AUDUSD, the last short before the big rally? Short

Australian Dollar/U.S. DollarFXCM

Description

⋅ Aug 8, 2013 10:33 AM

Hi Traders,

If it stays below 0.9136 it's time to short the AUDUSD to catch the last leg down (minuette wave 5) that should take the pair below 0.8860, possibly to 0.8765 or 0.8578.

After this new low, a new rally should take the pair to the area 0.9395-0.9700.

NOTE: check all charts and notes on fxtutors.com.au

TARGETS

likely: 0.8860
possibly: 0.8765
maybe: 0.8578

ELLIOTT WAVES

Daily, 4-hour and 1-hour chart show that we completed wave 4 out of 5.

ENTRY

There should be a small rally to 0.9100 or so, which is our entry point. However, check the wave oscillator built upon the 1-hour or 4-hour chart