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finitemonk
Feb 11, 2014 9:29 AM

Channel Analysis 

Australian Dollar/U.S. DollarFXCM

Description

It's worth closing the 90 odd pip long from yesterday, I think. The XABCD shows a 0.618 from X-D.
As it's broken above the 0.9 area, it punched up through the resistance overnight, indicating equal support from the channel lines around or just below the 0.9. On the upside of it's 2 month long down channel. Yellen's etc notwithstanding, a sideways move on the cards likely.
If, as & when it should move up to the pushing towards 0.91 heavy resistance because of the combo of the fork & the channel line stretching back along from the 12/12/13
Not quite sure how this is going to pan out but there's a tradeable pull back somewhere there.
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