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24-Hour Targets & Technical Levels |
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By Dave Floyd
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February 11, 2011
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Traders, below is the 24-Hour Forecast for the major FX pairs and some crosses as well as a follow-up to our commentary/chart from last night regarding EUR/AUD:
 Click on image to enlarge!
Last night we had noted that EUR/AUD was poised for decline based on the wave count:
 Click on image to enlarge!
Prices did begin to decline today, but not in an impulsive manner, thus making it tough to initiate short positions. A quick look at the 15-min chart provides the answer.
 Click on image to enlarge!
Referring back to the 24-Hour Targets & Levels above, we had noted that a break back above 1.3570 would negate the bearish view. This has just happened. So, despite a favorable wave count last night, the action today did not dovetail in with the bearish forecast - thus saving us from a trade that may not have worked out so well.
 Click on image to enlarge!
For more from Dave, visit Aspen Trading for more updates. |
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