The Forex Pattern, Price & Time Report – AUD USD – Mid-Session

AUD USD is forming a double-top.  A trade through .7828 will not only confirm the double-top but also turn the Main Trend down on the Gann Swing Chart.

The AUD USD is setting up a double-top which will be confirmed by a penetration through the last swing bottom at .7828.  The Main Trend will also turn down on the daily Gann Swing Chart.

This possible break all started when the market hit a top at .8264 inside of a major retracement zone at .7928 to .8382.  A close under .7928 will be a strong sign that this market is going to attempt to change the trend to down.

Because of the number of swings on the daily chart, downside objectives are staggered.  The first objective is .7857, followed by .7609 then finally .7275.

James A. 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. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More