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Dynamic Trader Blog - Forex Chart Pattern Signals

Tuesday, April 28, 2009

An Aussie Motion

Good Morning Dynamic Traders!

After consultation with our mentor, I have chosen to continue with the much traded original basket of eight currency pairs.

Focus upon fewer numbers may result in the relinquishing of prime opportunities as they present themsleves.

This being said, the apprentice amongst you may wish to focus on a lesser number, so that familiarity with rules, analyses and strategies is not distorted by an array of information.

An opening noted this morning, is that of the AUD USD.

The weekly chart confirms the blanket downtrend, which knocked a prime breather level earlier this month.
Twinned with the indisputable 'bearish flag' chart pattern, we have a forceful indication of future direction.

Below is the daily chart for the same.

Price noted the obstruction at the value index.

Following an admirable struggle and further retaliation, price finally conceded by retreating through the trend support and lining itself at the horizontal.

Note the cluster of events on display.
A definitive break of the present support, may provide further confirmation of a weakening nature.

An ESLT of a mechanical kind will bode well for an entry opportunity.
For the discerning amongst you, an alternative, routine entry is presenting itself nicely.
Heed the further obstacles that may resist price including news items that may indirectly impact this pair.

AUDUSD daily chart Advanced Get

Astute Trading!

Saba Jackson