Wed Jan 19 2011 9:07 am EST (GMT -5)

Radar Signal

Currency Pair:AUD/USD
Direction: Short

Trader Comments : Forex Signals - We identified a 100% Fibonacci Extension yesterday on AUD/USD 60-min, but upon waiting for a test of resistance we saw a clear break higher. We have now taken a step back to the 240-min chart and see a bearish Gartley Pattern emerging. This pattern involves a 100% Fibonacci Extension as well. The levels are as follows: Point A: 0.9800, B: 1.0020, C: 0.9852, D: 1.0072. The 100% extension aligns with the 61.8% Retracement of the 1.0255 - 0.9800 decline. We are again watching intraday charts such as the hourly for confirmation and timing of entry. Image analysis is located in the Members Area now.

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