December 09, 2011 8:50:12 AM by
Peter
Forex CFD Trading Report - Technical Analysis AUDUSD
AUDUSD 1.0165
TradingLevels: 102 as retested resistance creates the bearish bias and the price under 101 confirms it, expect the price to dance with 102, this 102 is the pivot of the group1 so its very important to the bigger picture, that is a top being in place now or not, above or below the 102 is the line in the sand, that, said, expect the price to swing across it a few times at least, but observe the highs and lows of the swings to work out if the 102 will eventually become the support or the resistance
Elliott Wave: That can be the top in place of the rally up from 97 to 10380 but the first nest step is to see the 102 retested as resistance, a failed retest helps confirm the downside and the trade set to short
Trading Strategy: CPI figures out of China at 12.30 today, plus the Euro meeting prices can spike, so less is more and use stops. Trade the levels and look at the volume to confirm the price action at the price points / levels