Tuesday, February 23, 2010

AUD/USD Hourly Chart Update

 
I have revised my corrective count for the AUD/USD pair. I now think price is forming a triple 3 and is about to complete its final C leg up to the 0.9130 level. As you can see price has just completed a B leg triangle. I have drawn in the Fibonacci levels to show where A of Z will equal C of Z. This is where I expect Z to complete. I will be looking to short from around 0.9125 with a stop above the high at 0.9330. From my larger count you can see that this is a 2nd wave so it is likely there is a lot of downside to come. If my count is correct I will be holding this position for the several month at a minimum, as the AUD falls to below 0.80.

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