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AUD/USD update - Apr 2015

Posted by on in The Time Factor
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959025-australian-dollarThe Australian dollar has been trading in predictable price movements of late, with the most recent bottom at 7532 occuring on the exact price forecasted by one of the price measuring techniques described in Trading with the Time Factor.

The daily chart of the AUD/USD exchange rate below highlights the reference points used in determining how these price forecasts were made.  You will notice that the two most recent significant bottoms in the Aussie have occurred either exactly (or near exactly) to our price measuring forecasts.

 

Chart One - daily AUD/USD

AUDUSD - Apr 15 update c.2
Click to enlarge image

 

The next chart takes a longer term perspective of the Aussie and demonstrates how these price measuring techniques work not only in the short term (using daily charts), but how long term price movements can be used to determine future market tops and bottoms.  In this example, our weekly price chart analysis called for signficant market support to occur at 0.7552 US cents.  The recent bottom in the AUD/USD coming in at 0.7532.  At the time of writing, the AUD/USD has already moved over 400 pips higher, confirming that the price measuring techniques described in volume 1 of Trading with the Time Factor continue to work in today's foreign exchange markets.

 

Chart Two - AUD/USD (weekly chart)

AUDUSD - Apr 15 update c.1
Click to enlarge image

 

We now look to see how price behaves within the current consoldiation range, and I will be watching the relevant Fibonacci price levels in addition to our price forecasting techniques to determine the next level of resistance on the way back up.

 

Chart Three (AUD/USD - daily consolidation range)

AUDUSD - Apr 15 update c.3
Click to enlarge image

 

Until next time.

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