The Australian Dollar futures recently impulsed down significantly and are now aiming for a lower low at 1.0215. Our pattern begins with an ‘A’ point at 1.0435 on the 480-minute chart. The 1.0215 midpoint would be a somewhat risky buy, as it is not far below the recent low which serves as our ‘B’, but on the other hand false breakdowns are becoming increasingly common these days. The sibling ‘D’ target is at 1.0111. Buyers should use a stop at 1.0209 for the midpoint and 1.0099 for the ‘D’ target. (Posted by Doug “harry” McLagan)
