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Cross = AUD: Day Chart (Posted Below)

The AUD is a cross that I have in the past had little to do with, so it is always good to learn and keep learning. I noticed on my day charts what could be an interesting couple of days, so decided to choose it for the week ahead.

The monthly chart shows us currently in an uptrend after a major correction of the initial uptrend of Sept 2001 to June 2008. We are currently at a breather level of that correction, so a closer look at the weekly may give some more clues.

The weekly shows us a recent W formation of the candles, with price at the top of the right hand side of the W. We have recentlyben at loggerheads with the VI and round number 0.8000 and the battle may still be going so looking at the Day chart could answer our concerns.

The daily chart shows a BOB of the lower trading channel, which has been in place since 9th March this year. Of course this could be a false BOB and price will return to it's previous saftey inside the channel.

Will we confirm the BOB or not ? Stay tuned this week. Please do your own analysis before placing a trade.