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AUD/USD H4 and Daily

Posted by Geofract on August 29, 2010 at 1:00pm

H4 making an inverted H&S and price bouncing off of 88 key level on the daily. Nice H4 TL broken to the upside. Looking to go long on retracement setup subject as always to the right kind of bar formation as confirmation. E.g. Pin, or Bullish Engulfing.

Daily, 88 looking like a strong level here to me. Upside TL still intact (blue line, not red). No follow through on the last wave down, and 88 level acting a solid support. 90 would be 1st upside res I imagine. Would be lovely to jump on board for retest on 93.70 - 94 area :) I can dream.Crits and sanity checks welcome.
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Comments

  • Geofract August 31, 2010 at 4:05pm
    Possible H4 AUD/USD setup - Arguebly H4 engulfing bar at 61.8 fib level. 88.60 looks like reasonable level. Main thing is 88 level holds.

  • Geofract August 29, 2010 at 9:35pm
    Thanks WS for your input too!
  • Geofract August 29, 2010 at 9:34pm
    nice IHS on 1H - interest rate differential very favourable for AUD and carry trade I guess, which should help bullish outlook I would imagine.
  • Aadil August 29, 2010 at 9:29pm
    also add in oil rebound , equity markets looking strong ..........

    provided FTSE 100 can trade past > 5245 ......then aus/usd very very bullish and 9100++ achievable as risk on !!
  • Aadil August 29, 2010 at 9:27pm
    > 9100 projected based on IHS

  • Aadil August 29, 2010 at 9:23pm
    nice charts , good analysis

    let me see if i can add anything ?
This reply was deleted.