Wednesday, 30 May 2012

Updates: Possible short term corrective move for Aussie?

Peeps,

Earlier we actually shared that AUD/USD possible showing head and should formation. Zooming in the short term 30 min chart, there is a nice channel with impulse 5 waves in progress. Currently the price has reach wave 3. There is a possibility that wave 4 is in progress now as London is offline soon. Below is the chart




Perhaps by this tomorrow or Friday we shall see the price reaching wave 5 to mark the end of the impulse 5 waves. If the wave 5 terminal price never penetrate the previous low at 0.96898, then the possible head and shoulder formation is still in play.

Cheers,

Renomic

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