The Australian Dollar.

Good afternoon all,

Well I am still having difficulty accessing the internet or connecting to the blogger dashboard to update and am having another engineer out tomorrow for the morning appointment, hpoefully it will get finalised once and for all, but apparently on the traffic light calibration iam am on a red line which is not good.

Before going onto todays chart I would like to wish all the bloggers and readers a very Happy Christmas and a fantastic New Year and I will endeavour to do updates over the festivities but remember that the markets are not as they ususally are as even the big players take time off as
too and so normality will return in the New Year, and so as said I will post over the holiday period but first and foremost enjoy your time.

I did have other posts for last week but couldn't access the blogger, one being an update of the posts already done but now as this has gone I shall move on with another currency but in the future may decide to follow a currency through a weekly period and then for the next week choose random currencies throughout hte week, we shall see.

Todays chart has been consolidating since about mid October and did hit a fibonacci reversal figure mid November and is showing signs of the uptrend weakening ( but for how long ) due to certain confluences and one being that price has hit the reversal with the MACD playing out its role as well.

Whether all the confluences are indicating just a short term pullback I don't know as the trend can be seen to be up, the the V.I. is approximately 500 pips below which is clustering with other possible support areas.

Should price make it that far, remember that it will not go in a straight line but initially it looks as though a bearish flag may be occurring with this little rise testing former support.

As always please ensure to do your own analysis before trading.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.