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Monday, February 22, 2010

AUD/USD - Room for a move closer to 90.92 before the next move lower



The bigger picture tells us, that wave [B] finished at 94.04 and wave [C] down is ongoing. Wave [C] should ultimatly end below wave [A], which ended at 60.04.

I have shown my prefered count, which as can be seen, shows that we have seen a couple of waves one's and two's. Wave 2 should be very close to its top, if we haven't already seen it. The ideal target for this wave 2 is in the area from 90.41 to 90.92.



The above chart shows the hourly chart. Again we should ideally see one more new high reaching the area between 90.41 to 90.92, but a top could already have been seen with the 90.37 high set on the 17 of Febuary.

When wave two finish we should see a shape decline in wave 3 of [3] down.

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