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The Daily Forecaster: AUDUSD |
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Technical Archives |
Written by FX-Forecaster |
Jul 09 08 03:54 GMT |
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The Daily Forecaster: AUDUSD
Price: 0.9512
Bias: Watch support at 0.9467 - only below extends losses to 0.9398 else above 0.9577 sees 0.9649-66
Daily Bullish
The resistance at 0.9567 held and has caused losses which this morning have dropped below 0.9501. This opens up the 0.9467 support. Watch this closely. If this holds and generates a move back above 0.9550 then we should see a pullback of the decline from 0.9666. Watch pivot resistance at 0.9600-05 on the way.
Medium Term Bullish
8th July: The decline tends to argue against another attempt higher though the fact we haven't seen a bearish divergence means we should be aware of any rally above 0.9580 which could imply a move above 0.9705.
Daily Bearish
Having seen the 0.9567 resistance hold there does seem room for losses to 0.9467 at least. However, any further will require breach of this support and if seen would then extend the downside to 0.9438 and probably the 0.9398 support. Take care as this could hold.
Medium Term Bearish
8th July: The downside has progressed but for this to move further we need to see a move below 0.9467 which would set up losses to 0.9398 at least and eventually 0.9326 again.
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| Resistance |
| 0.9711-28 |
| 0.9649-66 |
| 0.9605 |
| 0.9577 |
| 0.9550 |
| 0.9530 |
| Support |
| 0.9501 |
| 0.9486 |
| 0.9467 |
| 0.9435 |
| 0.9398 |
| 0.9326 |
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| 4-Hour Momentum |
Trailing Stop
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Bearish consolidation |
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| RSI |
Oversold |
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| Long Term Cycles and Momentum |
| The monthly cycles seem to be findng a high and this seems to be confirmed by bearish divergences across the board. Daily cycles are however at ahigh and thus the main direction for now seems lower |
| Cycles and Momentum |
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Cycles |
Momentum |
| Daily |
Finding a high |
High-neutral |
| Weekly |
Finding a Low |
Bearish divergence |
| Monthly |
Finding a high |
Bearish divergence |
ELLIOTT WAVE COMMENTS
8th July:
While losses have been encouraging, without a clean break below the 0.9511 low we may just be seeing an alternative Wave iv correction. Thus to confirm further losses we need a break below a minor 66.7%-76.4% projection in the current decline to 0.9467-86.
If this occurs then the natural target becomes the 0.9274-0.9326 area once again.
Any failure to move below this support would imply gains back above 0.9666 which could reach the 0.9704-75 area - a more accurate projection coming once we have established a possible low in a flat Wave iv.
Ian Copsey
FX-Forecaster
Legal disclaimer and risk disclosure
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
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