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AUD/USD Nears Major 50% Price

By:   James Hyerczyk
  • 09-07-2008
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Analysis

The AUD/USD is nearing a critical support area.  With the main trend up, new buyers may step in here to support the trend.

A failure to make a new high on this move may set up a secondary lower top, which could signal the start of a downtrend.

Gann Angles

Tuesday's low at .9501 came on a test of an uptrending Gann angle at .9516 today.

If this angle fails to hold, then look for a further decline to the next angle at .9421.

The market is teetering on a downtrending resistance angle at .9528 today.  Sustaining intraday lows below this angle would indicate weakness.  

Additonal downtreding resistance is at .9598.

Swing Chart

Despite the six day break from the .9668 (06-30-08) top, the main trend remains up until the .9326 (06-12-08) bottom is broken.

The current main range is .9326 to .9668.  This range has formed a retracement zone at .9497 to .9457.

A minor retracement zone on the upside comes in at .9585 to .9604.

Trading Ideas

There may be some buying on the Gann angle at .9516, but the best area to buy is inside the retracement zone of .9497 to .9457.

On the upside, counter-trend traders can look for a selling opportunity at .9585 to .9604, especially at .9598.





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Next Analysis: After Six Day Break, NZD/USD May Be Ready for Retracement
Content 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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