Tuesday, August 23, 2011

AUD/USD New Upwave - August 23, 2011

The aussie is rising up in a new rally. An Elliott Wave analysis would see this as a new mini cycle starting from this morning's lows which is destined to go higher. 

The strength of the up-move also indicates the probability it will continue higher. 

There are three possible targets – 1.0550 is the initial resistance level, 1.0600 the next, but the most robust level is at 1.0650.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst