Sunday, August 29, 2010

AUD/USD Bullish Possibility

The pair broke the trendline on Friday and the bullish mode is on for tomorrow. The range of the last wave (CD) already match with AB and we might see a return move to the breaking point of the trendline. I am expecting the same correction size as BC, although it might be longer this time. Risk should be limited above 0.8860, so try to enter as near as possible to that level. Or, enter above 0.9000 and look for 0.9050 area, after we see the correction phase. Have a nice weekend!