Monday 7 July 2014

AUDUSD on a support

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The AUDUSD (now at 0.9362) topped between the 2 targets that I indicated in the daily chart on April 9. It is now sitting on a major support (see weekly chart). After a minor bounce back to the area 0.9386-89 (see 1-hour chart) it should resume the downtrend to 0.90834 as a start.


likely: 0.9220-0.9198
possibly: 0.90834 and 0.8846-0.8809 (major Fibo cluster)
maybe: 0.8578-0.8509 and 0.8160-0.8067


This very last leg might bottom down at 0.8578-0.8509 to complete the 5 waves configuration a-b-c-d-e (see weekly chart). This area marks the 50% retracement between the low at 0.6003 and the high at 1.1085.

However, there's another major Fibonacci cluster (38% + 50%) at 0.7942-0.7936, (see the thick blue line in the weekly chart) and a bunch of Fibo clusters (green lines) in the monthly chart, the primary of which is sitting right at 0.8000-0.8040. These target could be the possible objective as well.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge 

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