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

Published 08/13/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

The AUD USD posted a closing price reversal bottom yesterday at .8591.  The subsequent rally confirmed the bottom, but needs to hold it on the next retest.  If this bottom fails, then the next down side target is .8505.  A close over .8762 would be a sign of strength.  Fundamentally, this market may weaken if commodity prices continue to fall.  The weakness in gold is pulling this market lower. After a short-term rally look for the downtrend to begin once again. 

PATTERN

Main Trend:  Down
Main Trend Top:  .9850 (07-15-08)
Main Trend Bottom:  .8511 (01-22-08)

PRICE

.9050          Gann Angle Down
.8762          50% Retracement

.8698             New York Close

.8693          Weekly Gann Angle Up
.8591          Closing Price Reversal Bottom (08-13-08)
.8511           Main Trend Bottom (01-22-08)
.8505          .618 Retracement
.8318          Gann Angle Up

TIME

Aug 15          180-Day Cycle
Aug 17          1-Year Anniversary

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