May 4, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for May 4, 2011, is available here. The video will always remain accessible via the current link for a future relevance. You can use it to check the accuracy of our Elliott Wave forecasts or for your self-education in such analysis.

It is recommended to view the videos in a full screen mode.


AUD/USD
Trend is bullish in 1 hour time frame. Intraday support is present at 1.0774 price level. The current decline looks corrective abc zig zag pattern. If bearish candlestick closes below 1.0774 critical support level then up trend is going to end.

EUR/JPY
Trend is bullish in 1 hour chart. Intraday support is present at 118.48 price level and resistance is present at 121.01 level. The current decline looks corrective abc zig zag pattern. An upside break out above 121.01 resistance level is required for an upside rally. If bearish candlestick closes below 118.48 critical support level then up trend is going to end.

EUR/USD
Trend is bullish in 1 hour time frame. Intraday support is present at 1.4761 level and resistance is present at 1.4889 level. An upside break out above 1.4889 resistance level is required for an upside rally. However; bearish divergence is present with MACD. If bearish candlestick closes below 1.4761 critical support level then up trend is going to end.

GBP/USD
Trend is bullish in 1 hour chart. Intraday support is present at 1.6430 price level. So, as long as price stay above 1.6430 support level, look for buy trades. If bearish candlestick closes below 1.6430 critical support level then up trend is going to end.

USD/CHF
Trend is bearish in 1 hour time frame. Intraday resistance is present at 0.8695 level. So, as long as price stay below 0.8695 resistance level, look for sell trades. However; bullish divergence is present with MACD. If bullish candlestick closes above 0.8695 critical resistance level then down trend is going to end.

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