Forex Daily Podcast - Friday February 24, 2006

The JPY dropped right down into our target last night which provided an excellent exit if you were in a trade and an entry in the opposite direction. We'd had a very good week this week on the Forex Daily Podcasts, we've hit nearly all the turns in the market. The EUR, GBP, and CHF came up a bit short as we were expecting 5 wave moves up and they only delivered 3 waves. Therefore, we are expecting 3 wave moves from yesterdays extremes and then a reversal. Therefore, we will likely see one more push before the reversals. The reversals should be 5 wave impulsive moves. The EUR currently trades at 1.1892. The GBP currently trades at 1.7487 The CHF currently trades at 1.3121. The JPY ran just below our 116.50 target and provided nice trades in each direction. The JPY may be correcting to the 117.00-117.20 level before one final push down, or it may run up from current levels. The JPY currently trades at 116.87. The USD/CAD currently trades at 1.1510. 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