Tuesday, April 29, 2014
AUD/USD found support in the .92300 area just below the first fib confluence for a 4th wave. It put in a nice bullish candle bouncing from the area where wave 4 = .382* wave 3 and wave 4 = wave 2. I have placed my stop-loss just below that candle and plan to add to this position on any pullbacks.
If I am stopped out on this trade I will be watching the .91900 area where wave 4 would equal .50*3 and 127.2*2.
The take profit on this trade is up in the .95000-.96000 range.
Posted by James Genosky at 5:22 AM