How our AUDUSD analysis looked like more than one week agoApril 10, 2014
Here is what we said about the audusd quite some time ago and today we had the 0.9447 area touched. In the meantime we cancelled the pending to go short, not because the setup is not valid anymore, but because we are hunting a better entry.
Below is the original analysis, chart plus levels plus text our members received.
A bit of a different approach here on the audusd pair as this scenario goes with 2 different steps and the first wave is calling for higher values.
The thing is that the key in this chart is the b wave green, which is a running variation of a contracting triangle and basically we have the targets to the upside based on in.
But then, if you look at the c wave green, it is mandatory for it to be an impulsive move but this one looks to form a first wave extension and this is the only way to reach that target.
So we have a two steps recommendation here, even if it goes against our usdcad long trade:
- first we should go long with the targets to be seen on the chart above, and this would confirm our running variation of a contracting triangle;
- then we are going short with three different targets, booking 1/3 on each and every target.
Now have a look at what market actually did:
Capital Properties FX