The Forex Pattern, Price & Time Report – AUD USD – Midsession

A few things are occurring today in the AUD USD which may be indicative of lowerprices to follow.  Firstly, this pair is in a position to close under amajor 50% retracement level at .7928.

The weak equity and commodity markets have triggered renewed selling pressure in the AUD USD.  

A few things are occurring today which may be indicative of lower prices to follow.  Firstly, this pair is in a position to close under a major 50% retracement level at .7928.

Secondly, another lower-top may be forming at .8117.  We will not know for sure until tomorrow.

Thirdly, this pair is trading under a pair of lower-tops at .8238 and .8264.

Fourthly, breaking under a minor retracement zone at .7857 to .7761 will put this market in a weak position.

Finally, the weak close has this market in a position to take out a pair of Main Bottoms at .7849 and .7828.

Should the AUD USD begin to sell-off, then look for a break to at least .7274.

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

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