Forex Technical Update June 9, 2010 AUD/USD to Test Resistance
- Daily and 4H: The daily shows the AUD/USD still in consolidation after a break out below a long intermediate term channel. The bearish breakout is being tested, and a (c) wave may be developing.
- We may be in wave 3′ of (c). If the current speed of rally continues and breaks 60, this is very likely the preferred count for this internal. Wave (c) may be a complex one compared to (a). If it breaks the declining trendline it has a chance to develop an impulse wave towards 0.88 and above if it expands 150% or 161.8% of (a). If 100%, it will see resistance at just below 0.86.
Fan Yang Currency Analyst Commodity Trading Advisor
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