Friday, May 7, 2010

AUD/USD Daily

My AUD/USD count is similar to my AUD/JPY count in the fact that I think we are about to drop in a wave 5 of 1 down. As long as the USD remains weak against the Yen however, it is a better idea to trade the AUD/JPY than this pair. As you can seen resistance at 94 was too strong for the Aussie to break through and price has fallen off sharply in what looks to be an impulsive third wave. If equities  remain weak expect the AUD/USD to as well.

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