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The Forex Pattern Price Time Report - AUD USD - Evening Session
By: James Hyerczyk - 25-08-2008
0votesThe AUD USD continued lower as resumption in the down trend in commodity prices is leading traders to believe the Reserve Bank of Australia will have to cut interest rates before the end of the year. With key sectors of the Australian economy already slowing, lower commodity prices such as gold and wheat will add to the erosion of support for the Aussie. Only higher gold or crude will save this market from making a new low for the year.
Techncially, this market is walking down a resistance angle at .8650. Look for lower markets as long as this pair remains under this angle. The weak close has this market in a position to take out the last main bottom at .8590 and resume the down trend. This would set up a further decline to the low for the year at .8511.
PATTERN
Main Trend: Down
Main Trend Top: .9850 (07-15-08)
Main Trend Bottom: .8590 (08-13-08)
PRICE
.9850 Main Trend Top (07-15-08)
.9369 .618 Retracement
.9220 50% Retracement
.8761 Weekly .618 Retracement****
.8650 Gann Angle Down
.8628 New York Close
.8590 Main Trend Bottom (08-13-08)
.8511 Main Trend Bottom (01-22-08)
.8505 Weekly 50% Retracement****
TIME
Aug 28 180-Day Cycle
Next Analysis: The Forex Pattern Price Time Report - NZD USD - Evening 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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