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AUD has done five waves off its circa 80 cent high, and has held trendline support circa .7625. Bounced nicely today and looks like it'll rally towards .7750/80 area before heading lower again in killer wave C
Xerof
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7813 should hold any further advance....
reversal southbound imminent IMO
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Arco, I don't disagree with you, but here's another EW interpretation to consider. Hmmm
http://www.fxstreet.com/nou/content/...hnicalanalysis
regards
Xerof
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Good Evening Xerof
Many thanks for the link.
I will study their EW counts and give my
thoughts tomorrow AM.
I took my profit on AUD a few days ago, and have not
re-entred as yet. I would prefer to see if the 7813
will hold as resistance before taking the plunge.
arco
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Good Morning Xerof
I tend to do my own wave-thing so I will
leave long term EW counts for the
E-wavers to argue over.
My interest is in the short/medium term
movements, and my thoughts are as follows.
The recent high was a '5'
The recent low is a 5 leg move, forming either 1 or A.
7813 (previously mentioned) is a possible strong
resistance area IMO. (If this fails AUD's next move
will be higher). That line is holding so far, and
overnight action has formed a Bearish Engulfing Candle,
with the oscillator dipping below zero.
arco
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Good Afternoon Arco,
To my untrained Gartley eye, was there not a bearish Gartley evident on the daily AUD/USD chart, which has broken to downside to perfection in the past 24 hours?
Xerof
IMO Aud looks ready to tank lower
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Xerof
Butterfly - Well spotted.
We now need to see a break of the recent pivot low.
arco
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Well, here we are in the mid 77's as forewarned. Will now run a trailing sell stop entry, as this rally might just stretch to low 78's
Xerof
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IMO 7812 could provide formidable resistance,
forming the end of a 'B' wave before 5 down.
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