Forex Daily Podcast - Monday, January 9, 2006

The EUR has moved into it's target area, however we'd like to see it go a bit higher after a pullback here at the beginning of the week. The EUR currently trades at 1.2073. The GBP currently trades at 1.7647. The CHF has moved into the high probablity target area and pulled back to 1.2771. The JPY was in our alternative count completed it's wave 2 and it looks like wave 3 down is also complete. Our primary count is for the currency to have 1 more push down after a period of consolidation. However, if we don't get our push down from here, then it would likely make this recent move on a larger scale corrective rather than impuslive, if that turns out to be the case, then we'd likely run back up to the 120-122 range. This week should be very interesting. The JPY currently trades at 114.06 The CAD currently trades at 1.1694. We need this one to move a bit to show a better wave count. 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