Thursday, February 23, 2012

AUDUSD 1hr chart

The last move in AUDUSD looks like an impulse. This is why I am inclined to believe that wave 5 might be in progress. So we have wave 1 terminates around 1.07 and then we have some retracement for wave 2. wave 3 is usually very powerful and extended, so I expect it to lead us all the way to 1.0850. Then we should get some consolidation for wave 4 followed by wave 5 with a target of 1.09 and above.

Good luck:)

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