Australian Dollar Crosses: Reversal Opportunities

Daily Forex Technicals | Written by DailyFX | Sep 20 08 05:43 GMT |

Reversals from depressed levels in the Australian Dollar crosses present short term bullish opportunties. AUDCHF The AUDCHF has rallied over 500 pips from the low earlier this week. Still, as long as price is below the line drawn off of the November 2007 and July 2008 highs, the trend is considered down. Potential resistance is in the .9320-.9616 zone. AUDCAD The long term triangle appears to be playing out. “The AUDCAD will eventually drop below the 2006 low of .8118 to complete wave C of the triangle.” The AUDCAD fell to .8388 before reversing (today). This rally should reach at least .8944 (38.2% of .9842-.8389). AUDNZD Last update, I wrote that “the AUDNZD should turn up from above 1.1791 in order to complete a 5th wave in the 5 wave bull sequence from 111.46.” The low yesterday was 1.1811 and the pair is now above 1.21. The advance should continue over the next several weeks (and perhaps longer) and break above 1.2968 before a more significant top forms. TREND ANALYSIS is based on a rolling pivot model. LONG TERM TREND is determined by the last 3 months of price data (high, low, close). SHORT TERM TREND is determined by the last 4 weeks of price data (high, low, close). R3, R2, R1, PL, PH, S1, S2, and S3 are provided to aid in identifying entries and exits. These are objective measures and our subjective analysis (STRATEGY) may differ. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.