Today’s FX Thoughts  -  February 15th                                

Today I am most Confident about NZD/USD:

The Kiwi’s Classical Chart and Elliott Wave structures are Bullish. Support can now be expected in the low .8300’s and once resistances at .8375 and then .8405 are cleared, the Kiwi is expected to accelerate its advance onto the .8500 level, enroute to .8570.

Only a break of .8280 would defer this advance and I will be seeking protection on my long position Today if this is broken; to re-establish again once short term corrective weakness is exhausted.

I also update my earlier comments on USD/JPY below.

If you are interested in receiving my daily trading forecasts (which cover EUR, GBP, CHF,JPY, AUD and NZD) email my on TRL@clear.net.nz

I also want to (again) highlight USD/JPY:

The Dollar continues to complete its multi-month bottoming formation which has been developing since last July. Once completed (upon a sustained break above the 78.65 level) the Dollar will be poised for a strong advance toward the mid 82.00’s. Adding to this underlying Bullish potential is the ultimate (sustained) break above Downtrend resistance, extending back to June, 2007 (see Daily & Weekly charts below).

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