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Thursday, February 3, 2011

AUDUSD Forecast (3 Feb 2011)

Daily Chart
Looks very much like a triangle forming, with longer term bias towards the downside.

AUDUSD_D_3 Feb 2011

4h Chart
The down move doesn’t look impulsive enough, and may be a wave 4.  Which would imply one more leg up before dropping.  I also like to see a MACD divergence when a top is forming.

AUDUSD_4h_3 Feb 2011