Saturday 15 June 2013

AUDUSD, right on target

Hi Traders,

last month I said that the main target was around the support at 0.9380. The AUDUSD reached 0.9325 and bounced back.


Check the 4 chart: the Aussie reached the major support with 5 smaller waves and bounced back to 0.9665.


Short term (4-hour & 1-hour chart)

The AUDUSD is expected to retrace to the area 0.9558-0.9544 (1-hour chart),  then the uptrend should resume to the area 0.9764-0.9742.

Medium term (daily chart)

This initial pullback is part of a major "two-step pattern", a 3 waves pattern  upwards that should finally take the AUDUSD to the area 0.9959-1.0010.

Long term (weekly chart)

Around the parity, the downtrend should resume to 0.8877 and 0.8578 

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge