May 12, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for May 12, 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 bearish in 1 hour time frame. Intraday resistance is present at 1.0875 price level. So, as long as price stay below 1.0875 resistance level, look for sell trades. If bullish candlestick closes above 1.0875 critical resistance level then down trend is going to end.

EUR/JPY
Trend is bearish in 1 hour chart. Intraday resistance is present at 116.88 price level. Price is also below 200 period ema. So, as long as price stay below 116.88 resistance level, look for sell trades. However; bullish divergence is present with MACD. If bullish candlestick closes above 116.88 critical resistance level then down trend is going to end.

EUR/USD
Trend is bearish in 1 hour time frame. Intraday resistance is present at 1.4422 level. So, as long as price stay below 1.4422 resistance level, look for sell trades. If bullish candlestick closes above 1.4422 critical resistance level then down trend is going to end.

GBP/USD
Trend is bearish in 1 hour time frame. Intraday resistance is present at 1.6572 price level. So, as long as price stay below 1.6572 resistance level, look for sell trades. If bullish candlestick closes above 1.6572 critical resistance level then down trend is going to end.

USD/CHF
Trend is bullish in 1 hour time frame. Intraday support is present at 0.8705 level. Price is also above 200 period ema. So, as long as price stay above 0.8705 support level, look for buy trades. However; bearish divergence is present with MACD. If bearish candlestick closes below 0.8705 critical support level then up trend is going to end.

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