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Chart of the Day: Aussie Looking for a Pull-back

Aud/Usd

 

Daily chart trend: Long. Main price points: 0.8904, and 0.9400. Looking for: A move lower, so long as the market trades below 0.9400

Aussie is currently testing the 0.8904 support region, where a daily close below will confirm that the top is in. In this case traders should look for at least three waves of decline towards the 0.8000 region over the coming weeks and months. We can count five completed waves up in an extended C/3 leg, so a Short pull-back of that huge up-trend is expected.

We will look for a pull-back if the market trades below the 0.9400 top. 

aud-usd288.1

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Disclosure: Short Aud/Usd