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AUD/USD Stalking A Possible Gartley Setup
- Daily and 4H: The AUD/USD is in a choppy and ranging mode as we expected. However, instead of testing 0.9050, the pair kept rallying. (Refer to Daily Technical Update 11.23.09 AUD/USD). It is now at 0.9300 or the 127.0% expanded retracement. A full projection from previous upswing is at 0.9350, or between the 78.6% retracement level and a smaller degree 150% expanded retracement level.
- If the market tops at 0.9350, we may anticipate a decline to the 0.9000 area. However, there could be an earlier support at the 0.9150 area as the pair runs into a long-term inviolate trendline. If this is supported, we are bullish in the medium-term, but if the market comes down to 0.9000, we are ranging in the medium-term.
Fan Yang
Currency Analyst,
Commodity Trading Advisor