Tuesday, 8 September 2015

AUD/USD daily chart showing bullish false downside break

Daily chart shows that AUD/USD has today rallied through trend line resistance, showing a bullish false downside break, after apparently completing five waves down. A completed five waves down at the least needs to be corrected, often by a move to the area of the previous fourth wave. It's worth keeping an eye on this, as a couple of cents rally is all it will take to bring AUD/USD back above weekly and monthly chart trend lines (lines illustrated in my weekend post), to have the market potentially completing big picture bullish false downside breaks. Let's see.

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