AUDUSD

Free trade now ...
this has moved 60+ points since i tipped it.

Possible 123 low breakout????
I normally use a 40 point stop on currency trading when entering on a break out.

I mentioned this last time about the trend line trade
This worked out perfectly

This is moving towards the trend line (10212)slowly. Worth a long on first attempt with tight stops

This has now had 2 goes at the short term downtrend. It needs to break through on the next attempt to open up that main downtrend target:



dl.dropbox.com/u/20815047/AUDUSD4H24_03_13.gif

Remo's downtrend seems the obvious place ie 1.0541 ish.

Not only is it the main downtrend but, if we consider the pennant to have been a wave 4 triangle with wave 1 up from 1.0111 to 1.0301, we also have a wave 5 target of (1.0301-1.0111) 0.019 + (wave 4 low) 1.0341 = 1.0531 which is where the main downtrend will be in a few days' time so EWT suggests this as a target too.

Nice