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AUDUSD Bearish; Wait On Pull-back For New Shorts

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May 15 2013

AUDUSD extended its weakness in the last few sessions within wave (iii) which can be counted now in five smaller waves. As such, support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally if we see evidences of a temporary low. If that will prove correct then traders should keep an eye on levels around 1.0000 where we can see wave four swing of one lower degree, plus a lower base channel line that could react as a resistance as well. Shorts around that zone could be interesting while market trades below 1.0152 critical level.

You can also check our video back from May 06 2013 in which we covered a detailed technical analysis for AUDUSD, and as well as EURUSD and USD index and presented our bias for USD bull scenario.



05/06/2013 VIDEO FROM MEMBERS AREA


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