August 2, 2011 — Daily Elliott Wave Video Analysis

The daily Elliott Wave analysis video for August 2, 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 bullish in 1 hour chart. Intraday support is present at 1.0909 price level. So, as long as price stay above 1.0909 support level, look for buy trades. If bearish candlestick closes below 1.0909 critical support level then up trend is going to end.

EUR/JPY
Trend is bearish in 1 hour chart. Intraday resistance is present at 113.54 price level. So, as long as price stay below 113.54 resistance level, look for sell trades. If bullish candlestick closes above 113.54 critical resistance level then down trend is going to end.

EUR/USD
Trend is bearish in 1 hour chart. Intraday resistance is present at 1.4452 price level. So, as long as price stay below 1.4452 resistance level, look for sell trades. If bullish candlestick closes above 1.4452 critical resistance level then down trend is going to end.

GBP/USD
Trend is bullish in 1 hour chart. Intraday support is present at 1.6259 price level. So, as long as price stay above 1.6259 support level, look for buy trades. If bearish candlestick closes below 1.6259 critical support level then up trend is going to end.

USD/CHF
Trend is bearish in 1 hour chart. Intraday resistance is present at 0.7953 price level. So, as long as price stay below 0.7953 resistance level, look for sell trades. Bullish divergence is present with RSI and downside momentum is waning. If bullish candlestick closes above 0.7953 critical resistance level then down trend is going to end.

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