Forex Technical Update
June 9, 2010
- Daily and 4H: The daily shows the AUD/USD still in consolidation after a break out below a long intermediate term channel. The bearish breakout is being tested, and a (c) wave may be developing.
- We may be in wave 3′ of (c). If the current speed of rally continues and breaks 60, this is very likely the preferred count for this internal. Wave (c) may be a complex one compared to (a). If it breaks the declining trendline it has a chance to develop an impulse wave towards 0.88 and above if it expands 150% or 161.8% of (a). If 100%, it will see resistance at just below 0.86.
- 1H: The internals seen in the 1H time-frame shows that we should be in subwave 3′ or (3′). If it continues past the current 61.8% retracement level and SMA 200 in the 1H chart, the rally can go to 0.8580 to if (c) is to have equality with (a).
Fan Yang
Currency Analyst
Commodity Trading Advisor
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