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Monday, April 19, 2010

AUD/USD - Wave 5 is still ongoing

Wave 5 is still ongoing, but the upmove since the wave 4 bottom at 85.76, has been a weak one, with overlapping waves, which point towards an Ending Diagonal forming. Looking at the structure wave A and B has ended and wave C is forming, therefore a bottom near the 91.47 area for a move higher towards 95.40 endning wave C can be expected. Wave D should ideally end near the 93,75 area and finally a move towards 97.98 in wave E endning the entire C-wave.

A break below 89.98 would call the Ending Diagonal into question.

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