Free Forex Signal

GBP/USD:
date: 2/4/2008
stop: 1.9600
target: 1.9750

by Ross Yamashita

Pro Pipper

Greetings.

We hope everyone had a nice weekend. For those of us in the United States, we hope you enjoyed the Superbowl. We are posting this before the game has started. Too bad there was no Elliott Wave analysis to forecast the probabilities of the winner. Well, I guess that’s why we all love the markets!

We keep talking about Elliott Wave practitioners having their favorite wave to trade. Some like the impulsive Wave 3 and 5 while others like to trade the retracements waves.

Well, we enjoy trading Wave 3 - and we have found a good set up in the USD/JPY. There are actually 3 Elliott Wave Impulse patterns. For chart display purposes, we are only showing 2 out of the 3. As you can see from the graphic, we are looking to compete the Wave 2 to start our Wave 3 down, which will then complete the Wave 3 of the larger degree. In the smaller wave (labeled in red), you still have the completion of Wave 2, the movement down of Wave 3, the retracement of Wave 4 then heading back down again for Wave 5.

Have fun and don’t forget to always use good money management and put that stop loss in.

And as far as the Superbowl goes, I guess we’ll just have to sit back, relax and let the game play out itself to see who wins.

04/02/2008 06:50

Location:  Japan

Indicator:  Monetary base

Previous:  0.4%

Forecast:

Actual:

04/02/2008 07:30

Location:  Australia

Indicator:  Imports

Previous:  2%

Forecast:

Actual:

04/02/2008 16:30

Location:  Euro Zone

Indicator:  Sentix Index

Previous:  8.2

Forecast:  5.7

Actual:

04/02/2008 19:30

Location:  United States

Indicator:  Layoffs

Previous:  44.416k

Forecast:

Actual:

04/02/2008 22:00

Location:  United States

Indicator:  Factory Orders

Previous:  1.5%

Forecast:  2.4%

Actual:

04/02/2008 07:30

Location:  Australia

Indicator:  Trade Balance

Previous:  -2254Mln

Forecast:  -2000Mln

Actual:

04/02/2008 16:30

Location:  Euro Zone

Indicator:  Producer Price Index (PPI) m/m

Previous:  0.8%

Forecast:  0.1%

by George Marshal

World-Signals®

The euro failed to battle with the dollar for new record. The result of the fail to break above 1.4960 was recovery of the dollar to levels below 1.48. The new week will be a week of speculation news that will send new negative signals to the dollar and U.S. economy. There are strong interest of many investors and banks to keep the dollar as low as possible. The traders expect the key ISM Services on Tuesday, as is expecting reading above the key level of 50 where levels up means continue expanding of the economy. The consensus forecast is for level of 53.0. The key trading at the high levels of 1.4860/1.4940 is the strong resistance where many traders are ready to sell in expectation for recovery of the dollar. The chances for euro gains against the dollar are minimal. It is expecting recovery of the dollar in the coming week. But the break above 1.4960 will be critical for the dollar stability in the coming couple of months.