AUD/USD Weekly Outlook
Ian Copsey | Jul 28, 2015 05:04AM ET
AUD/USD INTRADAY CHART
28th July:
The triangle was a tricky one and appears to have ended at 0.7417. We are now close to the Wave (a), which should stall around the 0.7245 area. I suspect a correction higher in Wave (b) of around 66.7%-76.4%, between which would suggest an approximate 0.7360-76 area. Basically, watch for bearish reversal indications for losses to the minimum 50% projection at 0.7218, but could get as low as the 0.7183 area. Equally, as this decline develops, watch for bullish reversal indications, noting a daily bullish divergence currently developing, and match this with the 4-hour and hourly charts.
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