Forex Technical Update June 17, 2010  AUD/USD: Finishing up Wave (c)

  • Daily and 4H: The previous post was right, the bearish divergence was followed by a very weak decline and the last 4H candle signals another bullish attempt. This sets up a positive reversal, and points to just below 0.6750. This is now the target for this correction wave (c) to be complete.
  • In the daily, this is going to test the 50-period simple average. This will be the first time testing it since crossing below it in early May. The pair is already in a resistance zone starting from 0.86.
  • If topping indeed occurs, a low time-frame target could be 0.85, and the 4H time-frame target would be 0.8070, the previous low.

  Fan Yang Currency Analyst Commodity Trading Advisor

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