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Australian Dollar Reaches an All-Time High
Written by article default Thursday, 07 October 2010 10:37
The AUDUSD has traded to an all-time high and the next level of interest would be the psychological 10000 figure. “My preferred long term AUDUSD count suggests that the ending diagonal from 8070 is a 5th wave within a 5 wave advance from the 2008 low.” It is worth noting that 14 day DMI is at its highest since February 2008. At that time, the AUDUSD topped and declined 500 pips over the next 3 weeks. The blue arrows indicate instances when Daily RSI(14) was above 75. A drop below 9665 is needed in order to trigger a change in the short term trend.
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