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The Forex Pattern Price Time Report - AUD USD - Morning Session
By: James Hyerczyk - 20-08-2008
0votesOvernight action indicates the AUD USD is still forming a support base. The short-term range has made .8693 a pivot. This price is controlling the short-term direction of the market.
Sharply higher Gold today is likely to trigger a massive short-covering rally in the Aussie.
Watch for a rally through .8762 to trigger this breakout rally. This will most likely be a long overdue short-covering rally.
Longer term traders should treat this rally as a selling opportunity as this market is expected to work lower over the long-term as the Reserve Bank of Australia
contemplates an interest rate reduction.
Aggressive short-term traders should look to be buyers at or near .863 as the charts indicate plenty of room to the upside. Higher commodity prices today could spark a rally.
PATTERN
Main Trend: Down
Main Trend Top: .9850 (07-15-08)
Main Trend Bottom: .8511 (01-22-08)
PRICE
.8952 Main Bottom (03-20-08)
.8890 Gann Angle Down
.8762 50% Retracement
.8742 Overnight High
.8719 New York Close
.8674 Overnight Low
.8590 Closing Price Reversal Bottom (08-13-08)
.8511 Main Trend Bottom (01-22-08)
.8389 .618 Retracement
TIME
Aug 15 180-Day Cycle
Aug 17 1-Year Anniversary
Aug 21 90-Day Cycle
Attached Images
Next Analysis: The Forex Pattern Price Time Report - USD CAD - Morning SessionContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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