Translate

Tuesday, February 28, 2012

USDCAD and AUDUSD Update

 Ok so we did get the reversal in both USDCAD and AUDUSD.  However, the structures in both look like 3 waves structures for now. This means that in USDCAD we might reach the 0.9920/0.9900 levels and then have some upward movement for at least 30 pips. As you know from my posts from last week, my target in USDCAD for now is 0.9811 but that doesn't mean that we are going to reach it before we have some consolidation or correction first, so be cautious around the 0.9920/0.9900 area.
This chart of AUDUSD was shown in my video update on Sunday. However there are many ways a corrective pattern can play out so on Sunday I showed this just to show one way of how it might play out. We might get an expanding diagonal triangle that will look like this.
As I said, there are many ways that this can play out, but those good possibilities of how things might play out. But it doesn't really matter since the important target 1.0900/1.0920 area.
I want to emphasize that my longer term counts are very bearish for AUDUSD, and very bullish for USDCAD so those scenarios are scenarios that might play out in the next week or two, but from my daily chart on AUDUSD posted last week, I see a very sharp reversal in AUDUSD once wave c(B) is completed. But we are are still not there, so we will see how it looks like when we do:)

Good Luck

No comments:

Post a Comment