Technical analysis of AUD/USD for January 31, 2014
January 31, 2014 12:20 pm
Technical outlook and chart setups:
1. A weekly chart view has been presented here for the overall wave structure. The intermediary downtrend that had begun from 1.1000 levels is on its way towards 0.7950, which is 0.618 fibonacci support of the entire upswing between 0.6000 to 1.1000. It is recommended to initiate short positions now (0.8750), risk remains at 0.9000.
2. Immediate resistance is at 0.8900, followed by 0.9080, while support is at 0.8300 and 0.8000 respectively.
3. The entire structure reveals (Elliot Theory), that a 3 wave decline is underway towards 0.7950 levels before the next bull run resumes.
Trading recommendations:
Sell now, stop at 0.90, target at 0.8000
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. A weekly chart view has been presented here for the overall wave structure. The intermediary downtrend that had begun from 1.1000 levels is on its way towards 0.7950, which is 0.618 fibonacci support of the entire upswing between 0.6000 to 1.1000. It is recommended to initiate short positions now (0.8750), risk remains at 0.9000.
2. Immediate resistance is at 0.8900, followed by 0.9080, while support is at 0.8300 and 0.8000 respectively.
3. The entire structure reveals (Elliot Theory), that a 3 wave decline is underway towards 0.7950 levels before the next bull run resumes.
Trading recommendations:
Sell now, stop at 0.90, target at 0.8000
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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