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HARMONIC ELLIOTT WAVE

Tuesday, May 18, 2010

There still appears to be further to go but this next Dollar high should trigger a deeper correction…

When the market is moving rapidly while I’m performing the analysis or even writing the report the support & resistance can take a bit of a pummeling. The Dollar highs we saw early in the day certainly pushed a little higher than anticipated but the rest of the day saw more corrective price action. Were yesterday’s lows the trigger for that deeper correction I have been looking for? I don’t think so.

There certainly looks to be room all round – well, perhaps not GBPUSD – for the Dollar to push higher still today. I don’t think the correction is quite complete so this should provide us with a Dollar buying opportunity and then there’s a little more overlap to go to what I feel will be a target that will provoke a much stronger reversal – corrective only still. I shall provide these targets in the report. Overall I still see targets for EURUSD below 1.20 and USDCHF may just approach the old 1.2296 high…

USDJPY has remained as subdued as expected and I don’t think it’s complete yet. I do feel there should be another dip on its way and therefore it’s just a matter of whether the pullback higher gets any deeper. Thus, EURJPY should find a high probably in the European morning for losses back to around the 110.60 low – probably just below.

AUDUSD – no change the downside remains under pressure. I still feel there should be a decline closer to the 0.8578 weekly swing low. Could this happen today? I doubt it but certainly by tomorrow. USDCAD – watch this carefully as there is a risk of consolidation but I tend to prefer a scenario calling for a minor new corrective low but then the charge higher could well develop… and I suspect above 1.0600…

Today’s free analysis is for USDCHF and can be found on http://www.fx-forecaster.com/DailyForecast.html along with yesterday’s Trader Package Review & Trade Set up report. (+0 pips)

Good luck
Ian Copsey

FX-forecaster Trader Package now available at €20.00 pm
For MT4 users

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