Sunday, August 28, 2011

Aud/Usd : Focus on trendlines

Price had a corrective rally from the bottom, which seems nearly complete. There's a possibility that wave Y of B has another leg higher, but the trendline that got broken and retested is offering resistance. The new trendline is now offering support, should this get broken the decline will accelerate.


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2 comments:

  1. AnonymousAugust 29, 2011 at 7:43 AM

    Hi Jeremy, about trendlines. I think you need to look a little further back, to the end of 20008 where this whole upmove started. If you do that, you'll notice that the trendline from that point on is still quite valid. Also, as I consider this upmove as an impulse, I'm looking for a new top, near 1.15
    All the best, John

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  2. Jeremy DemunterAugust 29, 2011 at 2:45 PM

    Hi John,

    Thanks for your comment! You are correct about that trendline, but the one i pointed out is on a smaller level and together with having counted a possible top ( see previous aud/usd post ) this could be early signs of a change in trend direction.

    Friendly greetings,
    Jeremy

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