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Clive Lambert - FuturesTechs
Clive Lambert of FuturesTechs explains why he is selling AUDUSD. 0.7455 and 0.7470 are Lambert’s early candidates for a sell order, working a stop above yesterday’s 0.7518 high.
Medium term
Trade view / 07 September 2016 at 3:40 GMT

AUDUSD: Possible multi-week reversal structure

Managing Director / Technical Research Limited
New Zealand
Instrument: AUDUSD
Price target:
Market price:
Background
Read today’s article Aussie and Kiwi marching to the beat of their own drum.


Management and risk description

The dominant chart structure in the Ozzy is a potential developing 16-month Inverse Head and Shoulders reversal formation (refer weekly chart below). A sustained break above neckline resistance (currently situated at .7735) establishes an upside objective of .8830. From an Elliott Wave perspective, it is tenable to interpret a developing Wave 3/ advance, wherein if Wave 3/ equals Fibonacci 1.618 X Wave 1/ then a rally toward the .8785 level can be anticipated (see daily chart below).


Parameters

Entry: Bought AUDUSD at market (.7661).

Stop: .8603, initially. 

Target: Open for the time being (as .8785/.8830 a long way away!).

Time horizon: Allow several weeks at least.

AUDUSD daily chart (click to expand)
AUDUSD  daily chart
 
Source: ThomsonReuters 
 
AUDUSD weekly chart (click to expand)
AUDUSD weekly chart
 
Source: ThomsonReuters  


— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more
07 September
KGP KGP
Max something's wrong with your numbers... aussie is not even close to .86 area to be bought ;-)
07 September
izwansamba izwansamba
Tq max
07 September
Max McKegg Max McKegg
Typo! .. should be .7661 of course.. Asking Editors to amend. thanks for alerting!
07 September
izwansamba izwansamba
Max. I'd email you about your fx service
07 September
KGP KGP
note for everyone until everything is corrected: BUY AT MARKET (PLACED @.7661) STOP .7601 - rest of info is ok ;-)

btw challenging position Max
07 September
Max McKegg Max McKegg
Outlook (and trade) Consistent with my Bullish Analysis on Gold & Silver & Crude
07 September
KGP KGP
corrected! note for everyone until everything is corrected: BUY AT MARKET (PLACED @.7661) STOP .7603 - rest of info is ok ;-) - i corrected the typo i made on the stop price number !-

btw challenging position Max
08 September
SvsG SvsG
Hi Max, any updates on stop level?
09 September
Max McKegg Max McKegg
Yesterday's attempt to retyest Key
09 September
Max McKegg Max McKegg
Yesterday's attempt to retest Key Neckline retest gave-way to another corrective reaction for a further Buying opportunity today with a Stop now under .7550

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