Forex Daily Podcast - Wednesday, February 22, 2006

The run down this morning puts us very near the make or break level for this current correction. It's got to gather some steam towards a stronger USD to break out of it's maliase. Hourly indicators are oversold which likely indicates we are still in a correction and we should see a reversal near current levels. If on the EUR/USD we turn higher from current levels or slightly lower, then we are targeting near 1.1985. This should be a 5 wave impulsive move up from the bottom. The EUR/USD currently trades at 1.1880. We'd like to see the USD/GBP run a bit lower this morning, but if it turns and runs up near current levels, then we'd be targeting 1.7480/1.7600 levels. The GBP currently trades at 1.7395. The USD/CHF run up may be complete here at 1.3120. If it turns down, we are targeting the 1.3040 level. If the USD/JPY turns down here we are targeting the 117.80/116.50 levels. The USD/CAD may have complete it's corrective move here or slightly higher. Once complete, the USD/CAD should continue lower. The USD/CAD currently trades at 1.1500. 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