My AUD/USD analysis

Discussion in 'Technical Analysis' started by TraderDTS, Feb 9, 2010.

  1. Last week I have made +376 pips with my method.

    My AUD/USD analysis:

    4.1 AUD/USD WEEK

    Since last week the situation has not changed. An uptrend. The price did not hit on the move quick reversal level 7/8, coinciding with target T1, and went down. Given that the price went through 3 MM-lines without much correction, a trend’s reversal from this level is possible.

    4.2 AUD/USD DAY

    Since last week the situation has not changed much. We see an uptrend. All targets are along the trend and quite close to each other. There is a retracement from strong level 6/8, which is significant on weekly charts. This may be a beginning of a downtrend. However, if the uptrend continues, the price will very likely reach level 8/8, which is lower than target T1, because on the way to this level the price has only weak local reversal level 7/8.

    4.3 AUD/USD 240

    We see a downtrend, on the way to target T1 there are no strong reversal levels, which are significant on senior time frames, there are only local level 2/8 and 1/8, a retracement or a trend’s reversal from them is also possible. The price has good chances to reach target T1.