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Fayetteville Arkansas USA
Posts: 5 since Sep 2013
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We all know that the Australian Dollar is still at the bottom end of a significant bear trend that started during July 2011.
But more recently, the drop is from the final monthly swing top of April 2013.
For the moment, Australian Dollar has a brief rally started off the August low.
And the weekly time-frame view suggests that this bear-trend rally could go into late November 2013...at least.
The cycle top I'm referring to here is the DAILY time frame, which is short-term.
Prices have been rising well since putting in a daily swing bottom on August 30 2013. As I'm typing this, it is still rising higher for what is considered the Sept. 10th trading period.
The short-term swing top is expected to form for Sept. 10 but could go to the 11th. Beyond that would be pushing it.
The price resistance levels that may play a part is time/price around the .9300 area which is also in overbought territory.
With a swing top here, a future target that could see the drop end would fall around Sept. 20 approximately.
Overall, we are in a bear trend correction phase right now so this market is expected to be overall bullish towards November +.
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