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Tuesday, October 13, 2009

AUD and NZD have finished their top formations


(Click at the pictures to enlarge)
Both AUD/USD (on the daily basis) and NZD/USD (on hourly basis) has finished an expanding triangle top. This kind of topformations is normaly very reliable and a break below the baseline forsees a total retracement of the preceeding rally, which for AUD/USD would call for a decline to at least 82.37 and for NZD/USD would call for a decline to at least 66.80. In both cases I would expect much lower levels to be seen.

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