EUR/AUD: Testing highs from October 2011
The power of reversal formations is very evident in the AUD and NZD crosses as these reversals were foretold in EUR/AUD and in GBP/NZD by very clear indicators. Its too late to start chasing it now, but I’ve found over the last 13 years trading my personal account, that I make all of my money by waiting for these big reversals. Unfortunately I didn’t catch the whole up-move in EUR/AUD but I shouldn’t be greedy.
The AUD/USD is going through another weak leg at the moment and has broken through the .9500 barrier with ease, next target .9390. Cable might drift a bit in sympathy with the AUD/USD but remember that this is a cross move so dips are for buying in the cable.