[OpenFX] AUDUSD: Short? [1 Attachment]

Monday, March 7, 2011

[Attachment(s) from clay@claymarafiote.com included below]

Hi Traders,

I'm watching AUD/USD for a shorting opportunity. True, it's been on a tear, going beyond parity. But, based on what I'm seeing, the aussie is setting-up for a turnaround. Per the weekly and daily charts, the technicals are point to this:

1) Rising wedge

2) MACD divergence

3) Elliott 5th wave

4) Harmonic pattern

I've attached a weekly chart highlighting the above, with the daily information, too. While I might, I'm not going to get into the fundamentals at the moment, but support what I'm seeing; I'll leave fundamentals for future posts.

If you're thinking "short", obviously you could sell AUD/USD using your spot forex account. Or, you might consider using a put option (let me know if you need more info on how to do this).

Also, let me know if this information is useful; as I continue developing the new site, obviously I only want to include those items you and other members find valuable. Mucho thanks for the feedback.

Great trading!

Clay

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Attachment(s) from clay@claymarafiote.com

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