As is the case for EUR/USD all odds favor that a top has been put in with the test of 84.70 on August the 4'th. Again we see a clear 5 wave move from 62.45 to 84.70 almost a textbook 61,8% correction of the fall from 98.49 to 60.04. A break below 81.22 would add confidens that the top is firmly in place for a move down to 77 and 70. Longer term I look for a break below 60.04 for an ideal target at 46.23 where wave "C" would equal wave "A".Sunday, August 9, 2009
AUD/USD has topped
As is the case for EUR/USD all odds favor that a top has been put in with the test of 84.70 on August the 4'th. Again we see a clear 5 wave move from 62.45 to 84.70 almost a textbook 61,8% correction of the fall from 98.49 to 60.04. A break below 81.22 would add confidens that the top is firmly in place for a move down to 77 and 70. Longer term I look for a break below 60.04 for an ideal target at 46.23 where wave "C" would equal wave "A".
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