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AUD/USD – triangle is no longer valid

AUD/USD

A critical support level of 0.9580 was broken today in AUD/USD currency pair. This makes a triangle Elliott Wave count proposed in my previous posts no longer valid. I’m therefore switching to my alternate EW count that is now my preferred one. Under this count an impulsive wave up from 0.60 (10/2008) is completed at 1.1080 and the price has entered a correction phase in July 2007. I’m no longer expecting any new highs in the next couple of years.

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GBP/USD – wave D completed

GBP/USD

I’ve been posting the following Triangle wave B scenario for quite a while and many of you should be familiar with it. In this update I’d like to say that we have probably completed wave D of the triangle and the price has started moving higher in wave E. In order for this scenario to remain valid the price has to stay below previous wave C high which is 1.6746 level . I’m not going to say that it’s nearly impossible to imagine price breaking that level given the current outlook for the British economy.

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0

EUR/USD – Weekly charts perspective

EUR/USD

It’s finally time to update my Weekly Charts section of the EUR/USD currency pair. I know that my last update was in June 2012 (!) but that’s the weekly time-frame and we’ve made a mere three waves since then. The move took the pair to the 1.35 level which was specified in that update. My overall outlook didn’t change much and I still prefer the Flat-Flat combination scenario. If it plays out then the pair has room to 1.15-1.10 area or below by the end of this year.

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2

AUD/USD – triangle scenario looks promising

AUD/USD

The market has finally got the QE3 it was waiting for and has started to rally hard. The aussie should be one of the main beneficiaries as it’s a carry-trade currency yielding 3.5% compared to 0-0.25% in the greenback.  In my previous post on AUD/USD I mentioned the triangle scenario possibility on the weekly chart. Now, 3 months later we’re probably seeing a confirmation with the pair breaking 1.0620 high as I’m writing this. Have a look at the updated chart.

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