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Monday, 24 June 2013

AUD/USD H4 Update

General Overview:

I have re-vised and re-labeled the count again, but the change is almost purly aesthetic: the main problem for me was why the price has broken out to the downside from multi-year triangle formation and not to the upside desplite a lack of one more impulsive wave?

Based on that question I have changed the count and I have fount out, that there is still one more possibility for this very complex and time consuming wave 4 to be valid - the result is on Weekly chart.




On the other hand, on H4 chart one can see a pretty rare ending formation calle Expanding Ending Diagonal Triangle. What supports this view is the fact, that there is heavy buying on futures market if price is makieng a new low.

Still the target for wave 4 is geometrical harmony of A = C @ 0.8957 - 0.9000 area.


Support/Resistance:
0.9594 - Swing High
0.9470 - Key Level/Trend Line Resistance
0.9100 - Swing Low
0.8957 - Wave C Target


Trading Recommendation:
Easy money has been done here so patience is required.Go long ONLY after confirmation on Daily Candle.

Seb

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