Looks like a descending wedge acting as a trend reversal.
Looking to short with target near pre-UK election sometime in May this year (2015).
If true, it's a long way down, only to reverse when UK factory orders (export) improve.
This morning RBA hold interest rate.
That would mean major banks rate increase is as good as RBA raising rates itself.
The upward price movement post RBA announcement seems to complete a descending wedge.
A possible upward breakout.
Seems that my prediction on better UK GDP results is awfully wrong.
New Zealand bank maintain their interest rate despite falling dairy product prices.
RBA probably follow similar move by adopting a look-see approach on the after effect of rate increase by banks.
Rebound towards North seems to reach apex point (shown in vertical line) which could signal a move...
Retracement 50% completed qualifying a partial decline.
Descending wedge pattern with possible upward breakout.
Kindly let me know what you think.
Australia banks raising interest rates, speculation RBA will need further cut in Nov meeting.
Year end Christmas will spur more spending in the UK with more disposable income generated from low...