Forex Technical Update June 13, 2010  AUD/USD Quickly Developing Wave (c)  

  • Weekly and Daily: The AUD/USD pair has been developing a wave (c). At conclusion of (c), we may have concluded wave 2 of wave C.
  • A wave 3 decline could initiate if the current rally tops off under 0.89 (61.8% retracement). However, wave 2 can go back up to 0.90 and the bearish outlook would still be valid.
  • An alternative count is that instead of being in wave 2, we may be in wave b. In either case, a bearish outlook should be setting up. The strength of the market may be of concern, but this can reflect a market attempting to quickly finish its correction wave (c).

  Fan Yang Currency Analyst Commodity Trading Advisor

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