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Tuesday, March 13, 2012

Elliott wave and technical analysis of USD/CAD; AUD/USD; NZD/USD and Natural Gas

USD/CAD - Here we should soon see a break above minor resistance at 99.50 for a challenge of strong resistance near 100.50 any break above here will leave the upside open towards the neckline resistance near 106. Support at 98.86 and more importantly 98.68 should not be in danger of being breached if my count is correct, so move stops up to just below 98.68.
AUD/USD - Is ready to challenge next support near 103.50. I do expect this support to be broken eventually for a much deeper decline, but we much expect this support to put up quite a fight at the first test.
NZD/USD - Is hoovering just above support, but as NZD is leading the way for the commodity currencies it should just be a matter of time before support at 81.30 breaks and calls for a decline towards support near 78.00 and more likely the 75 area.
Natural Gas - Has made a new low and thereby fulfilled all requirements for the decline since 4.98 high. I do believe we will see a dip to just below 2.10, but we are in the absolute last part of the decline and one should tread very carefully as the the coming rally will be swift and violent.
This decline should provide an excellent buying opportunity. If you want to play it safe wait for resistance at 2.55 to break.

1 comment:

  1. sir what to do in natural gas now plz plz update it is currently trading @ 2.138$

    ReplyDelete