Watch For Bearish Reversal Indications In AUD/USD

INTRADAY CHART – AUD/USD

AUD/USD 60-Min Chart

BIAS: We should now see a move back to 0.7367-05 (max 0.7426-45) for losses

Resistance: 0.7295-00 0.7319-33 0.7367 0.7390-05Support: 0.7244 0.7219 0.7190 0.7150-65

MAIN ANALYSIS: The Wave iii was satisfied 2 points above the ideal 0.7242 – at 0.7244… Thus, we are now in a correction that should reach the 0.7367 area initially, but later I feel the 0.7390-0.7430 area (max 0.7437). Thus, as this is approached, watch for bearish reversal indications. This should prompt a 3-wave decline down to somewhere between 0.7150-90 approx. From here we shall need to expect a deeper correction higher.

COUNTER ANALYSIS: Only directly above 0.7450 would surprise and mess everything up… There are minor barriers at 0.7478 and 0.7500-13 – and stronger at 0.7545-55

Only directly below 0.7240 would imply that I have the wrong structure and we’ll have to watch momentum conditions.

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