Monday 6 May 2013

AUDUSD, Targets & Timing

Hi Traders,

AUDUSD started a violent downtrend as I predicted last week. The Aussie has carried on an "a-b-c-d" (in the weekly chart) and it's performing wave "e" downwards in 5 waves. (starting from the top in d5), We now performing  wave 3 (out of 5) as in the daily chart.

The Gann timing suggest that the 5 waves could be completed by May 17-20.

As I said, this "depreciation" could be considerable and protracted for quite sometimes (more waves down) and could take the pair below the parity.


The Budget Deficit is out of control.
The government is might increase the taxes which in turn will reduce the  economy expansion.
The RBA might lower its cash interest rate.
The Rating Agencies might decide to downgrade the government debt.
China might slow down further.


The present downtrend started at 1.03845 with wave 3 (of 5). Although there is a reversal candlestick (engulfing pattern) in the daily chart, the "three soldiers" in the 4-hour chart warn of a possible rebound in the area 1.022 to 1.0265 or higher.


Likely: 1.0010,  1.000,
Possible: 0.9904, 0.9822
Maybe: 0.9788, 0.9386, 0.8516 and 0.8000

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

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