GBP/AUD
- 1H: The previous couple of posts on GBP/AUD noted a possible decline to the 1.800-1.8050 area. (Refer to Daily Technical Update 12.17.2009 GBP/AUD). Initially, the projection would be within the zone suggested by the Pattern Recognition feature in VT Trader.
- However, after a completed gartley, we had to adjust the projection higher. Now that the market tested the previous high at 1.8300, the short-term projection once again needs to be adjusted.
- In fact, that projection is the previous low of 1.8100, which the market is testing today.
- This also develops a possible head-and-shoulder. It may be slightly premature now to saw it is completed, because a true break below 1.8100 is needed.
- If there is a break, THEN the projection of 1.7900 would be valid as a pattern breakout projection.
Fan Yang
Currency Analyst
Commodity Trading Advisor
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