The Forex Pattern Price Time Report - AUD USD - Morning Session

Published 08/26/2008, 08:00 PM
Stronger commodity prices overnight especially gold and crude oil is providing support for AUD USD.  A hurricane in the Gulf of Mexico is heading toward refineries which account for about 42% of the production in the United States.  The overnight trade indicates this market is in a position to challenge a down trending angle at .8650.  A trade through this price could trigger more short-covering.  The main trend turns up on a trade through .8813.

PATTERN

Main Trend:  Down
Main Trend Top:  .8813 (08-22-08)
Main Trend Bottom:  None

PRICE

.9850          Main Trend Top (07-15-08)
.9369          .618 Retracement
.9220          50% Retracement
.8813          Main Trend Top (08-22-08)
.8761          Weekly .618 Retracement****
.8688             Week High
.8650          Gann Angle Down
.8629             Overnight High

.8557             New York Close

.8530             Overnight Low
.8505          Weekly 50% Retracement****
.8493             Week Low

TIME

Aug 28           180-Day Cycle

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