AUDUSD--Friday, April 9, 2010
Time for some profit taking in AUDUSD?
Two patterns, one longer and one shorter, seem to have targets around the present level.
First, on a daily chart, a 3 wave correction with a possible target at 0.9317.
Then, on an hourly chart, a lesser impulsive move with a target at 0.9311.
This chart shows a base set up on Monday, April 5, the "alpha" top at 0.9210 and the "beta" low at 0.9162. A 1.618 extension of this base would come in around 0.9254. The initial impulsive wave early on Tuesday ended around this level. A further 2.618 target would be 0.9311.
We have rallied since yesterday morning up to 0.9315 or so this morning. At that level the bullish energy seems to have disappeared. Watch for possible reversal.