Hi friends,
Quick market update…
One of the pairs I think that will make a big retrace on the next weeks period, is AUDNZD. I explained that on my weekly reviews lately, but now the pairs is making something very interesting.
It tried to created a double bottom of Adam & Eve pattern, and it seems it will try to break it now.
Here it is (Click to enlarge):
If it manages to break it, it can take the next level on the down move:
1.1740, 1.1650 and 1.14 – 1.15 range even. BUT the most interesting thing is about to happen right after that, I think we will see an uptrend right after that, with 1.2150-1.23 as first target range, and maybe, only maybe, even 1.26.1.27 range as final one.
Here is the weekly chart (click to enlarge):
Another note, don’t forget that Bernanke is about to have his speech and about to release his economic projections tomorrow.
Stay tuned!!!!
Yours,
Vladimir Ribakov
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Awesome post.