Saturday, June 9, 2012

AUDUSD Analysis Forecast 12 June

Audusd recovered significantly after a sharp decline down. The question would be, has the trend changed? In a true market bottom, there will always be either a double bottom or a reverse head and shoulders. Seeing none, I prefer to stick to the current trend.

We saw price test the 1.000 mark but immediately bounced off.

Clearly, the green region has been a bull trap, suggesting that the trend has changed. However, I would only await for price to retest the two levels of resistance before contemplating a short with a valid trigger.
  In H1, we can clearly see that price is currently resting at fibonacci 61.8% which is a good level of resistance. I would await for price to fall below before timing my entry.

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