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The Trader Advantage: Aussie Fundamentals Fail To Inspire
Excerpts taken from The Trader Advantage Program
Price action continues to trade in an upward channel on the 4-hour charts, and the pair has spent the last few sessions testing the support side of the trend-line of this channel. A break lower will signal that the aussie is in a corrective mode, and could fall as low as 0.9000.
During the overnight session, mixed reports from the Australian labor market hit the newswires. This coupled with Tuesday’s Home Loans miss (Actual -7.9%, Expected 2.1%) creates bearish short-term prospects for the Aud if a long break is not forthcoming very soon.
Overall View: Looking for a top of an upward correction
4 Hour Chart: Long Price Points: 0.9327. Looking for: Top of an upward correction
Momentum: The pair's trend reconfirmed long in the middle of Febrauary, as the market continues to absorb Australian growth potential.
Elliott Wave: No change on Aussie; a powerful turning point is still expected since pair has moved higher over the last few sessions and reached the 76.4% Fibonacci retracement level around 0.9150 as discussed recently.
These are levels where a turning point into the short side of the market is expected, considering the near-term completion of an upward corrective structure, shown in our blue wave (2). Before a turning point follows through, traders should be very patient, and wait on a decline on commodities which will help to drag the aussie lower.
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