fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: AUD/USD Daily Outlook Wed Oct 24, 2012 11:02 am | |
| AUD/USD Daily Outlook Daily Pivots: (S1) 1.0220; (P) 1.0279; (R1) 1.0323; AUD/USD dipped to as low as 1.0235 before recovering today. The break of 1.0292 minor support a rug es that rebound from 1.0148 is finished at 1.0410 already. But there is no sustainable selling in the pair yet. Thus, we'll stay neutral first. On the downside, below 1.0235 will turn bias to the downside for 1.0148. Break will confirm resumption of fall from 1.0624 and will target 61.8% retracement of 0.9588 to 1.0624 at 0.9984 and below. On the upside, though, above 1.0410 will turn bias back to the upside for 1.0624 resistance instead. 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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