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Tuesday, March 6, 2012

AUDUSD UPDATE

About 2 weeks ago, I showed you this chart

We did not reach 1.09, but wave 5 of 3 seems to be complete and now we have wave 4 of c almost complete.
Sunday I posted the following chart.(Please read Sunday's post)
Here I showed you a possibility of having a flat, and even though the move might be counted as 5 waves down instead of a flat, it doesn't really matter, because what is important is what will happen next!. Well what should follow next is wave 5 of c. With that said, it is important to mention that on Sunday I said that the best buying opportunity will we bellow 1.06. Ideally we will go to 1.0550 or even 1.0510 and then it would be a very good opportunity to start building a long position. It is important to mention that a move above 1.07 will mean that this downward move is over and we are on the way to 1.09/1.10.
The situation with NZDUSD is similar to AUDUSD, so I suspect that the reversal in both pairs is coming within the next 24 hours.
As I said in my post on Sunday, if AUDUSD was to continue with the downward movement, I will be looking to buy at the second half of the week. So far this is exactly the case. For the next 24 hours I will be watching for confirmation that this move is over and if we get this confirmation it would be a great buying opportunity both in AUDUSD and NZDUSD.

Good Luck:)

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