Going forward I will update the AUD/USD cross every monday or if anything extraordinary happens.
Last monday I wrote, that a move closer to 90.92 was the most likely outcome. We didn't quite see 90.92 hit, but with a top at 90.71 we saw a nice hit of the ideal target-area for wave 2. From 90.71 the market turned down fast and createted a "Key Reversal day" on the 23. of Feb. maintaning the bigger picture for a continuation down in wave 3.
Looking a bit closer at the hourly chart we kan see, that minor wave 1 ended at 88.78minor wave 2 has become an irregular, which has just ended with a high at 90.04, just above the 61.8% retracement of minor wave 1 which came in at 89.98.
I do look for a power full downmove soon, which will take out support at 88.78 and 88.00 for a move down closer to support at the bottom of wave 1 at 85.75. This support should be broken later on as wave 3 down gains momentum.
No comments:
Post a Comment