A case for an AUD/USD implosion and what it means for risky asset classes

[afarghaly9]

i think we're all in agreement now, arent we beginnerjoe?

 

[Jason101]

USD/CHF identical pattern to today's AUD/USD

The is a picture of a USD/CHF 2 hr chart in may 2011. We hae the same exact pattern as we have today in the AUD/USD.


Now lets look at how the swissy trade turned out.

Happy Trading
Ahmed Farghaly

I had been waiting for that move in USD/CHF for days and days now, then missed it through family commitments!!

 

[marbig]

But what i would say with certainty is DO NOT buy at current levels

At the time of your post above, the AUD was at 1.0735. The AUD is now at 1.0761.

For all of your fancy in-depth, chart-filled, Elliott wave based analysis, you still got it wrong.

 

[pipsurfer56]

I am not quite sure what you got going on with your charts there but if it was me it would take to long to read chart and miss all the trades.

What I am seeing on the AUDUSD is a potential long term buy. I justify this with trendlines and a simply strategy. For the last month it has been in a level trend but is starting to form an uptrend and as soon as it closes above 1.0800 be ready to buy. You could get in now based on an IT Cross setup as well.