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ForexPros Daily Analysis June 06, 2011
Free webinar on ForexPros - Techniques for finding consistent winners in the Emini’s
Expert: Steve Primo
Start: Thu, Jun 9, 2011, 09:00 EST
End: Thu, Jun 9, 2011, 10:00 EST
Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar Steven will share with you his favorite concepts, techniques, and strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame.
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ELLIOTT WAVE FX OVERVIEW
Trading during Asian hours was relatively slow but still bearish for stocks after poor NFP from Friday.
Nikkei lost around 0.8% of value, which however did not help to lif the US dollar, which is trapped in 50-80 pips ranges against the majors ahead of the European open! From a larger perspective, however, dollar is likely to weaken early this week, as price action suggests.
Gbp/Usd
Pound found resistance in the past week at 1.6547 which appears to be only a temporary top, as run from 1.6060 was a clear impulse move. Even if whole bounce from 1.6060 is just a deep corrective wave 2/B, we still need to see one push higher, which will be wave (c), before recovery can be done. The reason is a sub-structure of a correction, which we know must be minimum in three waves, and wave (c) will be a third wave of that move.
USD/CHF
Usd/Chf fell into a new low on Friday, and the reason for the move was lower dollar index and lower stock prices at the same time. In situation like this Swiss franc will tend to react as a safe haven currency.
