Today’s FX Thoughts  -  APRIL 9th                                                                                                                                                                                                        

AUD/USD:

The Ozzy displays a particularly interest Technical Picture as of this writing.

Objectively, all price action since AUD/USD’s 1.1080 peak of July 2011 is that of a large corrective, contracting Triangle formation (refer Weekly Chart below).

From a classical charting perspective, a sustained break above the 1.0535 resistance level will establish a Projection to 1.2070 over the coming months. Whilst from an Elliott Wave perspective, it is tenable to interpret a completed 4^th Wave Triangle on the more recent 1.0115 low, where if Wave V/ equals Fibonacci 60% of I/ then an advance toward 1.2145 is now anticipated.

See trading recommendation below:

Further to my Bullish Daily Forecast of AUD/USD, I am now Buying AUD/USD (with a Stop under 1.0370 initially) for a rally toward the 1.0495 Resistance level, enroute to Key 1.0625 (refer Daily Chart below).

This forecast, together with EUR, JPY, CHF, GBP and NZD, is updated in my FX forecasting service emailed each day to my subscribers in over 30 countries (and has been for the last 25 years). A 3 week trial of the daily service costs $30. Email TRL@clear.net.nz if you interested

Disclaimer: Max McKegg & Technical Research Ltd accept no liability  whatsoever for any loss or

damage that may result, directly or indirectly, from any forecast, comment or opinion, information or omission, whether negligent or otherwise, within this report.