- 1H: The AUD/USD is done with a quick throwback, which only retraced about 38.2%. (Refer to Daily Technical Update 3.4.2010 AUD/USD).
- The quick, instead of 50-61.8% retracement adds to the likelihood of reaching 0.92, and also adds to the probability of a break above the declining resistance that can be see in the Daily chart.
- The break of the near-term declining trendline in the 1H time-frame was the trigger which closed where we anticipated (near 0.91).
- I noted that the rally from here would yield a reward to risk ratio of about 2:1.
Fan Yang
Currency Analyst
Commodity Trading Advisor
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