Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Monday, June 14, 2010
Chart Update
I m updating the AUD.USD chart with 2 possible Counts , if i m right on this Elliott waves count , we Porbably finished the 5 waves up in Wave C ,and we r headed south , the supports i m watching here is 8570 , 8530 , 8500 , at one of this supports probably the first 2 , we will see a bounce up which shouldnt make a new high if i m right on that count.
if we see the 85 level breaking with good momentum then i ll be more confident in calling that medium term AUD Top before we might retrace the hole rally down within the next week or 2 , but if we see a new high that still not invalidate the bearish scenario i m anticipating but i ll need to see a clear break of the 87 level to start considering a more bullish bias.
we closed our hedge at 8630 and we addes short at 8580 , lets see how we can get out of this position with profit , stay alerted to the twitter.
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