Forex News Blog
Back to The Headlines
Thursday May 20, 2010 - 06:23:02 GMT
Share This Story
Imperial FX Online - www.imperialfxonline.com
ImperialFXonline: Technical Analysis Report - AUD/USDResumption of decline from 0.9406 high
www.imperialFXonline.comAussie's selloff below the weekly chart support at 0.8578 has provided the final confirmation that the A-B-C move from the 2009 top at 0.9406 has resumed and a less-bearish count would make the A-wave and B-waves of this move ending at 0.8578 and 0.9382 respectively, hence the recent C-leg decline (which has extended to as far as 0.8358, close to a fibonacci retracement level at 0.8356) has the potential to head down to the confluence of a fibonacci retracement and expansion at 0.8108/11, with 0.8000 likely to hold on first testing.
On the upside, resistance is now found at 0.8578 and a sustained move back above this level would call for a temporary low formation and risk rebound to 0.8650 ahead of 0.8712, however, the pivot to focus on should be 0.9078, which will act as the main line of defence ahead of the resistance zone at 0.9382-0.9406.
The rise which began in late 2008 at 0.6008 has formed at least temporary top last year at 0.9406 with the extended wave 3 upmove from 0.7702 being completed there and a moderate correction in wave 4 would target further losses towards 0.8000 but the support at 0.7702 is expected to contain the A$'s weakness. A more bearish scenario would have the entire rally from 0.6008 terminating at 0.7406 (with a fifth wave failure at 0.9382) and this would call for an eventual resumption of the decline from the 2008 top of 0.9851 (a breach of 0.7269 would trigger this alternate count). A bullish outlook would return once the aussie rises above 0.9406 as a close above there would extend the uptrend from 0.6008 low to 0.9851 via 0.9590/00.Join Us and Strategize Your
FX Trading!www.imperialFXonline.comDisclaimer: Imperial
Forex has taken reasonable measures to ensure the accuracy of the
information of this article, however, does not guarantee its accuracy,
completeness and timeliness, and will not accept liability for any loss
or damage which may arise directly or indirectly from the content.
Imperial Forex will not accept any liability for loss or damage as a
result of reliance on the information contained within this article or
on its website including data, quotes, charts and buy/sell signals.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Upgrade Your Trading experience. Try the Amazing Trader
- Actionable trading levels delivered to YOUR charts in real-time.
- Live trading strategy sessions.
- Market Updates with Trading Tools.
Trading Ideas for 15 January 2018
Upgrade Your Trading. Try The Amazing Trader
Amazing Trader EVENT RISK Calendar:
Mon 15 Jan 2018
00:00 US- Holiday
Tue 16 Jan 2018
09:00 GB- CPI
20:00 US- Beige Book
Wed 17 Jan 2018
00:30 AU- Employment
02:00 CN- GDP
10:00 EZ- final HICP
14:15 US- Industrial Production
15:00 CA- Bank of Canada Decision
Thu 17 Jan 2018
13:30 US- Weekly Jobless
13:30 US- Housing Starts/Permits
16:00 US- EIA Crude
Fri 18 Jan 2018
09:30 GB- Retail Sales
15:00 US- University of Michigan (prelim) Survey
PROSPECTIVE Trading Opportunities
- POTENTIAL PRICE RISK: HIGH- Tue -- 09:30 GMT-- GB- CPI
- POTENTIAL PRICE RISK: HIGH- Wed -- 00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Wed -- 10:00 GMT-- EZ- Final HICP
- POTENTIAL PRICE RISK: HIGH to Medium- Wed --14:15 GMT-- US- Industrial Production
- POTENTIAL PRICE RISK: HIGH- Wed -- 15:00 GMT-- CA- Bank Of Canada Decision
John M. Bland, MBA
co-founding Partner, Global-View.com
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.