Forex Daily Podcast - Friday, February 10, 2006

We claimed our Forex Daily call of the week a bit early. The call for a trade down on the USD/JPY yesterday for 140+ pips topped the previous call earlier in the week on the USD/JPY. Again, if you were listening to our podcast yesterday, this move down on the JPY overnight did not catch you by surprise. In we had a great week here on the Podcast, you should have been able to grab more than 200 pips on the JPY alone, and over 300 pips in total. We are still looking for a break in tight range on the EUR, GBP, and CHF. At this point we almost think they have to retrace a bit before the continuing towards a stronger dollar. We are waiting for a breakout. The EUR currently trades at 1.1969. The GBP currently trades at 1.7492. The CHF currently trades at 1.2994. The JPY moved up near 119 just as we expected yesterday then plummeted down to under 117.50 exactly as predicted. Hopefully, you grabbed more than 100 pips on this move. That makes over 200 pips for the week on the JPY. We would like the JPY to head down near the 116.70 level before continuing higher, but the wave count is potentially complete at the 117.32 level. The JPY currently trades at 117.52. The CAD still looks like it's in a corrective move up and is trading at 1.1492. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading