AUD USD Holds Retracement Price at .8948

The AUD USD is called better this morning based on the strong recovery overnight.  Many traders are anticipating the U.S. Third Quarter GDP Report to show growth of 3.2% and adjusting positions after yesterday’s sell-off.

The AUD USD is called better this morning based on the strong recovery overnight.  Many traders are anticipating the U.S. Third Quarter GDP Report to show growth of 3.2% and adjusting positions after yesterday’s sell-off.  A number better than 3.2% could send the Aussie soaring as traders will put back into the equation appetite for risk.

Technically, the main trend turned down on the daily chart following a break through .9112.  Based on the main range of .8568 to .9329, traders were looking for and got a 50% retracement to .8948.  The actual overnight low was .8944. 

The subsequent rally from this level could set up a retracement to .9137 to .9182 if the GDP number comes out better than expected.  If the market weakens then look for .8944 to fail and for the market to drop to .8859. 

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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