fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: AUD/USD Daily Outlook Fri Oct 19, 2012 10:42 am | |
| AUD/USD Daily Outlook Daily Pivots: (S1) 1.0342; (P) 1.0377; (R1) 1.0398; With 1.0292 minor support intact, AUD/USD's rebound from 1.0148 could extend higher to 61.8% retracement of 1.0624 to 1.0148 at 1.0442 and above. On the downside, break of 1.0292 is needed to signal completion of such rebound from 1.0148. Otherwise, further rise will now be mildly in favor in near term. In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Current development suggests that fall from 1.0624 is the last leg. Hence, downside of the fall from there should be contained above 0.9588 and the larger up trend is ready to resume soon. Break of 1.0624 should send AUD/USD through 1.0852 to retest 1.1079 resistance next. | |
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