Daily Outlook
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GBP/USD daily
Wed, Apr 16 2008, 15:37 GMT
by Dimo Dimov
Elliott Wave Analysis
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My working count suggests that the fall started from 2.0049 (4 April) is a terminal impulse (ending diagonal). If this idea is correct, we should see one more fall below 1.9598 in wave 5. With an eye on this idea I entered short earlier today. However I have to admit that my confidence is still low but it will increase if we see a fall below 1.9730. Key resistance is 1.9806 and in a case of a break above it, one should expect re-test of 1.9892 which is very important level because a rise above it would indicate that the movement started from 2.0396 has already ended and a movement for a rise above is currently under way. Looking to the downside, I expect a minor low below 1.9598 to complete the terminal impulse shown on the chart.
Trading strategy: 11:26 EST; 16:26 GMT
Short position from 1.9758, stop loss - 1.9812 (stop and reverse), target - 1.9600
Confidence level – low
Published on Wed, Apr 16 2008, 15:41 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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