Australian Dollar Bear Break Opportunity
This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-21
Commentary: See yesterday’s commentary for the description of the complex correction that may be unfolding. However, near term price action gives scope to a much more bearish development. With the rally from .8758-.8951 clearly in 3 waves, we must consider the possibility that the action from .9068 is in a series of 1st and 2nd waves.
A break below .8758 would signal that a 3rd wave lower is most likely underway.
Strategy: Sell break of .8758, against .8951, target TBD
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