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Guest Commentary: You have time to discover the AUDUSD 'SHIFT' Triangle?!

Guest Commentary: You have time to discover the AUDUSD 'SHIFT' Triangle?!

2012-07-04 12:00:00
Ed Matts, MarketVisionTV.com,
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* AUD Sentiment will continue to 'SHIFT' within a clear triangle.

Guest_Commentary_You_have_time_to_discover_the_AUDUSD_SHIFT_Triangle_body_SHIFTTriangle.png, Guest Commentary: You have time to discover the AUDUSD 'SHIFT' Triangle?!

More Time in the Triangle

The Aussie remains within a pivotal medium term triangle below the major 1.1080 corrective target. Since a triangle should comprise 5 three legged moves, (bullish or bearish) there is still more consolidation and a failed test of both triangle extremes before any break... in other words legs D and E.

Consistent Retracements project Eventual Targets

As the B wave represented 86.7% of the A wave and the C leg was 86.5% of the B wave it is reasonable to expect the current D wave also to be 86.5% of the C leg and therefore targets 1.0680 before a drop the E leg to at least 86.,5% at 97.30.

Where is AUD Now? Quick or Slow?

The question is where the Aussie is currently in the rally to 1.0680. It is possible that the break of the 1.0225 pivot will give it the legs for a C leg to 1.0610 the c=a close to the ideal target. After all the last B wave wasn't very long or big either. However it would be typical to see the triangle slow at this point and for the Aussie to copy previous rallies with a whipsaw drop back through 1.0030 to the 99 region the 50% and current 1.618 of A (from a 1.382 B wave high).

Apart from relatively low probability shorter term trades our strategy is to buy this drop or wait to sell the rally.

Further videos or commentaries are available from www.marketvisiontv.com or @EdMatts on Twitter.

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