Charting the AUD/USD
February 10, 2011
Take a look at the Australian dollar chart below. Do you see the head and shoulders / triple top formation that I see? =)
The Australian employment numbers didnt make anyone happy. A deeper pullback is likely but I don’t except the AUD/USD to trade much lower than 99 cents. Remember the hawkish comments by the RBA?
Posted in Australian Dollar, Forex Technicals, Reserve Bank of Australia, aud/usd, australian dollar forecast, forex blog
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February 10th, 2011 at 11:11 pm
Hello,Kathy
Just I want to know which time frame you use in
this chart to put in the MetaTrader to analyze it?
Thank You
February 10th, 2011 at 11:37 pm
Sorry..now I figure out it is on the daily time frame..
it seems triple top formation..I draw a trendline from the low at 1st,december,2010 and it line up with the 100 day SMA at 0.9915 to 0.9945 area,So this could be a support we should monitor the hold when it reach it and we use it as a shield to place the stop loss below it to get a low risk trade but this after a successful hold (trend rebound).
then I draw a fibonacci on the weekly time frame from the low of may,30th 2010 at 0.8212 to the top at 1.0255 the I’ve found these fibo retracements can be acted as supports they are 0.9773 and 0.9475
we should monitor them to see the hold if it is successful or not.
February 11th, 2011 at 3:39 am
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Thank you
February 11th, 2011 at 1:10 pm
Hi Kathy,
I really apreciate your comments, however cant see a HNS anyhow, I would rather see ascending triangle, however funds does not line up.
shoulders are too high relative to head, and right dip [between head and right shoulder] is much higher then the left one.
Thirdly HNS formation as far as I know should be traded as a breakout below right dip, not instantly, whenever one suspect to have HNS…
February 14th, 2011 at 11:17 am
At present the rate is 1.0016, and hit the lowest 0.9960, I think it will go down in the following 2 days as Kathy said, Thanks!
February 16th, 2011 at 3:24 pm
it reached the 0.9942 then it moved up to the 100h sma at 1.0016