD early in a thrust below 0.9900. Either way, USDCAD is due to fall from current levels

[ahmedalhoseny]

Update For: February 10th
Posted On: Fri, 10 Feb 2012 22:06:03 GMT
EURGBP
Last Price: .8492

EURGBP
[Lower]


Prices ticked a bit higher this week, but there's no change to our bearish long term outlook. A new low beneath .8067 is still highly likely over the coming months

[ahmedalhoseny]

Update For: February 17th
Posted On: Sun, 19 Feb 2012 15:55:48 GMT
EURGBP
Last Price: .8492
EUR/GBP
[Lower]


There is no change in the longer term bearish view. The consolidation is in a fourth wave position and should lead to a new low in the 80.69/13 area

[ahmedalhoseny]

Update For: Friday
Posted On: Thu, 23 Feb 2012 22:12:59 GMT
EURGBP
Last Price: .8492


[Up to a top]
Key Levels: .8411 & .8350



Now that the advance has pushed through the .8485/90 level, allow for more strength to .8520/28. Support is .8454/48.

A marginal new high may be enough to finish the consolidation and lead to a break of .8221

[ahmedalhoseny]

Update For: February 10th
Posted On: Fri, 10 Feb 2012 22:13:47 GMT
EURJPY
Last Price: 106.89

EURJPY
[Lower] ***Longer term chart below***

No change. Prices have been unable to build on last month's potential loss of downside momentum, after December's sharply lower bar. It's going to take clear, impulsive upside progress to alter our continued bearish stance

[ahmedalhoseny]

EURJPY Longterm Monthly