Sat05192012

Last update01:17:20 PM

AUD/USD

AUD/USD Wave Technical Analysis

 

AUD/USD is forming an impulse wave C of the 4th order in an upturning midterm trend from 1.0418. Inside it there is also an impulse C from 1.0621 – the wave of the 3rd order development.

AUD/USD Near Support

 
This may be the final move down. The pair has reached the bottom of a channel on the daily chart at 0.9413 which could offer support for a bounce. ADX(8) has risen to 57.96 which is high and indicates the market will probably enter a consolidation phase. 
 
However, there has been no bounce yet and the point and figure targets are pointing at a move down to 0.9340 which is also the base of the Ichimoku cloud. 

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