AUDUSD - Clean and Simple

FX:AUDUSD   Australian Dollar / U.S. Dollar
At this point it is pretty clean and simple. AUDUSD has drawn a Double Top pattern which could signal a steeper drop for the Australian dollar . The price pattern will be confirmed when the price will break the base line.
Fundamentals are not that good for Australia. Westpac Consumer sentiment dropped, Iron ore at September 2012 lows, China is not importing that much. We have the premises, just have to wait a bit longer for the confirmation.
Hi Ravzan!
Those last 2 days the AUD/USD felt a lot.
Do you think it will recover soon? Or atleast test the 0.93850 resistence or we are still bearish?
174 pips withouth any correction seems a lot to this pair.
I am going to post my analysis.
Tope Tope
Here is the link to my analysis:
The level I above mentioned was a level where the price had stablished for a while on a low TF, but it is not a strong resistence at all...
The high Aussi interest rate seem to be staying here for the next year, do you think we are going to resume the up trend and this is just an overreaction to the NFP's or the latest Aussi comments had woke up the bears?
Very nice interpretation/analysis,Good simplified explaination.
Razvan u9046
Thank you!
Was just curious of your opinion . . .
Do you think that the double part of the double top
having been 52 pips short of the previous high signals
greater weakness now and once the neckline is broken or
that it has now stored up strength, not having reached as high,
for a double/triple bottom
and then a move to new highs ?
Thanks for your thoughts !!!!!
Razvan dojitrader
It could be an ABC correction (a=c), but for better probability for the analysis you could look at fundamentals and also at the dollar index :)
-1 Reply
Hi Razvan, we share similar views but don't you think that your target is a little to low?
You can see on the chart the formation of Elliot waves, don't you think it would make more sence if the price stands by just 0.90840 and the keeps going up?
What is your opinion on this?
Target for TP is too optimistic. I see a very important level, at 0.9140, hard to pass. We will see :-)
Razvan AdrianRotaru
it is a good support at 0.9140, i just put in this analysis the most probable levels :)
Agree with you Razvan. I hope for a break down to enter sell after first pullback. I'm afraid of a false break and the price to move in range after.
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