Monday 14 October 2013

AUDUSD, double top

Hi Traders,

Before getting into the analysis of AUDUSD let's check some news.

I'm running some free webinars and free seminars (see below). To register click the links below.

  • Monday 28 October - Free Webinar (8-9pm, Sydney time). I don't have the link to this webinar yet. 
All this powerfully organised & hosted by the mighty City Index in Sydney.

  • Monday Nov 11 and Tuesday Nov 12: ELLIOTT WAVE BOOTCAMP, (16 hours) in a venue to be confirmed soon.
At this BOOTCAMP you will be taken on a journey through the identification and practical use of Elliott Waves.

You will be able to:

  • recognise & label each wave properly
  • predict the direction of new trends
  • correctly identify the starting point of new trends
  • determine targets
  • identify Entry and Exit point in daily, 4-hour and 1-hour charts.

Your approach to trading will change foreverThis is an unmissable chance to get a true insight of Elliott Wave Trading. Hence, don't miss it!

If you want to be part of it call Richard Vatner +61(0)2 9270 3618 and mention "MDC" (Mario D. Conti) or leave a message. 



I set up a trading account where I place the trades I suggest. I'll keep you posted.



Hi Traders,

AUDUSD performed a double top on the 4-hour chart. It seems to be heading to 0.9237.


likely: area 0.9385-0.9382
possible: 0.9358-0.9349
maybe: 0.9237


It's hard to believe that the retracement of wave 1 (from point d - in magenta -  to point 1 - in red) in the weekly chart is complete unless the US dollar strengthens tremendously in the incoming days.

At present I prefer the solution of an Aussie retracing a bit to 0.9237 with an  a-b-c (daily and 4-hour chart) and then heading back to 0.97 in 5 waves. 


If a temporary rise of the "debt ceiling" is agreed by the American Congress  but its NOT followed by a definitive agreement within Nov 22, The FED might be attempted to sell some gold to pay the debts, with devastating effects on commodities and currencies.

BTW: so far there's no "sign" of such an event in the charts.

ENTRY: entry around 0.9443-47 but wait for a signal of the "wave oscillator" - in the 1-hour chart - before getting in.

monthly chart - click to enlarge


weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge