Thursday, 28 April 2016

AUD/USD testing dual daily chart trend line support, ahead of strong advance?

Daily chart for AUD/USD shows it is testing dual trend line support. I have revised the wave count slightly from previous posts, now looks a better fit for the trend lines and the waves on the intra day charts. This count sees a running flat as complete or nearly so, to be followed by a strong five wave advance from near current levels.

Monthly chart shows 7.x year cycle currently acting as a bullish tidal force. If the market is to remain above the nearby trend line in to month's end, it must close Friday above 75.50ish. Anything else could call in to question the bullish case.

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