The Daily Forecaster: AUDUSD

Daily Forex Technicals | Written by FX-Forecaster | Sep 08 08 01:27 GMT |

Price: 0.8126 Bias: While 0.8175-90 caps look for losses to 0.8028 and likely follow-through for 0.7979 Daily Bullish Losses moved lower as expected to reach just 5 points below the initial 0.8033 target. I still feel the downside is more vulernable and this should keep the 0.8175-90 area holding any correction. Thus only look for gains should this area be broken. Next resistance is at 0.8221 and above here would suggest that we may have seen a major low. Next resistance is at 0.8267-85. Medium Term Bullish 5th September: Losses are being maintained and below 0.8176 and there still looks to be more to come to a minimum target at 0.8033 and quite possibly 0.7979. I would suggest watching this next decline closely for signs of abase being formed. Daily Bearish Friday saw price decline to just 5 points below the 0.8033 minimum target. However, I still feel there is just a little further to fall and while 0.8175-90 caps look for the downside to extend below 0.8028 to 0.7979 at least. Take care around here as this may provide the ultimate low. Certainly take care on any break below this level with support also seen at 0.7932 but then not until 0.7849-57. Medium Term Bearish 5th September: Supports broken and thus concentrate on the next major supports at 0.8033, 0.7979 and at most 0.7855. Resistance 0.8267-85 0.8244 0.8221 0.8190 0.8175 0.8152 Support 0.8100 0.8073 0.8028 0.8005 0.7979 0.7932 4-Hour Momentum Trailing Stop Bearish trend RSI Bullish divergence? Long Term Cycles and Momentum The monthly cycles seem to be findng a high while we do appear to have seen the extent of the downside so a correction is likely but only within an overall bearish cyclic picture Cycles and Momentum Cycles Momentum Daily Finding a low Bullish divergence Weekly Declining Oversold Monthly Finding a high Low-neutral ELLIOTT WAVE COMMENTS 5th September: The downside has retained an aggressive tone pushing to lower and lower limits. Whether this is the end of a 5 wave move lower or a triple three is unclear although the move is so deep it may well be a full 5 wave move from 0.9849. If so then it is possible to derive targets at 0.8033 (61.8%), 0.7972 (66.7%) and at 0.7855 (76.4%). Matching these with the implications of projections in Wave (c) we can derive a 223.6% projection at the 0.7979 target and a 261.8% at the 0.7855 target. 8th September: The minimum 0.8033 target has been seen but I suspect extension to 0.7972-79. Take care here as I feel there is a growing likelihood of a base here. Ian Copsey FX-Forecaster Legal disclaimer and risk disclosure The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.