Attached is the monthly chart of AUD/USD. From 2001 low to 2011 high, i see a bearish A-B-C harmonic pattern. Second leg of the pattern is shorter that the first leg. Reasons in my mind for this are, increasing volatility of e-trading, gold rush and higher carry trade rates.
On the other hand, as a market sentiment, news about the gold is very bullish. Based on the fact that crowd is always wrong, this can be a bearish indicator as well.
So a deeper correction might be expected short for Aussie and gold in close future.
We just hit the 78.6 retrace from the 4th leg up from 1.04130. If it makes the 121.4 fibo profit line from here, we will hit the exact 78.6 retrace up from the entire last leg down. I have that marked at 1.08315 exactly. It will be all downhill from there, below 0.099220. A lot of this rides on the RBA tonight and them presenting some positive news to kick-start the AUD/USD. Any negative news could negate everything. Good luck tonight.
The Swiss National Bank on Tuesday set a minimum exchange rate for the euro against the Swiss franc, in a bid to contain a rise in the franc that it says poses a threat to Switzerland's economy.
The central bank said it will no longer tolerate an exchange rate below 1.20 francs per euro!
The Swiss National Bank on Tuesday set a minimum exchange rate for the euro against the Swiss franc, in a bid to contain a rise in the franc that it says poses a threat to Switzerland's economy.
The central bank said it will no longer tolerate an exchange rate below 1.20 francs per euro!
We just hit the 78.6 retrace from the 4th leg up from 1.04130. If it makes the 121.4 fibo profit line from here, we will hit the exact 78.6 retrace up from the entire last leg down. I have that marked at 1.08315 exactly. It will be all downhill from there, below 0.099220. A lot of this rides on the RBA tonight and them presenting some positive news to kick-start the AUD/USD. Any negative news could negate everything. Good luck tonight.
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Trader, Gregory McLeod moderates the DailyFX Forum.
If you are a new user to the DailyFX Forum, or not sure where to get started, please go to: How To use the DailyFX Forum and Introduce Yourself! Section. I’ll introduce you to the community and point you in the right direction.
Please use the “Ask the expert” section to ask me trading questions or reply to me in this thread.
Webinar: Watch me Trade Live Tuesday, Wednesday, and Thursday at 5:30 ET/9:30 GMT inPip & Run Trading Room.
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have a nice weekend every one
Originally Posted by Mozart 
Switzerland Caps Franc
