DAILY FORECAST FOR AUDUSD
Posted 11-05-2009 at 11:17 PM by FX-Forecaster.com
Bias: On balance this still looks bullish while 0.9090 supports - above 0.9127-42 extends to 0.9173 at least
The 0.9023 Fibonacci support held well yesterday and the rally from there has been very positive. This looks like extending to the 0.9142 high at least and if there is any chance of finding a continuation pattern around the 0.9127-42 area it will assist in generating a buying level. However, we do have to be careful at the next closest resistance at 0.9173. There is a valid projection here and is just below the 0.9180 corrective high so I can't rule out a reaction here. Ideally it should be brief and allow the rally to extend to the 0.9198-0.9214 resistance zone and I favor the higher level. However, here I will expect a correction if seen directly. Next resistance is at 0.9241-66.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site along with a review of the new low-cost Trader Package.
The 0.9023 Fibonacci support held well yesterday and the rally from there has been very positive. This looks like extending to the 0.9142 high at least and if there is any chance of finding a continuation pattern around the 0.9127-42 area it will assist in generating a buying level. However, we do have to be careful at the next closest resistance at 0.9173. There is a valid projection here and is just below the 0.9180 corrective high so I can't rule out a reaction here. Ideally it should be brief and allow the rally to extend to the 0.9198-0.9214 resistance zone and I favor the higher level. However, here I will expect a correction if seen directly. Next resistance is at 0.9241-66.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site along with a review of the new low-cost Trader Package.
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Consistent forecasting of price movement in today's Forex market is a forgotten art
that requires a deep understanding of price structure and development. The Daily
Forecaster is a comprehensive report that guides traders through the trading day
and is based on an integrated blend of techniques perfected by veteran analyst Ian
Copsey. Based on the techniques described in his popular book "Integrated
Technical Analysis" (published John Wiley and Sons.) Ian provides his unique and
insightful 9 page daily report to a wide range of traders which currently includes
hedge funds to banks and retail traders. Take a free trial to see why so many traders
rely on his unique analysis.
Consistent forecasting of price movement in today's Forex market is a forgotten art
that requires a deep understanding of price structure and development. The Daily
Forecaster is a comprehensive report that guides traders through the trading day
and is based on an integrated blend of techniques perfected by veteran analyst Ian
Copsey. Based on the techniques described in his popular book "Integrated
Technical Analysis" (published John Wiley and Sons.) Ian provides his unique and
insightful 9 page daily report to a wide range of traders which currently includes
hedge funds to banks and retail traders. Take a free trial to see why so many traders
rely on his unique analysis.
