March 25, 2011 – AUD/USD Completing Impulse Wave with New Record High
Simple Moving Average(SMA) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
Commodity Currencies in Reversals (3/23 Video)
AUD/USD
Short Term to Medium Term
- The AUD/USD is testing the 1.0255 record high. We are also completing an impulse wave as the RSI reaches above 70. At this level, we can expect some correction.
- The RSI breaking above 70 is a bullish sign for the medium term, but the near to short-term dynamic might be a correction to this overbought signal.
- From the current top, a 38.2% retracement targets 1.0070 area. There will also be the 200SMA here.
- A swing projection seen in the daily chart targets 1.0415.
- This will be the target is the market can sustain a break above 1.0250.
Will the USD/CHF continue south after the current rally attempt? Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist
FXTimes
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
he GBP/CHF might finally have topped off after a sharp rally from 1.44 to 1.54 (a 1000-pip swing).
- There is a cluster of 61.8% fibonacci retracement level, psychological resistance at 1.54, as well as a previous support for a double top that was broken (after which, the slide from 1.60 extended to 1.44.
- This volatile pair also has the RSI now failing to sustain a break above 60 – all these are signs of topping.
- The 4H chart also shows the topping action in more detail, and lays out some fibonacci retracement levels as targets for conservative bearish scenarios.
