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Guest Commentary: MarketVisionTV - Where can we re-enter our confident AUDUSD long?

Guest Commentary: MarketVisionTV - Where can we re-enter our confident AUDUSD long?

2012-03-19 15:00:00
Ed Matts,
Guest_Commentary_MarketVisionTV_Where_can_we_re-enter_our_confident_AUDUSD_long_body_AUD1903.png, Guest Commentary: MarketVisionTV - Where can we re-enter our confident AUDUSD long?

The Aussie has rallied strongly and constructively from a significant price compression below the 1.0440-70 confluence target area but above the key 1.0380 medium term pivot to suggest at least more consolidation but with potential for new highs outlined in the Daily perspective. We remain confidently bullish and long.

However, we have started to reduce longs slightly in the short term as it nears the previous 1.0670 high as our confidence stems partly what appears to be a five wave trend sequence up from 1.0420. So although obvious 1.0560 support may hold for 24 hours until Aussie clears 1.06780 then we will look to add longs on a spike back down to the 1.05 are the likely 61.8% retracement as it develops the right hand side of a possible inverse head and shoulders.., Our stops..well given Aussie's fondness of double bottoms in other words an unlikely possible retest of 1.0420 only a loss of 1.0380 removes the threat of a later break up to 1.0855 and higher.

Further Videos and Commentaries are available from or @EdMatts on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.