AUDUSD—Getting ready for another run at the top?

AUDUSD is still in an uptrend with no good signs of a trend reversal yet. But it’s finding resistance at the .9400 level. Momentum is still good on the daily chart. I was hoping it would drop to its daily uptrend line at .9090 where I could buy but its low, so far, has been .9132. Close enough? Maybe. But you have to draw your line in the sand somewhere and mine was lower than that. On the three hour chart you can see a Head and Shoulders pattern. It has broken the neckline at .9155 but has climbed back inside. Action in the lower time frames will tell the story eventually.

Here’s the three hour chart:


© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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