AUD/USD: 5th wave – 21 September 2012

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The aussie has risen up to the 1.0500 level in what is probably a wave 5 of the move up from the start of September – itself part of a larger 5th wave. There is a chance the pair will rise even further and reach the monthly pivot at 1.0535 and then probably the trend-line at 1.0550 – at least on an intraday basis. Given this is probably a 5th of a 5th it could be shorter or longer than usual and may be followed by an unusually steep decline.

AUD/USD

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I am a forex analyst, trader and writer. I have had a career writing articles for websites and journals, starting in the travel sector and then in Forex. I use a combination of technical and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. My technical plays provide clear entry points and targets, if you trade them assume a 1:1 risk reward, with stops the same distance from entry as targets. Good luck and happy trading!

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