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AUDUSD

Wed, Nov 4 2009, 10:43 GMT
by Ian Coleman

Turtle Futures


AUDUSDAUDUSD

AUDUSD

I apologize for not being too timely on my updates this week. I have been working on my trading system and the updates take some time in the morning. The daily chart we moved lower to the trend line where we have been met by three spikes lower at the moment. We are also holding onto our longer moving average. One thing that should be noted is that we have broken through the trend line on the MACD and had that MACD cross at X to sell. RSI is in the middle. So where to now? If that was the top at 93.36, that rally took a year to run. We would expect a downward move to last at least three months. We need to see a break of that upward trend line, currently around 0.8950.

1HR chart: We had divergence to buy which was first confirmed by the engulfing green candle at Y. We then had the MACD cross at X. We have now broken the trend line at 0.9060 (out of the triangle formation to the upside). We are looking slightly overbought on the RSI but with no other indication of a trend change I would expect a move up to 91.24 then possibly 0.9181 and 0.9265 in extension.

The long term view is still bearish with this move up being a correction.

Published on  Wed, Nov 4 2009, 11:26 GMT


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Turtle Futures  | One Moulsham Street. Chelmsford - Essex CM2 0HR
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