DAILY FORECAST FOR AUDUSD

Bias: I feel a test of 0.8010-23 is possible but expect losses from there – or directly below 0.7921

Overall I feel today will be bearish but we have to be mindful of the risk of an earlier retest higher. If the 0.8010-23 area is seen look for bearish reversal patterns – and at most 0.8067-90. From there, or an earlier break below 0.7921 we can push down to 0.7870-91. Take care here – while we are in a sideways consolidation this could hold. Thus any stronger bearish stance (and the risk is raised if price does reach 0.8010-23) a break below 0.7849-70 would signal stronger losses to the 0.7826 low and possibly even the 0.7782 area. Loss implies the MT downtrend is possibly resuming.

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

I shall be presenting a seminar in Hong Kong on Saturday 27th June at the Excelsior Hotel in Causeway Bay. Please see http://www.earlthorn.com/ for details.

Kind regards

Ian

The Brief Daily Forecaster.pdf