Strategy 23 October 2013 |
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AUD/USD has maintained upside pressure to reach the 200 day moving average at .9749. We would anticipate that this will provoke some profit taking and would recommend tightening stops on long positions/lightening positions.
Beyond this, the current Elliott wave counts are suggesting that we then look for an extension of the upmove towards 0.9920, the 61.8% retracement of the same move. Here we also find the 55 and 200 week moving averages at .9910/25 and here we expect to see failure.
Immediate upside bias is maintained above the .9545 6 week uptrend.
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