UPDATE #1: AUDUSD: Is it time to BUY? Crab says NO! Part II

23. Juli 2015

OK, so the last time I said this, I received a 3rd degree burn all over my fingers that typed that post! Now that my fingers have healed....I'm calling it again (burn me once, shame on you. burn me twice....heck, I dunno!).

This NEW crab also points pretty damn near to where the old crab pointed to. Within a few pips of completing the AB=CD pattern found on the Daily chart (shown AGAIN here so you don't need to go look at my previous post which if you want can go see by checking the Related Ideas).


I do think that AUDUSD is due for a retracement upwards but I also think that there's one more push down left in it. Also keep in mind that this pair and USDCAD have HIGH correlation (+97%) and that USDCAD is also looking like there's a top forming. But looks can be deceiving.