FX Strategy 08 August 2013 |
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This week we saw the market break and hold below its daily cloud, this is negative price action.
The market is now viewed as negative while trading below 100.00 and will make very little impact while capped by 101.60.
The Elliot wave count on the weekly chart is suggesting a potential 93.55/90.40 corrective count lower.
Given that the 93.75 June low is in close proximity to the 38.2% retracement at 93.55 we make this our preferred target zone.
From a timing perspective we would expect weakness to prevail until October 2013.
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