Forex Technical Update June 10, 2010  AUD/USD: Throwing Over to Third Wave

 

  • 4H: Following up with yesterday's AUD/USD post, we are indeed seeing a wave 3 of (c) behavior as the market accelerates. The 4H chart shows the surge hitting the 78.6% retracement at 0.8430.
  • The target for (c) wave is at least 0.8550/0.86, as this is equality with wave (a). 150% expansion would bring (c) to 0.88.

 

  • 1H: chart shows the market rallying in a channel. Wave 3′ and (3) are yet to be complete, but the throw-over (rally above channel resistance) indicates wave 3 behavior. Also, wave (4) and 4 should be different from the 1H chart 1-swing corrections so far.
  • The target for (c) wave is at least 0.8550/0.86, as this is equality with wave (a)
  •   Fan Yang Currency Analyst Commodity Trading Advisor

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