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Disclaimer: This is my personal Blog, reflecting my very own views on Forex , shares and commodity tradings. As such, all informations provided here are barely for information purposes only,. The author should not be held liable for any errors, incomplete information, delayed messages, or for any actions taken in reliance on information contained herein.This blog is new, being established on 06,May.2010. While I am executing trades, posting will be sent simultaneously. The date/Time indicated here is of US Pacific zone(++15 Hours for Singapore/KL/Beijing, Or ++7 hours GMT)

Sunday, September 12, 2010

AUD/USD-----Will it breach 0.9500 level ??

Strong import data from China (reports of increased Chinese exports bode well for the Australian economy)  lifted risk appetite in Asia, which means bolstering AUD, in addition the  weakening JPY across the board is also partially lifting the Aud.. 

Note: 
An August surplus(China) was the third consecutive reading above $20 billion in as many months and comes as the pace of imports rose by 35% year-on-year indicating a pick-up in activity.

In short, Aud Strength is bullish near term


Daily Chart with trend line and ew analysis


 Daily Chart with Ichimoku 




1) On the daily chart with EW, we observe that the PA may pull back near 0.9000 at b , near the lower trendline colored in purple, so as to complete the anticipated a,b, c moves , whereby c will be coincided with  the last wave No.5  to be completed prior to its Bearish Descend. The Maximum lift at wave move no.5 near 0.9500-0.9600 cannot be discarded near term.


2) On the Daily Chart with Ichimoku, on the downside, we note that the 0.8900 (61.8 % Fibo) is a very strong support, and the Ichimoku Cloud top support is near the 0.8980-0.9000.Breaking these two supports will confirm its downward descend toward 0.8536 (23.6 Fibo)


 On the Upside, the near term resistance is 0.9330 (Resistance 3), breaking this level will lift this pair to its historical peak near 0.9500-0.9600.

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