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

ByThe Pattern, Price & Time Report
Published 08/24/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

The AUD USD continued lower as resumption in the down trend in commodity prices is leading traders to believe the Reserve Bank of Australia will have to cut interest rates before the end of the year.  With key sectors of the Australian economy already slowing, lower commodity prices such as gold and wheat will add to the erosion of support for the Aussie.  Only higher gold or crude will save this market from making a new low for the year.

Techncially, this market is walking down a resistance angle at .8650.  Look for lower markets as long as this pair remains under this angle.  The weak close has this market in a position to take out the last main bottom at .8590 and resume the down trend.  This would set up a further decline to the low for the year at .8511.

PATTERN

Main Trend:  Down
Main Trend Top:  .9850 (07-15-08)
Main Trend Bottom:  .8590 (08-13-08)

PRICE

.9850          Main Trend Top (07-15-08)
.9369          .618 Retracement
.9220          50% Retracement
.8761          Weekly .618 Retracement****
.8650          Gann Angle Down

.8628              New York Close

.8590          Main Trend Bottom (08-13-08)
.8511          Main Trend Bottom (01-22-08)
.8505          Weekly 50% Retracement****

TIME

Aug 28           180-Day Cycle

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