Thursday 28 February 2013

AUDUSD, Thursday, February 28, 2013

Hi Traders,

The Aussie Dollar - now at 1.027 - could stage a limited rally before finally heading South by starting a major downtrend.


The AUD completed all 5 major waves up. Then it started a major downtrend with the completion of wave "a" down of a very minor grade. 

Now, there should be a correction upwards to the resistances at  1.034-1.0365 or even 1.039 - to be labelled wave "b" (of a minor grade) - followed by a major downtrend.

Note: the above targets could be the perfect Entry Point for a great short, provided that you wait for the complete development of 3 waves up (two-step-pattern).

At the top of the two-step-pattern there should be a clear reversal candlestick.

Finally, please use the "wave oscillator" (see below) plotted in the 1-hour chart - or lower - before entering the new trade.

SHORT RANGE TARGET: wave "b" to 1.034-1.0367 or even 1.039.
MEDIUM RANGE TARGET: 0.939 and 0.88.


The wave oscillator in the 4-hour chart below shows that the new little retracement up is already started. 


The red and grey lines swapped positions as soon as the new uptrend started: the red lines - which run inside in case of downtrend -  moved outside and the grey lines moved inside, showing a new uptrend.

This is a confirmation of the new retracement up (wave "b").
Also, note the completion of the last 5 waves down.

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