Forex Trading Strategy on Aussie Nov 8th – Consolidation Maintains Uptrend!
Posted by Steve on 5 January, 2012
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This item was filled under [ Charting Strategies ]
Following the break of the 1.0000-25 highs, the Aussie is unwinding the overbought condition in the ideal 1i.0085-1.0185 range. Although 1.0185 may again cap in the short term, this maintains the uptrend for an eventual break up to 1.0270 en route at least 1.0420. Until 1.0185 yields there is a decreasing chance of a spike down to 1.0025 so only a loss of parity sends Aussie back into consolidation with 98.90 probably 98.90.