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AUD/USD Needs to Regain .9626 to Turn Bullish

By:   James Hyerczyk
  • 03-07-2008
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Analysis

The AUD/USD failed to hold small gains above an uptrending Gann angle at .9626 this morning.  This angle is controlling the short-term direction of the market.

Regaining this price is important because it puts the market in a strong position to challenge the all-time high at .9668 and will set up a bullish tone into next week.

If a weak market develops, then look for this pair to drift lower into another uptrending angle at .9476 before finding support.  

A retracement zone at .9497 to .9457 is also a potential downside target.

This market may have to work lower in order to move higher.  With the main trend up, wait for break back into .9497 to .9457 for a buying opportunity.  The best price to buy is .9476.

Price

.9702        Gann Angle Up
.9681        Gann Angle Up
.9668        Minor Trend Top (06-30-08)
.9626        Gann Angle Up

.9623        New York Close

.9510        Minor Trend Bottom (07-01-08)
.9497        50% Retracement
.9476        Gann Angle Up
.9457        .618 Retracement
.9401        Gann Angle Up

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Next Analysis: USD/CAD Firms; Could Attack 1.0238
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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