Friday, May 21, 2010

AUD/USD - The Reversal path

The analysis is based on the assumption that we saw the Lows of the Flash Crash saved today and this translates to bottoming in the commodity currencies and AUD in first place.

Daily chart: the Diagonal T/L support was breached but we have retraced a good part and today will have a Bullish Harami /Inside Day/ a good sign of reversal.

4-H chart: a bit strange use of Fibs but this way they fit with horizontal Supports off historical chart point.

Tradewise 0.8350/60 is needed to be decisively cleared for a powerful pullback which ultimate Resistance will be the Feb 2010 Low at 0.8575.

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