Ok...so remember when i said we shoudl buy AUD/USD at 1.0150.....with a target of 1.10?
Ok, so right now....
- It just spike to the highest price since november...and is retreating in a decending wedge (BULLISH)
- The STOCHASTIC meter says it is OVERSOLD (BULLISH)
- Bollinger Bands say that it is consolidating before a big move
- Fibonacci says a good buying price is 1.3680....or (more conservative) 1.03424
- Even MACD looks like its trending downware...but curbing...
Also, notice the triangle. When we see these pattens, we can estimate that the top of the run will be as high as the distance from the base of the triangle to the top. In this case...that number is aligned with my original number of 1.10. SO FAR, SO GOOD!
If you are not in already...now is a good time.
Oh...and if you haven't done so already....please go through AT LEAST the first 2 chapters of The School of Pipsology. It shouldnt take more than 15-20 minutes...and its an easy read.
http://www.babypips.com/school/
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