Sunday, 12 May 2013

AUDUSD, staging a pullback



Hi Traders,

As predicted a couple of weeks ago the AUDUSD started a sharp downtrend and right now it's staging a rebound which is still part of the main downtrend.

Note: If it doesn't stop at 1.011 this pullback might rally further up to the area 1.014-1.0154 and maybe the area 1.0199-1.0222 

Then the downtrend should resume towards the area 0.9853-0.9837, then level 0.9412 and 0.9388. 

TECHNICAL SETUP

In the weekly chart below the Aussie has carried on an "a-b-c-d" (in magenta) and it's now performing wave "e" downwards with 5 waves (starting from the top in 5d). 


PROGRESSIVE TARGETS: 

Likely: area 0.9853-0.9837
Possible: 0.9412 and 0.9388
Maybe: 0.8952, 0.8877



weekly chart - click to enlarge



The Gann timing in the daily chart below suggests that our "wave 4" (the pullback) could top around May 17-20.


daily chart - click to enlarge





See the imminent pullback confirmed by a nice "hammer" candlestick. See also the targets (blue horizontal lines) in the 4-hour chart below


4-hour chart - click to enlarge












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