Wednesday, 11 April 2012

AUD/USD watch those lines

The AUD/USD poked below the apex level, as suggested by the wave count presented yesterday. The so far false break lower could complete an ending diagonal, and lead to a rally. However while the market remains below the down trend line, lower prices are likely.

I won't post a EUR/USD chart tonight, but will note that has not (yet?) made a new low. The potential Head and Shoulders top remains just a potential, unless the neckline is broken.