Greetings.
Let’s take a look at the AUD/JPY chart. You can see we had a steep rise in March and now in the 3rd month of a declining channel.
If you take the Fibonacci from the extreme price points, we barely touched the 38.2% retracement level so look for a potential continuation of the downward movement, however, we may see a test of the upper trend line first.
Once this downward channel is complete, then look for the pair to reverse and turn upwards.
Good luck with trading and be sure to use your stops and apply your money management.
C2FX Forex Trade Sheet Alert: We entered a long term sell trade on May 5 for the AUD/JPY and am now up 140+ pips with +50 pips protected.
For 2011:
• +4,462 long term pips
• +1291 pips short term trades
• +50-100 pips per week average on quick trading
To find out more about the C2FX Forex Trade Sheet, visit www.ProPipper.com.
