Forex Daily Podcast, Monday, December 12, 2005

We are still waiting for a breakout for the EUR, but the CHF and GBP are agrueing for a weaker dollar in the short term. The EUR currently trades at 1.1840. We are still looking for the GBP to rise a bit although it becoming short term overbought. The GBP currently trades at 1.7610. The JPY should rise to the 121.05 or a bit more on Sunday before beginning it's next move down. In any case, it should not rise much above 121.50. See the Elliott Exchange web site for a diagram of our expected move. The JPY currently trades at 120.80. The CHF moved lower as expected and currently trades at 1.2988. The mid-term trend on the CAD is definitely down. Although it retraced to the 236 FIB level which is sufficient price to call this correction complete, it was short in terms of time. Therefore, we think the CAD should fall lower Sunday into early monday, before rising impulsively to finish the correction. We are targeting the 1.1700 or slightly above level. The best trade here may be to wait for this impulsive rise as it should be followed by an impulsive fall. So the impulsive fall is really the best trade to be made. See our web site for diagrams of our expected move on the CAD. The CAD is currently trading at 1.1561. 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