Thursday, March 29, 2012

AUDUSD to rally past 1.085

AUDUSD appears set to rally higher in a final impulse in order to complete the larger degree correction from .9386. I would expect this to complete as a double top between 1.095 and 1.105 in order to create the relationships Wave 5 Green = 61.8% of Wave 3 Green and Wave C Red = Wave A Red, respectively. A more significant break below the trendline drawn (which connects the origins of Wave A Red and Wave C Red) would make this wave count extremely unlikely.