Monday, August 18, 2008

Will the aud/jpy continue its spill?


Another beautiful trend line on the aud/jpy 1hr chart. Since im already in the trade its time to talk targets. If we do a fib study of the most recent swing move to the down side, it appears there has been a 50% pullback. Standard fib theory says 50%->138.2% which is at 90.54(the circle) that seems pretty far but however it does overlap with the weekly S2 at 90.59. That target seems like a stretch, but if the dollar rally continues we just might see those levels.

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