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Chart of the Day Update: Aussie Trade Potential Off Support Chart of the Day Update: Aussie Trade Potential Off Support - Nov 19 09 6:08 EST
Aussie Trade Potential Off Support Stock markets were trading in mixed fashion during Thursday trade. The Japanese Nikkei was dropped 74 points while the Australian S&P/ASX gained 10 points, and the MSCI Asia Pacific Index declined 0.07 points. Lower stocks were seen at the start of the European trade where the early sell off on DAX and FTSE pushed the dollar higher against the majors, and sent S&P futures trade lower. The Aud/Usd pair that we have been monitoring for more than a week now, has traded down into the wave IV) pull-back as expected, and is shown on the chart below.
Prices are currently trading around a significant support area, in the where a Short corrective wave IV) may find a base and reverse off the 0.9180 support area. In this case traders should look for a bounce into the Long wave V) leg, targeting above the 0.9403 top.
Elliott Wave charts and updates on For a forex proprietary news feed for your site, contact us. Written by TheLFB Trade Team, © 2007-2009 LFB Services, LLC. All rights reserved. |
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