Daily Elliott Wave Video Analysis — May 24, 2011

The daily Elliott Wave analysis video for May 24, 2011, is available here. The video will always remain accessible via the current link for future reference. 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 watch the video in a fullscreen mode.


AUD/USD
Trend is bearish in 1 hour time frame. Intraday resistance is present at 1.0709 price level. So, as long as price stay below 1.0709 resistance level, look for sell trades. ADX is dropping from 55 level, expect a short term bottom in price. If bullish candlestick closes above 1.0709 critical resistance level then down trend is going to end.

EUR/JPY
Trend is sideways in 1 hour chart. Intraday resistance present at 116.88 price level has been broken. It is better to stay out untill price go above 120.81 resistance level or breaks below 113.39 support level.

EUR/USD
Trend is bearish in 1 hour time frame. Intraday resistance is present at 1.4345 level. So, as long as price stay below 1.4345 resistance level, look for sell trades. ADX is dropping from 55 level, expect a short term bottom in price. If bullish candlestick closes above 1.4345 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 1.6302 price level. Price is also below 200 period ema. So, as long as price stay below 1.6302 resistance level, look for sell trades. If bullish candlestick closes above 1.6302 critical resistance level then down trend is going to end.

USD/CHF
Trend is sideways in 1 hour time frame. Intraday support is present at 0.8701 and intraday resistance is present at 0.8944 level. It is better to stay out untill price go above 0.8944 resistance level or breaks below 0.8701 support level.

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