Forex Daily Podcast - Wednesday, March 8, 2006

Although our high probability trade setups failed on the EUR and the CHF once they broke though their respective key levels you should have been able to reverse your trade and make your profits back and then some. The EUR is finally taking a bit of a breather after it's strong move down over the past few days. This could be the start of it's move to 1.1650 and below. We are looking for the EUR to have at least one more push lower of 70-110 pips after it finishes this correction. At 1.1940 this correction is potentially complete. The EUR currently trades at 1.1927. The GBP should be moving to the 1.7200 level and below. Our longer term target remains near 1.6500 for the GBP. The GBP trades at 1.7400. The CHF likewise should push higher once this correction down is complete. The CHF currently trades at 1.3085 Our next target up on the JPY is 118.30. The JPY could be entering a more complex correction which would bring it lower from current levels before resuming it's uptrend. The JPY currently trades at 117.85 The CAD just dipped below our longer term target of 1.1300 and below and has been making a nice move upwards. At this point we should be very near at least a 60 pip pullback. With the strength of this move up, we are wondering if the longer term run down is over? The CAD currently trades at 1.1511. 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